Can You Give a House Away?
Can you give a house away? Some homeowners feel that their asking price is somehow tied to the value of their home. It's not. For example, if a house is worth $1,000,000 and you ask $2,000,000 for it, it doesn't make it worth $2,000,000. If you put that same home on the market for $500,000, it's not worth $500,000 - It's still worth $1,000,000. Here is a real-life example: a recent home we sold that we figured was worth about $1,330,000 to $1,350,000. We put the house on the market with a strategic marketing plan. The home received a lot of activity but no offers after a couple of weeks. Our client needed to sell quickly. So we took the house off the market for one day, and we put that house back in the market for $1,100,000. We received 12 offers, and we ended up selling the home for $1,330,000 cash. Which makes you wonder, where was that buyer when we were on the market for $1,350,000? Another client had a condo on the market for $550,000, with no offers. We reduced that to $490,000 and received five offers, and sold it for $535,000. So the asking price of your home is part of a greater marketing plan. You cannot give your home away if you price it low and you're marketing the house properly. To discuss what a marketing plan would look like for you and your home, give us a call.