This isn’t Einstein’s Theory of Relativity and I’m no genius, but I run into this type of illogical logic everyday in real estate. In fact, I think it may be more prevalent in real estate than anywhere else on the planet.
My fellow agents know of what I speak – the absurd idea that you can sell an over priced house. Like a house priced at $2.4 million dollars that has two foreclosures right down the street going for a lot less. Or brand new model homes in the same development that have never been lived in, are on premium lots and priced $250K less.Well, we might as well price it at $3.0 million dollars.
We’re going to have just as much success in getting it sold as we would at 2.4 – ergo 2.4 = 3.0!
Brad Nix
January 29, 2008 at 8:41 pm
Overpriced listings use to be a way for weaker agents to get their name out and grow a business from there. I hope the model is turned upside down soon and agents who take overpriced listings are on their way out of the business and not in.