Sellers stung by wishful thinking

Greed can lead to huge price reduction

A charming home in a coveted Oakland, Calif., neighborhood almost sold last year, even though the market for high-end listings was challenging at best. The sellers selected a list price that their agent thought was a good price for the market.

Two offers materialized, one at the asking price and one for $20,000 more. The sellers had their mind set on a higher price, so they refused both offers and eventually took the home off the market.

After realizing they’d made a mistake, they offered their home for sale again this year at a lower price to reflect changes in the market over the past year.