When they fight for property listings, real Estate Agents are the ones that end up establishing sale prices. Often, the best way for them to get the listing is to offer the seller the highest price possible. In that way, the listing literally goes to the highest bidder.
This leads to price escalation, which explains why today, in Park City, prices have risen so much that sales appear frozen in place. Our real estate agents would have us believe that prices have only reached a plateau, when in fact they've already begun their descent.
Since these agents are not perceptive enough to realize it, they'll only reduce their prices with a “Too-little-too-late” approach, as the fall will drop faster than their appreciation of reality. Should we then, expect a repeat of the 2007 fiasco? Perhaps not, it's just a "correction" as many wishes, but who knows?
What's certain is that real estate agents are always top fast in raising their prices in an up-market, and too slow to lower them in a down-market, leaving the poor owner who's also the seller, the grueling and only option to swallow the difference and get stressed in the process.
Real estate agent: a breed of "professionals" that is in no way the sharpest tool in the shed!