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Real Estate
Reply to "How long on the market before a price drop?"
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[quote=Anonymous]I think people are getting pretty savvy about comparing houses to the comps and realizing when something is overpriced. And sellers are emotionally attached to the house so they are less likely to realize when their own house is overpriced. (they're also hoping to get the extra money.) I think people hesitate to look at houses that are too far outside of their price range, because it makes them want to spend more than they can afford. So they're setting their sights lower and the house is not coming up on their searches. I tried not to look at houses much above my absolute max purchase price because it was too depressing to see what I almost but couldn't quite buy. (there is an enormous difference in arlington between $550K and $650K, for example.) I got my house for $90K below original list price, but didn't see it until it dropped to $25K above my ceiling.[/quote]
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