Owners Still Try to Price Homes High

Real estate practitioners in the heart of foreclosure hotspots are talking turkey about pricing to their clients.

"I don't sugar-coat anything. I don't tell people what they want to hear. I tell them what they have to hear," says Mike Aubrey, an associate with RE/MAX Metropolitan Realty in North Potomac, Md.

"[Setting the initial price too high] is not only a waste of time, but you stigmatize your property," says Joe Manausa, president of Century 21 First Realty in Tallahassee. "People wonder why nobody bought it, why it's been on the market so long."

In fact, setting a price too high is “downright willful negligence,” Manausa declares.

Source: Inman News, Mary Umberger (10/14/2009)