Real Estate Tips from Bob Rich-Who Sets the Price?

It’s a popular misconception that Realtors set home prices but actually, nothing could be further from the truth.
In reality, buyers and sellers set the price, and real estate agents only facilitate what the market is by compiling statistics and offering information so that sellers can be informed as they put their homes on the market.
Home prices, just like most commodities, are a function of supply and demand. If there is high demand and short supply, prices will be driven up --- it’s only natural.
If there is an over abundance of homes on the market the demand wanes, sellers may have to adjust their price downward in order to make a sale.
Other factors in the marketplace set the pace of supply and demand, and these ingredients are much more powerful than the real estate agents who carry out the wishes of buyers and sellers.
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