Many people tend to think that their houses should carry the same premium on the market as the value they personally set unto it which considered their years of hard work on building a good home for the family. Many also demand a return on improvements and repair thinking that this should fall within the equation when pricing houses for sale in the market.
Any real estate agent worth his salt will tell you that while a lot of emotion came into the construction of your home and in each corner lies a memory for the family, pricing your house far above what it is logically worth ( minus all the emotion ) can be a real problem. Homes that are overpriced will take longer to sell and when they finally do, they sell for less. What these sellers fail to realize is that the longer their house stays on the market, the lower its value becomes in the eyes of buyers who will tend to ask these questions: What is wrong with it? What is the problem and why didn’t it sell for the price they wanted?
But sellers still overprice their homes anyway in order to buy a bigger, more expensive home, pay off loans; or simply because they feel that their homes are far more “superior” than others of the same kind and location. Then there are those who are just not in a hurry to sell, setting whatever price they want for their home regardless of market physics.