As a seller, would you factor in recent fed interest rate increases into your valuation?

The federal funds rate has increased from under 1% a year ago to over 4.5% today.

I'm looking at a property that was put on the market nearly a year ago. Soon after listing, the seller declined offers that, by my calculations, were based on a 4.5% CAP rate. This is in a low-risk area of town. The NI estimate hasn't budged much since then, as lease rates seem to be stable. I'm considering offering the same if not less. CAP rates in the wider region have increased between 1-1.5%.

My question is, if you were a seller who declined an offer of $X a year ago, but the property is still on the market, would you factor the recent federal interest rate increases into your thought process, and as a result, be open to offers today that you would have rejected a year ago?

Obviously, other factors are at play, such as how motivated the seller is to raise cash from the sale. But just ignore those factors for this question.

I'm just trying to see if I'm thinking about this realistically. I realize I can write an LOI at any amount. It doesn't matter if they laugh at it. Ultimately, the numbers have to work.

I see a lot of potential in improving this building into a slightly different use. But I don't want to pay more than what it's worth using valuation methods for its current usage.

Am I thinking about this right, or no?