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> What's the advantage of holding off when you have multiple people willing to bid on your house, including above asking?

Most people still have to live somewhere. If a market is so hot that every single property is in a hyper-competitive bidding war, and a person in that market sells their house, how are they going to find a new place to live in there?

Because you're subsequently buying into the same inflated market.

It's also much easier to stay where you are than to move. Real estate is a very illiquid asset and it is supposed to be. If you perceive your house being worth more 12 months down the road it makes sense to stay until that point.

This is where you get people taking out second mortgages. It be a great idea today but horrible 5-10 years out. Once valuations correct many people will be under water and looking at defaults.

Real estate is not where you want overvaluations and (huge) inefficiencies.

Easy to say when the main demographic here has no qualms with picking up and moving.