It's still a seller's market. Right now, demand still outweighs supplies. However, we may see that balance out even more once new construction increases.
While rates are higher today than they were a few months ago, you have more buying power in today's market. This means that you likely won't have to bid as much over asking to secure the home, and the terms of your offer will likely be more favorable.
Price corrections do not indicate that the market is crashing. What it does mean is that the original price of the home was not strategic, and it's likely the listing agent didn't get it right the first time around. This is why it's critical to hire a local expert who knows exactly what's going on in your neighborhood so they can price your home right and get it sold quickly.