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When should I list my property just below expected market value?
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In an extreme sellers market with little inventory there is lot of penned up demand. When a property comes on the market all the buyers will be alerted to this new property. If it turns out to very well priced or it looks like a real bargain as it is priced just below its assumed market value a lot of interest will be created. Buyers might try to secure the property immediately by submitting an offer with very tight acceptance deadlines. Therefore it might make send to list the property and submit all the property information to the MLS and state that offers will only be entertained a week from now. That will get the buzz going.
There is nothing as powerful and motivating for a buyer as the fear of missing the one and only deal in town. You can expect multiple offers with several rounds of bidding. The result will be the maximum price attainable under these market conditions. |
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