Thanks all for your insight and opinions. I did not know that the trulia.com website automatically can update (increase/decrease) the asking price without the agent's input or knowledge.

Don, great points! When we get serious enough to start scheduling appointments we'll give you a shout.

Thanks,
ketchel

The price was increased by 10k. It is not a smart idea to do this, however, they may have received multiple offers and the seller asked the agent to increase the price. If you are interested in putting an offer in on it, don't wait. Put it in. Even if it is at the 160k. In multiple offer situations, we look for highest and best, not just highest.

Or maybe it was a mistake when the agent put it in the mls?

Sean LaSalle
Weichert Realtors
610-737-5369 http://www.seanlasalle.com

Hello Ketchel!

I looked up this property in the Lehigh Valley MLS - I am a Local Buyer Agent and I have access to see exactly what is going on with the History of the property. It looks like the property was listed on 10-5-09 for $160,000.00 and then it was increase to $170,000.00 on 10-7-09. Yes, the Marketing remark that it was increase by $10,000.00 is automatically generated by Trulia. When a property is decreased or increased this is automatically pointed out by the Trulia system.

As for the price being changed...Prices change all the time. It could have been a mistake by the administrative staff listing the home at 160 on the 5th which is the most common. But, This home actually looks like it is worth the upper range of the 160 to 170,000.00.

But, do not be surprised if you see price increase...because the Market Changes every time there is a settlement on a home in a community and values are effected all the time.

If you are interested in more Home Buying Education specifically designed for Home Buyers in the Lehigh Valley area...check out my free video website just for Buyers.

Good Luck to you :-) I hope this information has helped you.

Look at this one:
http://www.trulia.com/property/1081043581-1450-Jakes-Pl-Hell…

The Trulia system does it. Agent has nothing to do. If the listing price is increase or decrease BY INSTRUCTIONS from the owner, the agent follow instructions, update the MLS and trulia add the information to the property webpage.

Oh...............live and learn..............Benito, thanks for the explanatiion..................I didn't know the system announced the change in price in that manner...............

I agree that I find it a turn-off.

However, it's a very frequently used technique in marketing (though I haven't seen it that much in real estate). The sort of: "The first 10 people to buy get it for $100. The next 10 people to buy get it for $150." And then you get to the bottom of the web page and you're told that 15 copies have already been sold. It's a technique designed to introduce urgency--don't wait any longer or it may cost more (or it may be sold out entirely).

What you have to do is ignore the psychological gambits. Just ask yourself: Is it a good value at its current price?

Now, in the case of real estate, you not only ask that question but you have the opportunity to make an offer. Suppose it was originally listed at $200,000. The comps suggest a fair value for it is $200,000-$210,000. You now see the ad "Price increased by $10,000." It's now listed at $210,000. So what? You have your agent run the comps. Obviously, $210,000 isn't unreasonable, but $200,000 is fair, too.

Psychologically, the sellers are trying to establish a floor of $200,000. But you've got the upper hand by far. Not only do you know its real value, but you also know that if it's still listed, it hasn't sold. And while someone new might possibly come along and make an offer with the listing price at $210,000, it's less likely than when the price was at $200,000. So you know the owners would like to sell. You know it hasn't sold. And you know the owners were mentally prepared for an offer around (or below) $200,000.

So you make an offer. I'd ignore the price hike (unless there was some real reason for the hike justifying the increase, like a recent announcement of a new corporation moving its headquarters to yoru town). I'd pretend the listing is at $200,000. Then I'd make an offer on that basis, keeping in mind the comps. Maybe $185,000 or $190,000. They'd probably counter at $200,000, so if you wanted it for less than $200,000, your offer should be a bit lower.

But, really, it's a numbers game combined with--as you noted--a psychological ploy. Don't take it personally. Just turn the game back around on them.

Hope that helps.

Ketchel....Hi!
Do you think it is possible the person posting that made a mistake and meant to type "decreased"? Why not email the agent and clarify it?

I see no reason why anyone would advertise a price increase. Even if a seller decided their home was now worth more (let's say they made some recent improvements), I certainly wouldn't choose to emphasizes the increase in my advertising.

The only positive thing I can say is about it is........................it sure got your attention! ha!

Best wishes,
Debbie Rose
Prudential NJ Properties
email: Debbie.Rose@Prudential NewJersey.com

That "Price increase" it is done by the system. Listing agent has nothing to do with it.