Psychological factors in overpricing listings on portals

Listing prices rarely reflect reality – this is known as the endowment effect. Owners subconsciously add their sentiment and memories to the price. Additionally, some brokers lure them with promises of unreal profits just to sign an exclusive contract. The result is portals full of astronomically priced offers that hang around for months. Skillful, direct negotiations with the owner (without the presence of an agent defending their inflated margin), backed by a hard, cold analysis of nearby transactions, allow for knocking down the asking price by up to a dozen percent.