I have a story to tell about a homeowner that had a special home to sell. It was more beautiful than any other home that had sold recently and all the Realtors shook their heads and wrung their hands in dismay.
“Yes”, they all agreed, “your home IS special, but the market is bad, the buyers are stubborn and it can’t appraise for the price you want!”.
Only one Realtor in all the good land of Eagle Rock did believe in the value of this one, most special, home.
“Hark!”, said Tracy, King of the Hill, “I do believe that your home is special and, furthermore, I have a Strategy. It will take a steady hand and a stout heart, but I am up to the task!” (ok, she doesn’t really talk this way- she’s way too cool for that. But wouldn’t it be fun if she did?)
“We shall price the home so that all will flock to see it. We shall prepare it as a unique jewel and all will desire this home as if it were a pearl of great price. And, when the frenzy of lust is in the buyer’s eyes, we shall tell them there can not be an appraisal contingency.”
“Wow, that’s brilliant”, said the happy and grateful homeowner and so did he list his most special home with her.
I will let the happy homeowner tell you about his experience- his results were pretty dramatic
Tracy and I started using the Event Price strategy about three years ago. I have had about a dozen experiences and in every case the Event Price home has sold at, and often far above, the expected value.
This is NOT about pricing the home at a low list price. This an involved and highly skilled strategy that should not be employed lightly. However, in the right hands, the results are amazing.