Persuading sellers to price their properties realistically is always a challenge. This can be especially difficult when your market is still experiencing price declines. The question is how to unhook your sellers’ price anchors and then persuade them to list their property at a price where it will sell.
In psychology professor Daniel Ariely’s book, "Predictably Irrational," he discusses how people anchor (become firmly attached) to various ideas. According to Ariely’s research, these anchors are extremely strong when it comes to the price of someone’s home.