Bidding Wars in a "Soft" "Cool" Buyers Market?

If it's priced right the buyers will bid on it. I recently had a properrty on the market for 6 months. After 2 price reductions totalling almost $100,000 of the original listing price I received multiple bids. I heard several similar stories from other agents in my office today.

One had the property on the market for a year lowered the price several times and finally got multiple bids. Another agent with a property on the market for a long time lowered the price lowered again and had it staged and then received multiple bids. It seems that once the right price level is reached all of a sudden it's bid on. If it's priced low enough it is perceived as a great deal and more than one buyer want it.

This pricing strategy worked the last few years when the market was very hot. I think it works in a cool market as well. It's just not the same frenzy.

In the old days like 2002 :-) people still looked in the newspaper, many still do The New York Times still pulls but they search differently in the paper it's set up by neighborhoods not price. A buyer would still see an ad for a property that maybe was a little above their price range and would go see it. A computer search has a minimum and a maximum. They will only be exposed to exactlty what they type in. Technology makes pricing more important. I beleive a lower listing price with maximum exposure will give the seller a higher sale price in the end than with a higher list price.