"The New Normal" is a phrase I try not to use, mostly beause it's overused but does seem appropriate now, both for good & bad. There is a generation of home buyers & sellers who've only known very low interest rates that make home buying much more affordable (good) & a high pressure atmosphere for buying & selling homes (bad)
Now, Buyers are feeling no pressure to make a decision, can actually go on home tours with a few homes that meet their home buying criteria, & write subject offers. All good.
However, they can't believe they have to pay a 5% interest rate on their mortgage (the old normal). Bad. Those of us who bought & sold real estate before 2000 only knew 5% interest, or even higher.
Looking like a few years of this new, but old way of doing real estate. What's that phrase? "everything old is new again"