Mistake 9: Stubbornness About Price
Is it a matter of principle? Sometimes the indignant person with his matter of principle loses out on a deal that could really work. When the stock market took its fateful dive in 2000, many of the high-end properties owned by overencumbered investors went on the market. They hoped to make up for their stock market losses by pricing their houses accordingly. One home, originally purchased just one year before for $2 million, was listed for $4 million. The owners angrily rejected an offer of $2.2 million, which would have saved them their $1 million in equity and paid off their mortgage. Months later, they begged the buyer to come back, but the buyer had purchased elsewhere. The seller eventually lost the home to the bank.
If you are not going to budge on the price, is it because you do not have to sell? If you do not have to sell, why go through the hassle of having your house on the market? Think about why you are not willing to budge on the price. If you are just looking for that one person who is uneducated on home values and willing to pay too much because they like the house as much as you do, you may be waiting for a long time.