Each week on The Download, Inman’s Christy Murdock takes a deeper look at the top-read stories of the week to give you what you’ll need to meet Monday head-on. This week: As the $1 listing trend gathers steam, it’s time to take a closer look at how it works and whether it’s right for your sellers.
If you’re like me, you may spend an inordinate time scrolling Instagram, paying special attention to those “cheap old houses” and “cheap international houses” platforms. There you can find a $1 home in the Italian countryside, just ready for you to reimagine and reinvent (if you’ve got the budget or DIY know-how).
Now, that inventive, attention-getting strategy is heading stateside, with listing agents putting up their clients’ homes for next to nothing, grabbing eyeballs and generating interest from hopeful buyers around the country who are looking for the deal of a lifetime.
Agents find marketing magic in low-ball asking prices by Marian McPherson
Instead of throwing in the towel in the face of a challenging marketplace, some agents are crafting unique marketing strategies to rouse interest — the most novel of which may be the rise in listings priced at nearly nothing.
But don’t think you’ll come in with a $1 check and walk away with the deed. Agents who are using this ultimate lowball strategy are fielding an avalanche of offers and driving competition by grabbing the attention of serious buyers.
“I think a lot of people are used to doing things one way when it comes to selling real estate,” managing broker Ieasha Larkpor said. “And sometimes you have to do something that’s a little unique.”
Home prices and buyer demand are all over the place, with some markets still reporting multiple offers on practically everything and others slowing to a crawl. This week, Inman contributors looked at prices from a variety of angles and shared real-world insights on market conditions in a range of metros and niches.
Here’s what a Redfin data journalist learned from taking a $25K bath on the sale of his
Senior data journalist Mark Worley co-authored a new report that shows roughly 6 percent of U.S. homeowners risk selling at a loss. The analysis hit close to home; he and his wife did exactly that.
Stop calling this a buyer’s market. We’re not there
Troy Palmquist talks with Jordan Levine, SVP and chief economist at California Association of Realtors, to answer the question, “Are we really in a buyer’s market?”
It’s not all about the money: The savvy agent’s guide to working with athletes and
In Part 3 of her 5-part series, Cara Ameer provides insight on the financial realities of working with high-profile clients and trusted members of their entourage.
READ: What’s happening with home prices in your market? Pulse
Christy Murdock is a writer, coach and consultant and the owner of Writing Real Estate. Connect with Writing Real Estate on Instagram and subscribe to the weekly roundup, The Ketchup.
