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Wednesday, September 1, 2010

That "Being Watched" Feeling (on MLS)

Price Push -- or Shove?

I always feel like
Somebody's watching me
And I have no privacy
I always feel like
Somebody's watching me
Tell me is it just a dream

--Michael Jackson; lyrics, "Somebody's Watching Me"

Got the feeling that someone's watching you?

If your home's on MLS, it may not be your imagination.

That's because prospective home Buyers now have an option that lets them "watch" specific listings; whenever there's a change in the home's price or status, they're instantly notified.

To a listing agent, lots of people watching your listing indicates that it's on people's radar -- but not quite compelling enough for them to move on it.

So, what's usually called for is a price nudge (vs. a price shove).

On the other hand, if few or no people on MLS have saved your listing, a more aggressive price reduction is likely in order.

P.S.: while agents can see how many people are watching their listings, unfortunately, they can't tell the identity of the individuals.

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