west van property over asking
January 31, 2010
there has been alot of press about the recent sale of an ambleside cottage that sold $53,000 over asking. What people dont take into consideration is the asking price is not the market value. There are several proicing strategies and one of those is listiong under the estimated market value to get comnpeting offers. This was clearly the case as comparable sales were actually $950-999. so listing at $899 was a strategy. An unrenovated cottage in the same area recently sold for $950,000 after being listed at 999. So listing at $899 and getting $952,000 is not as alarming as the press likes to think..
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