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September 07, 2010


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I am going through buying a house right now. This I think is fantastic advice. An inflated price in this day and age is a really bad in my mind. I don't know what housebuying was like for my parents but I imagine that they relied on the agent more than we did. My wife and I looked at houses on many of the available online tools that let you look up houses in the area you're interested in and then emailed our agent the houses *we* wanted to go see. You can set filters based on price. If you over price your house, you're not even going to show up on our radar. This happened a number of times during our wait (we are buying a short sale) where we saw houses that had been on the market for months suddenly appear in our filter because the price dropped that were ones that we'd be interested in buying but were already locked into another offer.

Agents may price low to generate a quick sale, but they also often price high to "buy the listing". I experienced this about 10 years ago when an agent I thought I could trust convinced me to list at $350K. Eventually we droppped all the way to $280K, and even then it took a while to sell. (By the time it sold, it was listed with another agent, so she lost out.)

Stale goods indeed!

"Let's say you lower the price (later). No one will notice."

I'm not convinced this is the case. As with Matt above we did most of the searching ourselves. Since we were searching based on our price range if something new showed up in that price range we would've seen it.

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