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How to sell a home in a down market?: RAISE THE PRICE 10%

Here is a wild one for you......... INCREASE YOUR LISTING TEN PERCENT

I have listings with a new home builder. They implemented two programs, an employee discount program, and a buyer finance incentive program (a buydown). The cost was roughly 10%. So the price goes up 10%. I strongly disagreed with the builder as I am a believer in pricing to the market and negotiate little to none.

So I increase the price on the 2 homes. The next thing I knew I was getting calls left and right saying "what in the world is going on". This was last week and I have had 15 calls whining about the move.....but I had 15 calls from one MLS move.

Once I explained the concept the agents understood and showed the house. Here is the really crazy reality......my traffic has double since the move. This is not a fluke as the increase in traffic was substantially higher than comparable homes. My internet hits increased 50%. I get an offer on the above home and we are under contract! One more home to go.

Don't ask me to explain this, as I have no clue....and really don't care. Sometimes bizaar activity creates bizaar results..........

Posted by Tim Moncrief, Co-Owner-Bartlett RE Group on 02/28/2009 09:24 PM

Comments (9)

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9 Comments on How to sell a home in a down market?: RAISE THE PRICE 10%

FEB

Hey, in this market I would try anything. I would be interested to check back and see if/when you get an offer. It is kind of like the economy, some say the best thing to do is nothing, but who really knows. It is nice to see somebody trying to do something even if it is different.

Tim - A realtor friend of mine did the same thing and sold the house after it had been on the market for well over a year at a lower price... Who knows what works in this crazy market...

Why not? Each must have their own method or we would all be the same.

I am doing the same buy down program, we acturally have signs on the property showing it.

Most people don't take the buy down but the money off the price.

I did this in the late 80's also, it helps.

Richard.

Did I get an offer? Yes, and it is pending.....Well one of the two.

Got another good one today.....An agent set off the alarm and did not tell me. Agent 2 comes in and asks how to shut it off. They are interested. So turn on the alarms of your listings. You will even gain the attention of the neighbors.

MAR

Holy smokes! I'm with you philosophically and would have resisted raising the price to include the incentives. But look at your results! This has got me rethinking a few things. Strange ties, for sure!

Tim, I have had a builder and another seller asking to do this and I have refused strongly. I may need to rethink this. Thanks for sharing what happened with you.

MAR

Tim - aren't you glad to be wrong this time? Funny how we get our results!

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