Gosh, I wish more economists talked so clearly about how to sell your home.
Well, if you are holding out for an above-market price to recoup your losses, perhaps you would do well to hear the advice that Professor Mayer gives his own family members.
” If you want to sell your house then you list it at the market price and you sell it,” he said. ” If you don’t really want to sell then don’t put it on the market. But don’t say you want to sell and then set the price so high that you spend the year cleaning up every morning, having people walk through your living room and look in your medicine cabinets and reject you. That’s just painful “” and expensive.”
And very expensive for your real estate agent too!
Hat tip Russell Shaw at Bloodhound Blog.
ADDED: Here’s a comment on that same article from the Edmonton Real Estate Blog
Isn’t it funny how fast home owners in Edmonton went from saying “I can’t believe my home is worth $XXX!!!” to “I won’t take a penny less than $XXX!”
From “My neighbour just sold their house for $500,000!!! I can’t imagine anyone ever paying that for my home!” to “My neighbour sold their house for $500,000 in July so mine must be worth $550,000.”
From “I would never pay $400,000 to live in this house of mine!” to “My house is worth at least $400,000!”