Listing agents using "Underpricing-As-A-Strategy" to generate #FakeFrenzy?
Episode description
#PriceCorrection2022: After documenting a record high 1 in 7 MLS listings selling $100,000 or more over asking price, decided to tour open houses in one of the strongest housing markets in the Northeast, Cambridge Massachusetts & it's neighbor, Somerville. What I quickly discovered was surprising -- nearly every listing was priced below it's Zestimate; not just by $10 to $20K, but a deep discount that would send bids $100K over asking price.
Why? Are listing agents using "Underpricing-As-A-Strategy" to generate #FakeFrenzy? We offer four bullet points and invite your own, particularly if you are a local homebuyer or fellow buyer agent trying to #ProtectHomebuyers from overpaying or being manipulated in a BLIND #BiddingWars.
If you visiting open houses this weekend, too? Want to TweetUp somewhere to compare notes and thoughts about the housing market over beer? We call it real estate on tap, or #REonTap.