A large part of the dramatic sales prices compared to asking prices has to do with an initial low list price. That lower list price is mostly due to the fact buyers automatically tack about $100,000 on to the asking price due to their experience in the market. Properties priced at market value tend to sit longer, don't get 10+ offers, as their lower priced counterparts do, and even suffer in their ultimate selling price. So, while properties priced below market value is frustrating for buyers, we all participate in this cycle and so it continues.
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