Rates are up
It's a real bummer for everyone that lived through real estate over the last few years. Buying power was up, people could get into larger or more upgraded home than they previously thought possible, but now that has tightened back up. The chart below (click to enlarge) shows average interest rate by year, as you can see, historically speaking rates are more or less within an acceptable range (source: Freddie Mac). They are certainly up from the last few years, but still workable. Also remember, if you get in now at 6-7% and rates drop down to 5% again, you can always refinance.

Prices are stabilizing locally (and might be decreasing in places like FL, AZ and Texas)
This will take some of the sting off higher rates, as skyrocketing housing costs and rising rates is a tough pill to swallow.

Homeowners have more equity in their homes than ever before
According to , the average homeowner now has $185,000 in equity, which is the most ever.
See the Investopedia post HERE

There is still an inventory shortage
Despite rising rates, and stabilizing home prices, there is STILL an inventory shortage in the Chicagoland area, especially around DuPage county. Sellers may be concerned that this is a bad time to sell, but we've seen that houses that are priced, prepared and marketed correctly are still selling quickly. We were spoiled over the last year years, but people still need to buy houses. We've established that rates, while higher than before, are still manageable, and people are still buying great homes.

Act fast to sell in 2022
As we are more-or-less in a typical fall market, things will start to really slow around the holidays. So, if you are hoping to sell in 2022, you should consider trying to list in the next few weeks to give yourself the best chance to sell in 2022.