I've observed...

(1) Most if not all my deals under investigation have TTM < 2023 (SDE & Revenue)
(2) Sellers trading on COVID bump income still - reset still in progress
(3) Continued declines in small business confidence (lowest in 11 years)
(4) Interest rates not improving
(5) Election year with unclear impact

Are you guys seeing this too? Searchers - are you adjusting your approach?

Not sure if I'm just overly bearish today, but I can't shake the feeling it's a transition period and buyer's going to be left holding the (expensive, PG'ed) bag. I can envision plenty of ways to mitigate, and maybe even deals to be had, but I imagine seller expectations will lag the market reality. What am I missing?