Price is the number 1 reason homes don't sell? No kidding!
As I watch real estate shows and read columns about the real estate market, I keep coming across a perfect example of a stupid statistic. You've probably heard this one yourself: "The number 1 reason that homes don't sell is that they're overpriced." Too see a couple of examples of this claim in action, click here and here.
There are a bunch of reasons that this statistic is dumb, but here are two:
- If a home is listed at $495,000 and doesn't sell, there's a pretty good chance it could be sold for $250. Anything will sell at the right price. So it's obvious that a home that doesn't sell would be more likely to sell at a lower price. Duh!
- How do you quantify the "number one reason" a home didn't sell? What I say the number one reason is that the kitchen wasn't brand new and there was no Van Gogh original included with the living room? Double duh!