Crystal here! We all knew it was coming and it seems it is here - THE SHIFT! Does this mean a crash, absolutely not. This likely means gridlock: a buyer/sellers standoff. Sellers will hold firm with their prices and buyers are going to be picky and deliberate with their offers.
What we have seen the last 2 years is sellers pricing at or above the last comps and getting significantly over asking. I have seen properties close anywhere between $25K over ask to $1M over ask! Yes, 1 MILLION!
I watched the neighborhood that had the $1M over list sales price and the homes that came on after were all inferior, yet hoping for the same results. The buyers aren't going for it and those late listers are realizing they probably missed the boat on getting these wild over list price offers and being under contract in 5-7 days!
It appears moving forward, buyers will only be willing to pay premium prices for superior houses - which is not what we have seen the last 2 years; buyers were paying a premium for quite literally ANY house!
More than ever before, we recommend a sellers consult to discuss freshening up rooms, staging, etc., to make your home stand TALL amongst the neighbors.
Also, since we are full time agents and have a team out on the field, we can FEEL the shift. Not to fret, we are still in a sellers market, but this is the time, that you want to hire the agent that has a pulse on the micro market shifts.