Waugh states the spring housing market is "unlikely to reach the level of performance that earlier momentum suggested," with demand tempered by recent geopolitical and economic uncertainty. Higher mortgage rates and broader economic uncertainty (fueled by the oil shock) are making buyers more discerning and patient, while sellers are hesitant. The market is returning to a "traditionally normal" and "hyper-local" state, implying a lack of broad-based tailwinds. AVOID a broad-based bullish view on residential real estate services, as the market is cooling, facing affordability challenges, and becoming increasingly dependent on local conditions without a strong, unifying upward catalyst. A swift and sustained drop in mortgage rates could re-energize buyer demand broadly.