By now almost everyone has seen the newspaper articles for the home that was listed over 1 million but wasn't selling. The Sellers and the agent decided to try something different. List it on the MLS System for $1 and let the offers come in. Normally in a multiple offer situation the home can go for well over list price. Since there in essence was no list price- the sky was the limit. After a weekend of showings and open houses the Seller did get multiple offers. The only thing is the highest offer was $700,000- a lot lower than the Sellers had hoped to get. So the home was taken off the market.
In todays age of internet and multi media access, Buyers have become quite real estate saavy. Could the Sellers in this case be unrealistic in their price? Market value is assertained by what a Buyer is willing to pay for a place.
Its always wise to price a home realisticallly with the assistance of a knowledgeable agent. Working as a team the home can be sold quickly, and for top dollar.