As long as home buyers continue to pay for properties in cash, the spike in interest rates wouldn't have a big effect on property prices.

$RKT $UWMC and banks will be able to make more money from their lending activities.

In my view, I see changes in regulation to be what will derail the property markets. If policymakers start imposing YIMBY policies, like the removal of zoning laws and other forms of deregulation, then we could see a building boom and more supply entering the market quicker.