Special offer

Pricing Low hoping for a bidding war?

By
Real Estate Agent with Joy Daniels Real Estate Group, Ltd.

The real estate market has definitely had some large ups and downs in 2023. 

It has been a strong Seller Market, which means the process of buying real estate favors mainly the Seller.  It is commonly characterized by the low inventory of housing which often allows sellers to raise their prices since Buyers are competing against other home Buyers. 

We are seeing another strategy in the market.  Sellers are listing their home below market value hoping for a bidding war.  Is this a good strategy? 

There are great reasons to strategically price your home listing, but not to artificially try for a bidding war.  Artificially pricing low is not a good gamble.  Homes that are priced correctly are the best option for getting the best price. 

Real estate is not a game, work with an agent that can help you be strategic and accurate.                         

Posted by

Joy

Joy Daniels, GRI, ABR, CSP, e-PRO
JOY DANIELS REAL ESTATE GROUP, LTD
2793 Old Post Road, Suite 200
Harrisburg, PA  17110

(717) 695-3177  office - Call TODAY and let me help you find your dream home!

www.joydaniels.com

Joy@JoyDaniels.com - Email TODAY and let me help you find your dream home!

What is your home worth?  Find out at MLS Market Snapshot

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Comments (7)

KAREN SANCHEZ
Reputable Realty - Apple Valley, CA
...Marketing your home like no one else will.

Looking for the sweet spot is an art, right, not a science. It's frustrating and maddening and wonderful when it works out.  Good blog. 

Jan 03, 2024 01:40 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Joy Daniels I have seen this strategy used a number of time in the last couple of years.

Jan 03, 2024 02:23 PM
Joy Daniels

Yes, I have seen it used and don't like it. . .

Jan 05, 2024 01:35 PM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

I have seen homes priced slightly less than market with that intent but not substantially lower as it also causes one to consider the issue with the house.

Jan 03, 2024 03:15 PM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hello Joy - it's a nicer day whenever I see your name on the AR blog roll.  As far as real estate strategies, there continues to be much going on as part of marketing and other things behind the scenes.  It might be impossible to say the industry is ever dull - stuff of many sorts happens.  Best wishes as 2024 starts.  

Jan 03, 2024 03:18 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Good evening Joy Daniels  so nice to see you posting again, as to your question it is a good one. I have seen it over the past ten years it always created depending on the market 20-30 offers and it allowed the sellers to choose the best one. hence I suspect it still will work the only difference will be five or less offers to choose from, Endre

Jan 03, 2024 09:26 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I don't price low for a bidding war... but I do recommend my clients not price at the top of the price range... that seems to always generate lots of foot traffic and multiple offers.                           

Jan 04, 2024 08:24 AM
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

I think it depends on the Price Point and scarcity . Lately though I have seen a number of worn out & overpriced properties between 300-440k. !

Feb 06, 2024 07:18 AM