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The New Pricing Psychology Condos in the GTA

August 9, 2009 REAL ESTATE, Uncategorized No Comments

The new trend which many Realtors are using these days when Listing Condos For Sale is that of listing them below market value in order to attract multiple buyers and eventually offers. This is a catch 22 situation you go out with your Realtor and immediately fall in love with the condo of your dreams and it is in your price range. You yell out yippy in the anticipation of attaining your perfect dream condo in the heart of the city. Upon further investigation your Realtor discovers that there are up to 7 offers already registered on this particular condo and that offer presentations are in 1 weeks time. This of course is a tactic to drum up more interest resulting in many  offers.

This turns out to be the dreaded “ Bidding War” with Realtors and clients hustling to get every single dime they can to put towards that dream condo ultimately creating the so called “ Market Bubble”.

Is this legal? Well yes after all you don’t have to buy it. It is however a cleaver way of marketing, where an urgency is created in the buyers mind and a panic is created. Is it effective?

Truth be told it’s working as we speak,  and along with a great demand and lack of supply we are in a “   Market Bubble” like it or not.

Did anyone say recession?

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