The Market has Shifted!

There is no doubt the market has shifted but many sellers are still
Hoping they can cash in on previous highs, and are clinging to the hope that somewhere there is a buyer who will love their home so much they will pay more than the going rate.
Unfortunately, there are significant flaws in this logic — here are the top 3.

1. With today's high home prices and increasing interest rates, a significant number of buyers are close to being priced out of the market. With declining prices and increasing inventory, buyers now have choices. With multiple offers a thing of the past, in most cases, buyers will not pay more for a home than they should.
2. Today's buyers, with unparalleled access to real estate data through Zillow, Realtor.com and similar sites, are the most educated homebuyers of all time. They know current prices, understand market trends and — especially in a declining market — are simply unwilling to pay more than market value, no matter how nice any given home might be.
They also know that there is a good possibility that if any home remains on the market longer, the price might be lowered. They stay away from overpriced homes in droves, resulting in those properties staying on the market for long periods of time and, in many cases, not selling at all.

3. The majority of buyers want move-in-ready properties. Whereas these homes were able to fetch top dollar a few months ago, buyers are finding that everything has become negotiable. Since their odds of purchasing a move-in-ready home have significantly increased, they are ignoring those homes that are outdated or in need of repairs, unless they can score a significant deal.
The net result is that extensively prepared and competitively priced properties are the ones going under contract.