Marketing Price Vs. Market Value Here in San Francisco we have a market that just about demands pricing

Asked by Jed Lane, Petaluma, CA Sat May 3, 2008

below market and then generating multiple offers. I know that's unusual but it is the damands of the market. I recently lost a listing because I priced at $750K and received no offers till expiration. Next listing was at $699K and it sold for $735K. Closer to my price than to the lower price. I have to recognize the market and work in the market that exists.
Market value is only set when the ready and willing buyer buys but the marketing price is a different issue that I think is driven by the market in which the property exists.

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Sylvia Barry,…, Agent, Marin, CA
Sat May 3, 2008
Hi Jed:

I am seeing the same thing happening in where I am, North Marin. The Realtors are pricing the houses below market value (especially if they are distressed) and receiving multiple offers. One short sale received 9 offers just last week. The REOs are pricing way below market, setting a date for response to drive up interest. Guess what, buyers are buying.

Yes, we are seeing lots of activities on the market and many buyers out there (think about the 9 offers and guess what the other 8 will be doing later?) Those are the ones who are able to buy despite the tightening of the lending industry.

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