After trading contracts for a period of time, I truly understand how much determination and courage homebuyers really have.

Imagine this: having a firm belief in a certain city, not only putting in current savings but also financing to commit to the purchasing power for the next 30 years to go all in. Would this kind of boldness translate to the contract market? With five times leverage and a 50% decline, they would have been liquidated long ago. But what about homebuyers? They can withstand this kind of pressure—working during the day and enduring psychological battles at night, embarking on a thirty-plus-year journey of margin calls.

Even more intense is the down payment ratio: just 20% to start trading, which is essentially five times leverage going all in. From this perspective, homebuyers' judgment of the market and themselves is indeed much more ruthless than most contract traders.