I am sure that you have seen it as much as I have. A house or property goes up for sale and when you look at the price you are shocked! Something that should be priced around $100,000 is listed at $995,000 or worse yet a place that should be in the mid 100’s is listed for 1.2 million. WHY? Is it just greed or
is it something more?
Many times listings from realtors are set at a fantasy price so the seller will list with that realtor. “SURE I can get you a crazy price if you list with me”!!!!! Then after several months or years on the market the seller realizes that they have had zero serious inquiries and when they do some research they find out that their price is not even close to the ball park. There was a acreage that I was looking at but the price was NUTS, after several months the price started dropping. Several months later the listing was off the market, why? The seller was sure that their property was worth this inflated price and even with lowering the price several times they were still way out to lunch. A couple years later they relisted at less than a quarter of the last price they had it listed for and within a month it sold.
This does not happen with just real estate, it happens with used photography gear as well. I saw a listing for a lens that I wanted and I laughed as it was only $100 less than new. The next day someone else listed the same product for a lot less and it sold in a day. The original listing has been on-line for months and nobody has even inquired about it.
I have written about this many times before – if you are serious about selling ANYTHING do your research first.