In a market where demand is constant, which of the three identical homes is likely to sell for the lowest price?

In a constant demand market, the timing of the sale can significantly impact the price achieved for a property. The first home sold typically sets a benchmark for pricing. If it is the first in a string of identical homes, it may be underpriced as the seller lacks clear market data on how much buyers may be willing to pay. Thus, it could sell for a lower price compared to homes that come later, as subsequent sales may benefit from increased market knowledge and buyer competition.

As new homes are introduced into the market, potential buyers will have a reference point based on initial sales. This means the price of the first home could be influenced by the lack of competition and market feedback at that time, leading to it being sold for less than homes that follow, which might be able to capitalize on increased demand as more buyers enter the market or as sellers adjust their prices based on earlier sales.