Real estate is very local and housing is a necessity so its not a purchase you can think about like a pure investment. I am finally in a place where I am lookin

Real estate is very local and housing is a necessity so its not a purchase you can think about like a pure investment. I am finally in a place where I am looking to move to a house (currently in a condo) and am very happy that rates are increasing right now. The local real estate market has slowed considerably and I've watched multiple listings of mediocre houses with huge price tags sit for a month before being quietly delisted. It seems like sellers are just now realizing that the days of one weekend of open house followed by multiple competing offers are over. The overpriced flips are getting hammered right now. Well priced properties are still moving, but it will take time for the new reality to filter through the market. Personally I'm giving it about a year to see where things are next summer. I'm hopeful that the interest rate increase causes prices to drop but real estate prices (like wages) are sticky. Prices may come down, but sellers could also just decide to hold off and hoard. Hard to tell.