Crazy Open House Update
Last Friday, I told you about one of the most bizarre open houses that I ever attended.
It was designed to attract hundreds of buyers and show them how important it is to be represented by an agent.
The home was originally listed at $299,900. Before visiting the open house, I estimated that the market value of the home was $400,000.
One of the strategies that the agent used was to list the home 25% below market value to create a flood of buyers which would pump up the price. And bring some publicity to the whole event.
Just before the open house, the price was changed to the highest offer at the time, $365,000.
As you can imagine, many buyers were shocked when they found the new price at the open house.
Since then the list price has skyrocketed to $405,000 which is close to my estimation of the true market value and then went under contract.
One one hand, it’s nice to have all of that attention on a listing.
However, here are some things to consider.
- Some buyers are going to be mad and pass on this opportunity
- It’s impossible to secure your property with hundreds walking through your home
- It’s hard for buyers to offer the true value when you set an anchor price 25% below market
I know what you are thinking. How can we get these results without the downside?
It’s easy if you follow our Smart Home Sales Plan. The last two homes that I sold using this plan sold for $8,000 and $10,000 over market value, with none of the hassles.
If this sounds good to you, then lets talk about a plan for your home sale. You can reach me anytime at 615-519-0983.
The Daily Deal in Nashville is a renovated 3 bedroom/3 bath home in Franklin on a small lot that is listed for less than $350,000.