Brokers say smart pricing begets bidding wars

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After months of lackluster residential sales in the city, bidding wars are back, according to the New York Times. Brokers say that a well-priced home — that is, one that’s around 20 to 30 percent lower than 2008 figures — is best-positioned to inspire a bidding war on the market. Amelia Gewirtz, an executive vice president with Halstead Property, said that brokers can profit from modestly pricing their listings. “If you price for 2009 or even 2010 — in other words, for buyers who think prices might go down another 5 or 10 percent — there’s a really good shot that you will get rewarded for pricing it to value,” Gewirtz said.

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