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Old 06-24-2018, 09:04 PM
 
71 posts, read 40,253 times
Reputation: 67

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I've been learning that seller's in my area are typically trying to list properties a little bit under-priced in order to ensue a bidding war. For the properties I've been seeing, I'm willing to offer list on some but am being told that "list won't be good enough" before we have even heard that are multiple offers on the table, and quite possibly before any offers have even been put in. To me, the idea of offering more than list price before you even know whether or not multiple offers are on the table seems insane and just seems like you are giving away free money. What is the point of even having a list price on homes these days if the seller is just going to drag their feet if someone offers 'list' in hopes that another offer will come in at the same time that is higher? Is it some sort of legal thing? MLS should just put an "X" on the list price instead, and publish some kind of calculated "estimate price you should offer" based on recent sale history.
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Old 06-24-2018, 10:30 PM
 
917 posts, read 403,332 times
Reputation: 2270
No, list price doesn’t necessarily reflect the market price of a property, though one should be careful to not go too high or low of reasonable market value for their area and thus miss potential buyers who wouldn’t be searching in that price bracket, but would otherwise fit the home.

The real question is whether it appraises for the right amount. The list price is fairly negligible, especially in a hot market.
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Old 06-24-2018, 10:48 PM
Status: "October is the eighth month" (set 19 days ago)
 
Location: Just south of Denver since 1989
10,677 posts, read 28,491,129 times
Reputation: 6842
If you want to win you have to play.
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Old 06-24-2018, 10:53 PM
 
98 posts, read 40,282 times
Reputation: 248
We just bought in a sellerís market and yes, most of the houses we put offers on were listed below market value. Some escalated as the sellers hoped, some went up to market value - none of them sold for list price *except for the two purchased by cash buyers. I wouldnít feel great about choosing an arbitrary higher price to offer, but your realtor should be showing you comps to justify their recommendation and to ensure itíll be within appraisal range.
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Old 06-25-2018, 04:29 AM
 
Location: Cary, NC
31,594 posts, read 55,307,520 times
Reputation: 30150
"List Price" should not be considered "The Price."
It is not a credible data point.
It is a field we are required to complete to enter a listing. That is all.

In any MLS, all a listing is, is a solicitation for offers. People routinely get fussed up about "selling over list price," or "paying over list price."
Meaningless terms. Completely meaningless.
Getting hung up on list price is a great way to miss buying a great property, or to sit on a listing for an extended period.

And, people fall for agents who brag about performance based on list price, rather than performance vs. value.
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