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. Â
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. Â
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. Â
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. Â
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. Â
One one hand, it’s nice to have all of that attention on a listing. Â
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.
Otherwise…
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.
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