If the property is listed too high, it won t sell. If it s listed too low, the seller stands to lose a lot of potential income.
Some sellers list too high because they don t understand or believe in the concept of market value.
Often, their property is unique or unusual with no truly comparable sales. They may hope to attract a wealthy but uninformed buyer who will pay their asking price. Other sellers list too high because they think the next real estate boom is just around the corner. Far too many sellers list too high because they are simply not that motivated to sell for anything less than their dream price. Real estate agents will usually prepare a CMA free of charge because they hope you will list your property with them.