Inman | Carl Medford
In a super-heated market, almost any price will do — competing buyers will do what they need to do to land the property. In a downturn, however, nailing the price is absolutely critical.
Although the timing of the recent market shift varied from region to region across the U.S., it arrived in Northern California the first week of May 2022. Some sellers understood that a day of reckoning would be coming at some point, but its sudden appearance caught most off guard resulting in confusion, frustration, anger and disbelief.
On the positive side, due to easy access to extensive online real estate market data, we live with the most educated sellers of all time. Consequently, a decent percentage of sellers saw the shift occur and were aware they would have to deal with the new reality. Others, however, have refused to acknowledge the changing market and insist their home be priced at pre-shift levels.