patrick.net

tatupu70 says

Would you be more likely to bid on a property that is priced below market value or above market value? Below market value, of course. And so would everyone else.

I disagree - I bid what I value the house at. Listing price don't mean diddly to me. Now, the other side of the coin is, REwhores refuse to submit an offer (on REO's especially) that THEY fell is below what THEY feel is "market value". SO it is REwhores that have an issue. "Market Value" will only be known when the buying programs are removed.

alex says

If real estate cannot be sold at higher than posted price, it would force all listings to have realistic pricing and prevent bidding wars.

So, you need a law to prevent you from bidding too much?

Bap33 says

“Market Value” will only be known when the buying programs are removed.

I disagree. There is a different market value with the incentives, but there IS a market value...

alex: housing isn't a commodity. You might want to dig out an economics textbook, housing is an asset class.

I don't like the low teaser listing prices, and I especially don't like really low prices that aren't market as auction or bid on the mls, because they give unrealistic ideas as to market price. Mark as auction or bid, and then who cares, you've disclosed your intentions. Then again, you have unrealistically priced short sales, which the bank will later come back with a higher price on. So it is what it is, hardly worth crying like a small child about.

All of this "they should have to sell at list price, it's so unfair that somebody outbid me"waah waah waah, won't some cries to go with your whaaaamburger? Or you could just try growing up, offering what you are willing to pay, and walking away if that doesn't win; If they don't truly have other offers, they will take yours as it is.

Regardless of how the laws are written, housing prices will be able to fluctuate and people will find ways of offering more than the asking price by having little add on items to their offers. They will get creative.

People will always try and get a little more for their house, it's special in some way to them. Or they think they can get extra because someone else thinks it's special. Whatever, the reasons, they will try and get the most for their house possible.

That being said, as a buyer, it's simple. Do your own research. It's your largest purchase you will ever make, *DO* research. Find out what it's value is. Offer that value, or less if you think you can get it.