At the worst, they will start coming down. Sellers have a two to three month opportunity to get incredible prices for their homes. If they put them on the market now. Better yet, why are some homes, even in this hot market still languishing on the market without an offer. When all is said and done, after the painting and staging and open houses and advertising, if a home hasn't sold, it's because of one thing the asking price.
Owners sometimes get a bit greedy and let hope overcome reason.
Some sellers decide that it is okay to list high, that prices are rising and the market will catch up with their house. In this market, new listings get a lot of play. However, if a house does not sell in the first few weeks, agents no longer pay attention to it, deducing that something is wrong with it. After which the price must be substantially below market to sell the house. There are three steps to setting a price for your home.