Seller’s Refusal to Price Correctly Causing Problems
No one likes to sell low. After all, the oldest rule in the financial rule book is ” Buy low, sell high”. So why would a seller price his/her house low? To sell it of course. Apparently the wedge between sell pricing and actual prices in today’s market is still very wide and economist Christopher Mayer thinks this could have a real effect on the economy.He cites the Boston condo market in 1989-1992 to support his point that seller reluctance to lower prices pprolongs the market. Prices fell nearly 40% and yet some sellers f