I know when my sister bought her home in St Louis (actually St Charles) the "asking price" was the starting price. Prospective buyers made their offers with the asking price as the floor - most 10% to 15% more than asking. Most homes sold the day the open house was held - usually with the seller getting multiple offers of varying amounts and conditions and the "winner" being called later in the afternoon to tell them their offer had been accepted.
In my area (NE Kansas) it never got that crazy. I commented to my wife when we bought our last home "Watch this, as soon as we make an offer we'll hear about someone else making an offer too". Within an hour we got a call back asking us if we'd up our offer because they had a "better" one that came in the same day. I told them we'd withdraw our offer if it would help the seller make his mind up - amazing how quick it was then accepted.
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Today's Featured Article - An Old-Time Tractor Demonstration - by Kim Pratt. Sam was born in rural Kansas in 1926. His dad was a hard-working farmer and the children worked hard everyday to help ends meet. In the rural area he grew up in, the highlight of the week was Saturday when many people took a break from their work to go to town. It was on one such Saturday in the early 1940's when Sam was 16 years old that he ended up in Dennison, Kansas to watch a demonstration of a new tractor being put on by a local dealer. It was an Allis-Chalmers tractor dealership,
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