This seems to be true. A colleague of mine has a listing that should be at least $30k lower (according to the comps) but her Seller is determined to keep the price where it is because she feels if the Buyer really wants the property, they will see the value as she does and pay the higher price.
Sellers seem to be willing to hold out especially if they don’t have to sell with any sense of urgency. There is a group of homes that I and other Realtors, developers, Investors were looking at over the past four years and come to find out the owner is very wealthy and is not sweating the taxes as he or she is paying them regularly and is in no rush to even do anything with the property so the units are sitting there empty when they could be providing homes for families. These particular properties are located on a prime waterfront location so there is the extra added value.
The link below shares the story,
What are your thoughts if you’re a Buyer or Seller? Comments are welcome.
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