“A friend of mine listed his place in Kits for $1.7M. No offers. Dropped the price $100K, still no offers. They withdrew the listing and decided to stay put. That is probably happening in many cases, as people aren’t getting the prices they think they deserve.”
– popgoesthebubble at VCI 1 Jun 2012 6:44pm
A common occurrence at this point in the cycle; part of the ‘sticky prices’ phenomenon. Many of these sellers will end up putting their properties back on the market at 10%, 20%, 30% below current prices. Represents one component of the ‘shadow inventory’ waiting in the wings.
The market doesn’t believe that anybody ‘deserves’ anything.