good post but you're assuming asking price is close to market price so why would someone lower their price? I'm noticing realtors doing everything they can to get listings including overpricing homes. If comps value a home at 600k and the listing price is 700k it's part of the bubble mania this city has fostered and people think that no matter what they should be able to get more and more and more and more than what pervious sales were. If buddy down the street got 600k for his home that's the same as mine 3 months ago, I'm going to get 700k for mine. This seems to be extremely common when looking at a lot of listings around the city now. "Oh, I really want to sell my home, but for sure I want hundreds of thousands more than what a previous comp sold for because this is Calgary and everything keeps going up towards infinity". Currently there are far more delusional sellers than I've ever seen before. This puts the market in a stalemate. Who will blink first?
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