Anchoring Via Sale Price

[Padric Lynch]

"During decision making, anchoring occurs when individuals use an initial piece of information to make subsequent judgments." Anchoring is a cognitive bias that can be very unconscious when making a decision.  Many times this anchor can be a sales price. This is hard to see past at times because its usually the first piece of information you see when evaluating a property. Your analysis should really be independent of the influence a sales price may have. Offer what you think the property is worth.