In doing some research this afternoon we came across the San Francisco Real Estate blog, hosted by “realtor michelle”, a ten year real estate veteran of San Francisco Real Estate. Michelle’s post from June 9th caught our eye:

As more and more agents see offer dates come and go, pricing will be adjusted to compensate for the lack of dramatic overbids. We’re being instructed to list only as low as the seller is will to accept an offer. Used to be we would under list the property to allow enough room for the dramatic overbids. I believe those times are ending. Too many offer dates have come and gone with no offers. [ed note: all emphasis added]

We definitely appreciate Michelle’s candor. And agree with her assessment.