The market is speaking. Our changing market, not recession market, is beginning to reflect that buyers are shopping with more discretion. This means that if there is some reason that buyers may not move forward on your property, it may take longer to sell your property and or you may require a price reduction.
However, uniquely desirable properties are still receiving letters looking for products off market. For example, properties with short term rental permits have been very hot ticket items ever since the city of Newport Beach decided to put a cap of 1550 available permits total. These properties have held their value and are still in short supply not only because of how few are available, but also because it enables additional income to the owner.
Other properties that have those less desirable X factors will struggle and will require those price reductions or will have growing days on market. Examples of this are going to be busy streets, airplane noise, small lots, how much light your property gets, HOA costs, etc.
Most of all, our market will bifurcate because of which sellers will respond to the market versus those that will not. There have been a number of sellers who have come to the market with what seem like astronomical numbers. And yet, much to our surprise, buyers bite and transactions happen. Those same sellers now, will more than likely sit on the market. They will have no price reductions. They will be there in case someone is willing to pay them their dollar.
Other sellers who are going through some life change such as downsizing, divorce, death, etc, will still need to sell. Sellers who "need" to sell, will react to the market and will represent our transactions moving forward.
Our market is splitting, but transactions will still happen.