Sale or Refi Environment

Hey folks,

Had a question about what others are seeing out there (for reference, I'm Midwest second tier city). Seems to me like at this point we're seeing owners go the refi route vs sale as they are getting really competitive quotes at high valuations. Almost all the way across the board on product types, but especially in retail. My take is the marketplace is more forward looking and buyers are starting to be more conservative in their underwriting and offers, while appraisers from lenders are working off comps from the past 12 months -- thus creating the disconnect in values. If others are seeing it, love to hear your take on the why. And if I'm off base here, love to hear those thoughts as well.