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Supply, Demand, and Rising Rates: A Cooling Off Period

Toilet paper and cleaning supplies are not the only commodities in infamously short supply in recent years. Low Federal mortgage rates and migrations prompted by increases in cost of living shifted the real estate market to heavily favor the seller from early 2020 onward. The pressure to find suitable and affordable housing culminated in a frenzy, with sellers frequently fielding numerous offers (often sight unseen) within hours of a listing going active. A viral video posted to WRAL.com from February of this year illustrated this imbalance of supply and demand within the market, with over 80 potential buyers lining the streets to attend a Tuesday evening open house in North Raleigh.

This was not an isolated instance, with homes nationwide being sold in bidding wars that drove prices in the tens of thousands above the initial listing price. Hopeful shoppers once eager to take advantage of afforda