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They're Back!

Sold over asking! The old mantra of realtors, made new by underpricing properties to get multiple offers. From today's Chronicle:

Oh, it's a tremendous change," Goss said. "This property on Ord, it was listed last year for $1.795 million before the price was lowered to $1.749 million and then taken off the market. This year, we listed it for $1.695 million -- a little lower -- but the offer we received was for $1.85 million. So again, this is more than asking price of last year.Like politics, all real estate is ultimately local, it just may have become seasonal again. So it's hard to know if sales are up because it's Spring or because realtors are geniuses, because they're just so relentlessly on message. To generate excitement, smart realtors are underpricing properties and getting multiple bids- also attracting hesitant sellers, but ultimately allowing the market to set prices. Of course, shortages in anything generate fear, and the housing market is no exception. Categories to watch- the new condo projects and TIC's, as potential buyers worry that the advertised HOA/common charges are artificially low, given the new sensitivity to the monthly payments we make.
· Picking Up Steam [SF Gate]