I hate to be the bearer of bad news, but such P/E levels are not sustainable and be considered an expansionary or growth cycle.This does not mean a hard crash is imminent, but it does mean the dollar will be significantly weaker for certain just how it gets there is anyone's guess. 

What happens in a market "crash" when people are loosing there homes?

You only want to wait if property values are crashing, crashing hard enough to make a difference. 

Hi Shawn, When I left banking during the last major crash and started this company, we primarily were a commercial bridge lender, but we also were a real estate investor.

This market has its pitfalls but its not crashing.

Now they probably oversold after Covid, and are asking people to pony up more because prices are crashing on them on the back end and materials are stagnating in price.

Apartments for me, is not user friendly at all, it almost crashes every time I touch the unit photos, and it will approve my listing then deny and unpost it a week later.

The fact is there are more money and guests than ever in the STR world and this is attracting bigger players who will crash existing hosts if they don't adapt to the new ecosystem. 

So now instead of feeding the hungry stock market you can feed the hungry rental.I have watched people keep big debt on their home and then have the stock market crash.

Some people are forecasting a crash or collapse in office, maybe multifamily.