In this particular situation, it is the music.  I think that we are running through the K-tel Worst of the 80s CD.  Of course, when this was new music, I had my parachute pants and Member's Only jacket...  But that was then, this is now.

I see some of that in a lot of life's aspects.  People fear change, especially change that doesn't sound good... like their home's value depreciating.

However, unlike music, where we can live in the past... we have to be realistic with home valuation... and I'm not just talking about sellers.

Of course, sellers need to be realistic when pricing their home to sell...  This isn't 2005.  There aren't a line of buyers for every property. Right now in Gwinnett County, there are almost 10,000 homes for sale.  I only expect to see 800 of them get sold in July... and only about 1 of every 3 or 4 will sell during its listing period.  Pricing for the market today is essential.

Buyers aren't off the hook either. I had a call from a buyer's agent yesterday.   I have a condo listed in Midtown, and despite it being offered at the lowest price/square foot in the complex for a 1 bedroom, he wanted to offer substantially less...  Just because.  Would the offer fly?   No.   In fact, most of the time I hear these things, I hear the same thing... "If I can get it at that price, cool... If not, I'll just find another place to make that kind of offer on."  So, if you are just trolling for a bargain, don't get offended when the sellers don't bite.

Both buyers and sellers need to be realistic.  I see too many of both looking for the one in a million seller/buyer that will accept/pay whatever it takes to get/get rid of a certain property. 

It doesn't fly...

Live in the now.  Price and offer based on the conditions now... and here.  I don't care if there are developers in __{fill in blank}__ that are perfectly willing to accept 27.8% of the list.  And I don't care if there were people bidding 800% over list for properties "just like this" in __{fill in another blank}__.  That isn't here, and that isn't now.