Now here's another question that a lot of us are getting:

Is the market turning into a buyer's market?

This is really a market-by-market conversation. But I will tell you that we could easily have a situation in a lot of markets where you actually have a couple different markets within the larger market.

Here's what that means:

Markets aren't just one thing. They are a whole list of price bands, right? So you have lower tier price bands, mid tier price bands, and higher price bands. And in your market, as the market is transitioning, it's not all one thing. So you could have a lower tier price band that's still a strong sellers market. Lots of demand because that's where first time home buyers go, right?

But then as you move up the ladder, you might see that at the higher tiers—the luxury housing, for instance—that it is a buyer's market.

So what's the defining factor here?

You gotta ask yourself, how do I...