According to a survey here in Australia, vendors are still reluctant to lower their selling price, even though the real estate market has radically changed. Prices are dropping or staying steady, yet vendors continue to hold out for top dollar.
Perhaps their actions are justified. The same survey also found that 33 per cent of prospective buyers who had made an offer on a property had offered more than the asking price. Either these buyers still think they’re living in 2007, or else things aren’t all that different now.
To find out more, check out this article from the Herald Sun: “If the price is right, the area is wrong”.