Today, many sellers are unknowingly contributing to the overall losses in home values. This happens when sellers hold on to an “emotional” asking price - which is often is unrealistically high. Current market buyers have done their homework and know when to take action on a property that is priced right.
When sellers are unsuccessful in getting their house sold because of price, they are contributing to the continuation of a downward price spiral.
Here’s why: Real estate is a commodity in the marketplace. When there is an oversupply of inventory, prices go down. When sellers price their house over what knowledgeable buyers know is the reasonable current market price, the property stays on the market, continuing the oversupply.
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