Bidding Wars on Listings: Make Your Phone Blow Up

 

               

Bidding wars is a phenomenon in real estate right now. As buyer demand rises and inventories shrink, sellers are reacting by trying to underprice their home just enough to spark a bidding war. In some of the markets, this technique is ‘paying’ off.

Douglas Rill, a broker with Century 21 America’s Choice in West Palm Beach, Fla., told the Sun Sentinel that a lender informed him to underprice a foreclosed home for $37,600. While the home had a leaky roof, among other problems, comparable sales in the neighborhood would have shown the home valued more at $50,000, Rill says.

Not all situations are like this though, and real estate agents are cautioning sellers to lessen the risk by pricing their home at the lower end of market value, but not to undersell themselves. This will prompt more buyer attention without ending in a loss.

If you are curious as to what your listing’s CMA, feel free to give me a call! 406.570.5730 or EMAIL ME

Source: “Multiple Offers Possible in Tight Housing Market, Experts Say,” Sun Sentinel (Aug. 23, 2012)

 

 

Hart Real Estate Solutions

www.hart.realtor

406.585.0000

Hart Real Estate Solutions Bozeman Montana


  

 

Comment balloon 0 commentsHart Real Estate Solutions • August 29 2012 09:12AM

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