From my personal experience as a homeowner. We listed our home in April 2005. At that time things were still pretty hot in our area with little available inventory. Doing a CMA in that environment was difficult if not impossible. There were basically no homes listed at the time between 600K and 900K, so we (and buyers) had no idea how to narrow it down to a number. Decided to list at 789 to 849K (my choice, not the agent). Lowest offer came in at > 800K. Sold for > 820.
In todays environment EVERY price point is covered with today’s listings. There are no gaps in inventory. So it does not make sense to do this kind of pricing in today’s environment in San Diego. Just want to point out that there are times where this strategy makes sense and is justified.
