Gee, what could possibly be the problem? Two Florida homes had $1 million off coupons but the homes didn’t sell.
Great marketing! One home was written up in the Wall Street Journal and was on TV programs in California and Chicago… and now it’s in Arizona Real Estate Notebook. You can’t buy that kind of exposure for a home. But the home didn’t sell.
Lousy marketing can cause a home to sell for less than market price but great marketing can’t sell a home for more than it’s worth.
{ 2 comments… read them below or add one }
Lee H. 06.09.09 at 5:55 pm
I can’t believe that this tactic would be used on such a high end product. It almost devalues the property in my eyes and sounds extremely risky. You might as well just drop your price by $1 million instead in my eyes. Because you give up the chance someone might offer only $500,000 less then asking. I guess it’s not my money sitting in a $6 million dollar house, but still seems way to “bargain” for a house of that caliber.
Brian 06.13.09 at 6:55 am
My 2800 Sq Ft. house in Plymouth MN is for sale for $5M. I am giving a $3M off sales price coupon. Do you want to buy? Where are the TV trucks?
Too bad my appraised value is only $500K.
What idiot selling a home would think that appraised value doesn’t matter? Now, a $1M coupon from appraised / market value, that would get some interest.