Psyblog has just finished an excellent series of posts on the subject of money psychology, a subject close to our hearts (and purses and wallets).There's even a clue as to why Irish house prices won't fall as far as some predict: home owners value their asset far higher than buyers and so will simply wait out any downturn until prices come back to what they consider 'acceptable'.
It would seem that price isn't so much negotiable as emotional.
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