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Anyone that bought when rates were still 2-3% isn’t selling unless they’re being forced. Why would they, considering their real interest rate is negative at this point.
This is a non-headline because it’s reporting on something that was expected to happen when interest rates rose.
That being said, this does suck for those who have yet to purchase their first home. Property investors buying with cash have no incentive to stop buying. This is where government should step in and regulate. Those conversations should be headlining instead.
What property investors are buying with cash? The extreme leveraging is one of the main things that makes real estate investing attractive.
I think folks might be confused about the term "cash offer" when buying/selling houses. This generally doesn't mean that someone is literally buying the property without debt involved, but that they can make the purchase without involving the mortgage process. Usually with a line of credit or similar funding.