Do Buyers Agents intuitively know when a property is priced to generate interest?

Question

Do Buyers Agents intuitively know when a property is priced to generate interest and the price is not even close to what the seller is looking for? My last property, I listed it at $299,990 and did not look at any offers below $350,000. Curious if this pricing strategy was not obvious to the many buyers agents that made the effort to submit an offer.

Sherry McQuage · Answer

I'm not familiar with CT...here in NC, if a buyer agent is experienced and knows their market, they should pick up on when a property is "under-priced" to get more attention.  This might work in a strong sellers market, or it might make people wonder what is wrong with the property to be priced so low (and then don't bother to go see it).

While I like to price my listings in the middle range of what I think the market will pay, there are (for now) still lots of new agents that don't realize when you've priced low to hopefully start a bidding war.  They end up wasting time showing property that their client won't have a chance of getting, and waste time writing up offers that won't get considered, and their buyer clients get their hopes up and then dashed.

Consider pricing your listing at the middle, or slightly lower than middle, of what you think it should sell for....instead of pricing it drastically below what you think it will sell for.

The market can change overnight sometimes.  Has this pricing really low strategy worked for you in the past?

Best to you!

Bruce Lynn · Answer

Do this often and you will develop a reputation for being deceptive and hard to deal with and unrealistic.  You can see regularly companies and some individuals here on BP that like to play games and it happens to them.   Sometimes they get deleted or blocked.  They're in every market.  They normally don't last long.