Final answer:
Properties listed above market value do not tend to sell faster. Buyers look for fair pricing and may avoid overpriced homes due to potential hidden issues. Correctly priced homes usually attract more interest, potentially leading to quicker sales.
Step-by-step explanation:
The statement that properties listed above market value tend to sell faster than properties listed at prices closer to market value is typically false. In the real estate market, properties priced above market value often take longer to sell because buyers are looking for homes that are priced fairly. They may also suspect that a higher-priced home has hidden flaws that are not immediately apparent. On the other hand, homes priced closer to market value are often perceived as a better deal and may attract more buyers, which can lead to a quicker sale.
Real estate listings might sometimes exclude unflattering details about a property such as a landfill next door or a factory across the street, which could lead potential buyers to rely on the listing price, photographs, and a possible visit to assess the property's true value. It's also important to note that real estate listings are often advertised in newspapers, which may list such properties only once a week, and that the listings are a random selection of homes for sale.