Sellers overestimate the cost of housingFor Investors
In our practice, we often see how the seller overestimates the value of the house.
People think their property is worth more than it actually is.
And on the other hand, the buyer thinks that he got 100% discount. That prices went down and all the neighbors think, oh the prices are going down 100,000 on this guy.
In reality it was just basically overpriced originally. So a lot of times when you see prices going down, it’s not actually a price is going down, it’s just overestimating sellers prices.