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VRM

Hat tip to the reader who sent in this good explanation about variable-range, or value range pricing:

http://www.zillow.com/wikipages/Variable-or-Value-Range-Pricing-for-Homes/

The author takes a neutral stance, and┬ánotes that it hasn’t caught on much outside of San Diego (I haven’t heard of it being used anywhere except here).

I also like the point that listing agents should have sellers prepped to entertain offers at the bottom of the range:

Of course, we always make sure our sellers would actually consider an offer at the lower end of the range before advertising it! To do otherwise would constitute┬ámisleading “bait and switch” advertising.

In the 10-15 years of range pricing, I haven’t found a buyer yet who likes it.

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