Real estate listings

Honest question as a buyer. I’m trying to get into the heads of people listing their homes to really understand where they’re coming from . . .

Why does a person who bought their home in the height of the competitive market during COVID or even a short 6 months ago (as I’ve seen all too often), think they should be listing their homes for obscene amounts (hundreds of thousands to millions) more than what they bought it for? And I’m talking not having done a single update. Same roof, kitchen, floor, even PAINT as when they purchased it. The market isn’t hotter than it was during COVID or a few weeks ago when they made a decision to buy a home that they now want out of.

What will it take to bring sellers to reality that the market isn’t as hot as it used to be. I’m seeing price drops all over the place and days on market are increasing, yet the (asking) prices are still way out of whack from where they should be.

Would love to hear everyone’s commentary!