For over two decades, I’ve been immersed in the real estate industry — financing, investing, advising, and teaching. I’ve seen many once in a lifetime events — credit crisis, global pandemic, and international tariffs. But rarely have I witnessed a time when so many different forces are converging to reshape the landscape so rapidly — especially here in North Carolina.
I recently hosted a candid, no-fluff conversation with Sandy McAlpine — a veteran broker who’s closed over $1 billion in transactions and now leads successful real estate teams in both Lake Norman and Myrtle Beach. She’s been in this business for 26 years and has weathered every market cycle imaginable. What we uncovered during our discussion was clear: this is not just a cooling market — it’s a market in flux.
Let’s begin with the elephant in the room — the National Association of Realtors (NAR) settlement. Whether you support it or not, the settlement is ushering in a seismic shift. The traditional model of commissions — where buyer agents were often guaranteed compensation through the MLS — is being dismantled. As a result, the days of bloated rosters, inflated commissions, and agents who simply cashed in on a hot market are coming to an end.
Thousands of agents who got licensed during the pandemic boom — a period when selling homes felt more like working the drive-thru at Bojangles — are now dropping out of the industry. Why? Because this new era requires real skills: negotiating, marketing, prospecting, follow-up, and most importantly, a resilient mindset. This is not a market for the lazy or lucky — it’s a market for the intentional.
And that market? It’s hesitant. Cautious. Slowing. Mortgage rates remain stubbornly high — hovering near 7% — and the Federal Reserve is clearly unsure whether to declare victory over inflation or remain on pause. Buyers are nervous, concerned they’re buying at a peak. Sellers are stuck, many holding 3% mortgage rates and unwilling to trade up — or down — into more expensive financing. The result? Gridlock. Especially in that mid-tier price range between $500,000 and $800,000, where financing matters most.
Meanwhile, short-term rental investors are facing a new kind of pain. In places like Myrtle Beach, over 3,000 condos are currently sitting on the market. Occupancy rates have plunged from 70% to 42%. Nightly rates are falling. HOA fees are climbing. And many of these buildings are now issuing massive special assessments — sometimes tens of thousands of dollars per unit — to comply with updated safety and insurance regulations. To make matters worse, many owners financed their units using short-term ARM loans that are now adjusting upward, creating payment shocks many simply cannot absorb.
Bottom line: the COVID Airbnb gold rush is over. Vacation travel has declined, inflation is squeezing household budgets, and the “easy money” days are gone. Unless you bought in cash and manage your property like a business, you’re probably underwater — or dangerously close.
And a new bill moving through the North Carolina General Assembly will require anyone wholesaling real estate to obtain a real estate license. This isn’t just a policy proposal — it’s backed by the powerful NC Realtors Association and is gaining traction fast. It follows similar legislation already passed in South Carolina.
Why the crackdown? Many wholesalers have operated in the shadows of regulation — often pressuring distressed sellers to unload properties below market value, then flipping those contracts for hefty profits without disclosure. Legislators believe these tactics often exploit vulnerable homeowners and disrupt the broader real estate market. Once this law passes — and it looks very likely — wholesaling without a license will become illegal.
So what does all this mean? It means the easy money era is over. This is no longer a market for the casually curious or opportunistic hobbyists. Homeowners, those looking for a home, and those in the real estate business all need to pay attention.
There are massive gaps forming between what the headlines say and what’s really happening on the ground. That’s where opportunity lives — in the gap. Yes, the market is shifting. But this isn’t the end. It’s just a return to reality.
