Real Estate Blog - Sell Your Home for a Dollar?

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Sell Your Home for a Dollar?

dollar house toronto

Would you sell your home for a dollar?

How about $100?

The pendulous real estate market is still swinging to the favor of the buyer...

...so sellers are becoming creative.

A Toronto man has decided to sell his home for $1.

Of course he's not going to accept offers in that price range... he's just hoping to receive as much word of mouth as possible.

He has created a buzz... here's his quote to CBC News, "basically to see whether or not we can get an offer and something reasonable, letting the market determine … what the value of this house is."

A Maryland couple decided to raffle their home... each entry cost $100. The house sold... the winning ticket landed a home and extra cash for the buyer.

News items like these are fun... however, they are isolated. There are buyers trying these and other remedies. They tend not to work with this degree of success.

The best way to sell a home is to:

Have it priced correctly.
Make it presentable.
Market it well.

If you're looking for a real estate agent in the Phoenix Arizona metro area who knows how to accomplish this, visit me at www.AZvest.com.

Posted by Chuck Willman, Arizona Realtor® 480.292.0600 on 04/21/2008 06:58 PM

Comments (14)

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Originally posted at: Arizona Real Estate Specialists: Sell Your Home for a Dollar?

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14 Comments on Sell Your Home for a Dollar?

APR

2008

Some sellers and developers are really going to extremes!

Automobile Included In The Sale
Pre-Paid Monthly Association Fees For A Year or More
What Next?

Mott- Yes... where will it go? Sellers are discovering a few things about a few of the tactics- some violate lending laws or create a taxable gain for the buyer. I've found it's typically better to price correctly as opposed to taking a carnival aspect to deal making.

Raffling a home...I think its time to try that on a couple of my listings.

In this wild market it is good to see someone come up with a new idea that helps get the word out(marketing). It has been a lost art while we were in the sellers market mood.

Chuck and Greg... out of curiosity I searched for domains on this concept- homeraffle.com was purchased in Nov of 2000 but the site is still dormant. The modern raffle appears to be the home auction method. Some of these are bringing pretty good prices but they can be fraught with peril.

Chuck - Love the header... I see more and more people resorting to gimmicks instead of pricing with the market and accepting market value.

APR

2008

Wonder what happens if the raffle only brings in half of the value that is owed to the bank? I'd like to know how that works out....

Debbie- "Gimmick"... that's the word I was looking for when I posted this!

Penny- Exactly- I would think there would be some explaining to do and refunds to be made. The reality is this... the market can be beat on some occaisions through out of the box thinking- but these are long shots. It's best to price correctly.

I agree again. I do have a hard time getting the seller to ask my price I give them.

APR

2008

As a marketing geek- I must admit I love it :)

John- I try to show the potential sellers the data behind pricing... most will understand if they see compelling proof that pricing is key to sales.

Dawn- It's settled then... I'm referring all my for-sale-by-raffle leads to you. :-)

Chuck! Go for it!!! Wonder what your clients would think.

My question is if a seller markets their home for $1 and get a full price offer can they turn it down? Our rules in our mls system would not allow (I don't think) for that kind of gimmick.

Good Question Lindsey, I wouldn't know how to list the dollar home on the MLS.

MAY

2008

In today's market, creativity does generate interest in properties.

I invested in real estate in the past and actually owned my own company. I was always trying to think of neat ways to sell properties. You are 100% correct. If the property is priced right and people know it is for sale, it is going to sell all day long! Great post. Thanks! JENNIFER

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