[heliostatic]

I don't think the OP was counting on prices to drop; rather, they were waiting for others to be priced out (hence higher supply for them). It's still debatable whether folks will sell in this kind of market, but at least for this buyer higher rates mean less competition on the buyer side.

[ericmay]

The only scenario (I think) where this works is an all-cash purchase so you aren't paying the higher rates so it's not a concern. Waiting for others to be priced out seems like a weird thing to do because you're just making the purchase more expensive for yourself since prices stay the same or go up and rates go up.