Today on It’s a Seb Show I talk about the economic principal of substitution – which says that buyers will not pay more for something when they can get an equally desirable property for a lower price. Many times, sellers overprice their property because they have a poor understanding of this principal, not realizing that what buyers value are not always what a seller thinks they do. Buyers look at properties as a whole, and will evaluate the full value package, not just particular aspects such as bedrooms, bathrooms, square footage, location, etc. It is important to understand what buyers could substitute your home for in the market, and not have too narrow of a scope for comparison.
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