A Different Kind of 'Bidding War' - "Us sellers are sucking each other’s prices down in a bidding war of our own…a race to sell before the buyers go elsewhere."

Jane, from Vancouver, as quoted by Garth Turner at greaterfool.ca 5 Jul 2010 -

“I did as you and the realtor suggested…reduced my price.  In order to be at the lowest price of all comparable condos in my neighborhood, I went from 498K to 439K.  That is matching the lowest of the condos, and beating all others.  Us sellers are sucking each other’s prices down in bidding war of our own…a race to sell before the buyers go elsewhere or wait any longer.  It’s just money, right?  How long is it going to take to make that back in those preferreds?!!!  The price was dropped this morning and presto – there were 4 requests for showings today.  Maybe we’ll get lucky and have a bidding war and recoup a few thousand that we dropped.  Maybe we’ll get lucky and simply be able to sell before having to drop the price any more.”