Too high? Not sold.

Zillow.com Research has some great articles on the market. They are seeing prices continue down in some markets over the next couple of years. Despite that they see that sellers are overpricing their properties and we know that means they won't sell. We have seen that in our market even in the lower price ranges. This last couple of weeks we  have been looking at the $325-400K price range in north Seattle. Homes in the $350-375K range are selling immediately. The $399K homes are sitting if they are comparable to the cheaper ones. It's hard to think your largest asset has lost value but it has. Seattle is down 28% from the peak of the market.

From the Zillow article. "We found sellers who bought after the housing bubble burst, in 2007 or later, price their homes 14% above market value," said Zillow, which used sales of comparable homes to figure market value. "Those who bought before the housing run-up, prior to 2002, overprice by nearly 12%. Somewhat surprisingly, sellers who bought during the run-up, from 2002-2006, seem to be the most realistic, pricing their homes 9% over market value."