A recently featured post posited that if a property sells in 2 days in multiple offers that the listing agent has not done their seller any favours. In fact the writer suggests that if it had happened to him, he would feel ashamed.
He goes on to mention that the listing agent, and the stager were celebrating their skills, but he doesn't believe that. He believes that if it got multiple offers that quickly, it must have been underpriced. (So conversely, if it takes 365 days to sell, we priced it well??)
This is an issue that pops up with some frequency. Sellers often second-guess us when this happens (heck they will often even ask for a commission rebate because it sold so fast, we didn't have to do much work... right?). Sometimes we even second-guess ourselves.
I contend that if a property sells quickly, then we did out jobs very well. We priced it appropriately for a quick sale (after, of course, consulting with our seller and deeming that's what they wanted), and we did our jobs so well, that, oh, I don't know.. maybe we deserve a bonus?
Just kidding about the bonus, but I certainly don't feel that we deserve a reduction in pay, after doing exactly what we said we'd do... attracting a qualified buyer, for the most money, in the least amount of time.
Now, I suppose that a case might be made if you priced a home at $200,000, and in the first couple of days there was a feeding frenzy of a dozen offers, and the price was pushed up to $275,000, that we underpriced the property. But I don't think that's what we're talking about.
In my market, at least, it's hard to underprice a property. Because if it's truly underpriced, you will have that feeding frenzy, and the price will clearly be pushed back up where it belongs. Market value, except in isolated incidents, will find it's own level.
Ships in a harbour will rise and fall at the same level, regardless of their size.