Monday, November 10, 2008
The Housing Bubble...It's Just a Story, It Happens to Other People...
Not to me.
- Dan Ariely, a behavioral Economics professor at Duke University's Fuqua School of Business and author of "Predictably Irrational," said the "better-than-average" effect is at play. And knowing your next-door neighbors sold their house for $500,000 makes it even more imperative for a homeowner to top that price.
"We feel that we're better than other people. We're unique. We're special," he said. "It stands to reason that our houses are also special."
- "Owners are very concerned about how much they paid for particular changes, but buyers out there don't value them."
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