Bidding Wars in the Georgia Real Estate Market are OVER.

The Georgia Housing Market has been one fire in the last 2 years. People were able to get a mortgage rate of just around 3% 2-3 months ago and now we are at 5.5% (depending on what kind of loan they were or are getting). I personally think that this will slow down the demand for housing in the next couple of months. I've already seen it the last couple of weeks in my market where homes sit on the market longer, homes with price reductions and not getting 15-20 offers anymore instead of 2-5.