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It really comes down to how a buyers agent searches for homes for their clients. Do you search from 300k down or some way to eliminate a home priced at 299999? sounds like the agents that would miss that are just not being careful...
I think some people have been into numerology and why you see the odd numbers as prices... Seems they are always from those that would be aware of feng Shui or other techniques.
Like I said, I don't have a bottom number on my searches. But I've worked with clients enough to know that there are some who put more credibility in what they themselves find online than they do in what their agent finds for them (never mind the agent may find the same things and more), and I don't want to miss those, either, and they frequently DO put a bottom number on their search, since they're not really experienced at it.
The numerology thing is interesting, and might explain some of the truly bizarre pricing I've seen on occasion.
Chances are that some will be attracted to the 999 price and others will search by price point.
I recently bought a home and looked a bit under and a bit over my range just to see what was available... but I've been a broker for 20 years and I have experience with this.
A friend of mine was working with a broker out of state and told her that he wanted to spend "between $500-600K" The BROKER missed a house listed at $489K that my friend ended up buying. Lucky for the broker, my friend bought the house thru the broker anyway.
The BIGGEST mistake that I see is listing a house for $410... the homeowner is missing an audience that us under 400, and dispite what people think, the house will sell for what it will sell for... the "extra $10K" won't end up in the seller's wallet.
As a buyer, and not an agent, I have missed seeing homes b/c of pricing just above or below a given range. After searching for some time, and realizing that some people do price at $399k or $410k, I've learned to broaden my search to make sure I include homes that I would previously have missed.
Having said that, pricing a home just above or just below a certain even price point doesn't make me think that the house is 1) a bargain (if priced just below) or 2) worth more (if priced just above). All it does is annoy me that it didn't fall within the parameters I was looking for in my search, and that I had to rethink my search efforts to find it.
I do agree with others here in that the avg. buyer/new buyer may miss some homes if they are priced this way. I know I did.
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