Home not selling? It’s probably because you’ve overpriced it. It’s true that there’s a buyer for every home – so long as it has the right price. Your home isn’t selling because the condition is bad, or it’s unkempt, or it’s on a busy street – it’s not selling because you’re asking too much money for it, given the location, condition, and market conditions. But why did you overprice your home? It turns out, there are some reasons why people tend to overprice their homes: the anchoring effect ,and the endowment effect. Home owners should know that the price you set for your property has much less to do with how much it will ultimately sell for than it has to do with how long you want the property to be on the market. The market knows what it’ll pay for your property, and simply asking more will not cause it to sell for more; it will cause it to linger on the market, and ultimately, likely sell for less.
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