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What's the Word Wednesday? Price
The three things that sell real estate are often said to be Location, Location, and Location.  Depending on the market condition, whether it's a buyer or seller's market, price plays a big part in the equation.  When it's a seller's market like we are currently experiencing, sellers are pretty much getting their asking price and then some.  In multi-bid situations, the sold price is often much higher than the asking price.
In the reverse market, when buyers rule, the asking price is sometimes a suggestion and the house is then only worth what a buyer is willing to pay for it.  Of course, the house is also only worth what a buyer will pay for it in this crazy seller's market with low inventory, but they are much more willing to pay more to win the prize than they are when there are plenty of homes to choose from.  
I was in my continuing education class yesterday and the instructor made a very valid point.  The buyer who overpays for a house by $10,000 today to win over other bids, will most likely wake up the next day wondering how to get $5,000 or more back from the seller during home inspection negotiations.  ... more

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