A guy in Ohio listed his late mother's house for $187,000 after probate, appraised fair, nothing fancy about it. Six months on the market. Every conventional buyer got quoted 7.8% on a 30 year and walked when the payment hit $1,430 before taxes and insurance, more than double what the mortgage would've cost in 2021 on the same price. A cash flush REIT bought it in April for $151,000, no inspection contingency, closed in eleven days. The house didn't lose $36,000 in value. The financing did. Rate hikes didn't cool the housing market, they just changed who's allowed to participate in it.
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