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 - Old Abe is Still Making Hay - by Jeremy Sweeten. Things have changed a bit since my last article. I am now almost finished graduate school at Purdue University. I am still in Agronomy, but specializing in hay and forages. My wife has survived two years of marriage to a part-time farmer. The equipment line up has changed a bit too. The DC has retired to
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