"In a recent analysis of Manhattan resale condos, the numbers told a consistent story: the original asking price averaged 7% above the final sale price, while the last asking price before contract was just 3% above the sale price. Listings that failed to sell averaged 18% above market norms."
"There is also a psychological dimension at play. Listings asking 15% above what buyers perceive as market value are often ignored entirely. No inquiries. No offers. Empty open houses."
"Too often, sellers forget that buyers are the best market experts. With unlimited access to data and real skin in the game, they quickly and accurately triangulate value."
Sellers often mistakenly believe their property will attract the right buyer without considering pricing dynamics. Price is the most significant factor influencing whether a listing sells or lingers. In Manhattan and Brooklyn, properties that sold aligned closely with market values, while overpriced listings failed to attract interest. Additional factors such as market climate, seasonal timing, and a price-reduction strategy also impact sales. Buyers, equipped with data, are adept at assessing value, making aspirational pricing ineffective and often leading to disqualification from consideration.
Read at Forbes
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