I would bet with you on the first one Sandi, but not that much… but if we do get open floodgates…Just not sure how the things you mention and situations that would affect it, are going to be handled.
The second one is true now and is usually true. There is variability to the extent that it is a “buyer’s” or “seller’s” market.In certain periods of the recent frenzy there was a lot of overbidding but people could still find something they wanted without bidding wars, most of the time. It follows that there are variations by submarkets all the time too. Buyer’s do pay attention,have dominant similiarities in certain markets and there is a tendency for them to go towards the same properties, It could be predominantly the cheapest properties at one time or turnkeys at another, or both in some locally weighted mix.
It is a little bit or trial and error but I bet most piggs could look at the MLS and find which houses were going to get traffic, in their target market areas,maybe even if DOM and price reductions were hidden.
