Agent

Should I hold out for a higher price?

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

It's not unusual for sellers to have an over-inflated opinion of the value of their home. Often this comes from pride of ownership, which is not a bad thing. Homeowners who take pride in their homes usually keep them well maintained. This preserves the value of the property. Sometimes, however, pride of ownership can get in the way of making a rational business decision. Recently homeowners put their Oakland Hills, Calif., property on the market with expectations of a high selling price. To encourage competition, they listed it for $759,000, which was a price that was lower than they were willing to accept. They received an offer soon after they listed for $785,000. The sellers rejected the offer because they wanted more than $800,000. Subsequently, the property languished on the market. Finally, it sold, after the price was reduced to $739,000. Another seller countered an excellent offer that he received soon after listing. He was also hoping for a higher price. Months later he ende...