Consumers who bought their current home in 2007 or later, but are reselling it now, are overpricing their properties by at least 14% on average, according to Zillow, the online real estate database.
"Overpricing homes causes them to stagnate on the market and keeps inventory from decreasing — not a desirable outcome for either the sellers or the market as a whole," said Zillow chief economist Stan Humphries.
As for those planning to sell in the next four years, an online survey Harris Interactive conducted for Zillow found a similar trend.
Of those who bought their homes in the post-bust era, 17% said they use the purchase price as the primary basis for their sales price when the property goes to market. For buyers turned sellers preboom (before 2002) this was true of only 4%, while it was true for 9% of the buyers turned sellers during the boom (2002-06).
