Real estate cycles are rarely neat. They don’t move in straight lines with announcement… they unfold in chapters with moments of exuberance, pauses of reflection followed by recalibration. Today, we find ourselves in that reflective middle: the reset. Prices have softened, underwriting has sobered, and the market is digesting the excesses of yesterday. This is not a collapse; it is a clearing and a necessary interlude before the next act.