Seems about right. We're seeing buyers getting more concessions during the fall in Sacramento (normal). But higher rates can cause even more concessions. Time will tell. Sellers, listen to buyers and offer concessions if needed (credit for closing costs, buy down the rate...).
One of the challenges in real estate right now is figuring out value. Not many sales. And not many listings. It's more complicated when there is less context.
I talked to a real estate agent who told me the seller would not accept an offer that was less than 1% below the asking price. The buyer walked, and this property is now sitting. Sellers, there is a limited pool of buyers today, so be realistic and not too picky.