>>I didn't mean irrational in a pejorative sense but in an economic one. When you hold out for more than the market value, won't sell for the market value, that's irrational.
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>Not necessarily. I've put property up for sale at higher than market price, because I didn't want to accept market and because I didn't need the money. If they need to sell, for whatever reason, then it would be irrational to expect above market price. However, if the sale is not critical, then I think they're quite rational to ask for the price they want. Why settle?
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Agreed. Indeed, why settle if you don't have to sell and only want to do so at a profit? I just don't know that this describes most of the people who currently have their homes for sale and aren't selling. Average time on the market has gone way up.