The silver lining behind the higher interest rates is that the market has cooled down and Housing Inventory is starting to climb. The chart below is from MLS trends statistics for Placer,Sacramento and Eldorado counties. 

Inventory is up 30% from just this past April and 60% from one year ago. A "normal or balanced" market is 3-4 months. 

As you will see when interest rates jumped in September, then Inventory rose quickly. Higher Rates=Slower Demand=Longer Days on Market=Rising Inventory. 



The Take Away: 
For Buyers this is good news. More homes to view and more homes staying longer on the market allowing buyers to have a little room to negotiate. For Sellers, it may take a little longer on the market but home values have not collapsed. Price your home well and it could still sell with multiple offers.