In Los Angeles, luxury broker Aaron Kirman of Christie's International Real Estate said buyers and sellers aren't on the same page. "The market's split: Buyers are cautious, sellers are still hoping for 2020-2021 prices," he said. "That gap is where deals either die or get done." Still, some sellers are starting to adjust, Kirman said. "We've seen price cuts quietly offered to specific buyers or brokers, rather than advertised," he added. "It's about preserving perception while staying competitive." And buyers, he said, are getting more strategic. "They're active, but conservative," said Kirman, favoring all-cash offers, clean terms and longer inspection windows. "They're negotiating harder for price, furnishings and closing flexibility." Kirman noted that increased caution is also extending sale timelines. "What used to take three to six months might now take nine to 12, unless it's a turnkey estate that checks every box," Kirman noted. "Patience is more necessary now." In South Florida, luxury broker Senada Adzem with Douglas Elliman emphasized the high-end luxury market isn't declining, but shifting. "It's sellers adapting to today's more discerning and anxious buyers," she said. According to Adzem, buyers in the $5 million to $10 million range are laser-focused on value, carefully evaluating comparisons and whether the home delivers on lifestyle needs. "There's definitely more negotiation and selectivity in that space," Adzem said. But in the $20 million-plus tier, she said, priorities shift. "Buyers at that level are pursuing rarity, trophy properties, irreplaceable waterfront. When the right opportunity surfaces, price is important but not paramount," she said. "At the ultra-high end, it's less about timing the market and more about securing a unique asset that fits into a long-term vision or legacy."