So now you have Buyers who are disengaged with the process. They think we are holding them hostage and agents are over selling the properties and then saying, you need to go firm to win. Is this really representing their best interest?
Then you have the flip side. The Seller who thinks this is the way to do it. List a bit lower than last sale and let people pay higher than asking and sell it in a weekend. Sounds like the Listing Agent wins in that case and really would have to wonder if the Seller would not have gotten that price regardless if it was just priced at "market value" and let the offers come in as they are viewed and if a multiple offer situation occurs, so be it but don't force it.
I guess it depends on what side of the fence you are on. I am not saying I don't hold offers ~ because now, most Sellers want that ... BUT ... even as a Listing Agent, if you get an offer priced way over asking and is firm, are you not a little worried at if it will appraise? Just me speaking out loud here.
I have walked away from offers when the prices seemed so inflated ~ I advise my Buyer "let's wait"... because honestly, "this house isn't worth it".... and I guess maybe that comes from having experience and knowing the homes in the Durham Region. These crazy bidding wars usually are from out of the area agents coming into Durham Region and truly I have to wonder if they even know where the Durham/York Pipeline is or if they know about the Whites Road extension and so on.
So the bottom line, no matter whether you are a Seller or a Buyer, choose an agent you feel comfortable with, who KNOWS your neighbourhood and will REPRESENT YOUR BEST INTERESTS.
Happy House Hunting to All and to all a Good Night ! :)