Why do listing agents want to "buy" a listing by drastically overpricing in Ridgewood, NJ?

Ridgewood, NJ Home = Potential list price $625,000 or $875,000???

Why do listing agents want to "buy" a listing by drastically overpricing?

This will always surprise me when competing for a listing. Most of the time, sellers realize the agent is not being forthright by over-inflating the sellers expectations to get the listing in Ridgewood, NJ. But, some sellers will buy into this salespitch.

What this agent doesn't realize is drastic overpricing will cost both the seller & agent time & money. Typically, the house will eventually sell for less money than if it were priced right the first time.

I notice some agents & companies are constant "repeat offenders". When you show their listing it is the same reaction from the buyer - "Where did they come up with this price?".

Maybe some brokers don't properly train the agent to do an effective cma. Each home we come across has to be reviewed carefully to determine the best list price. If the agent doesn't know the other comps, and doesn't take the time to consider all the pros & cons of each home, then maybe it is just a lazy oversight in pricing. They may not even know how overpriced it is. After all, ignorance is bliss.

Most of these listings will expire. I am very happy to help the seller GET THE HOME SOLD once it expires by PRICING IT RIGHT!!

Do you experience this in your market?