This kinda fits with my small-town / rural / tourist-economy real estate market... the people who are selling right now are those who have an incentive to sell

This kinda fits with my small-town / rural / tourist-economy real estate market... the people who are selling right now are those who have an incentive to sell (need to move for life reasons) rather than opportunistic sellers. The buyers I'm seeing at the moment are first-time buyers - yes interest rates are higher now, but they aren't competing against ten other cash buyers like they were in the past year+. We are seeing new construction sitting in some cases - but I'd argue it's because of greed and stupidity. We have some new developments in the area that are grossly overpriced for their locations, poorly built, and the developments themselves were poorly designed - even in a hot market they were having trouble moving, and now that the market has cooled, they look even more ridiculous. Alternatively, the new construction that is fairly priced and actually meets buyers expectations are still moving - albeit at the slower pace of the rest of the market. When spring rolls around, I'm fully expecting a rebound. Maybe not to the same competitive level and pricing as a year ago, but that's a-ok - better to have a more balanced market anyway.