Is This the Way to Sell Your Home – Is it Too Dangerous to Start a Bidding War and Hope For the Best

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There seems to be a new marketing craze that has recently been used by many real estate agents. In an attempt to sell your home, many agents are asking homeowners to slash their asking price in the hope of starting a bidding war!

In theory when you are trying to sell your home, you need as many potential buyers viewing your property as you can get. If you are simply pricing your property at the standard market price, you may struggle to get any interested parties! However, if you start off low, you may get several buyers interested in purchasing your home.

I came across an example of this recently. A homeowner priced his property at $200,000, although his agent told him the market value was at least 15% more. Within a month, this guy had 22 viewings with 9 offers and 4 of those were above his asking price.

Ok, this may be an exceptional circumstance and things can go wrong. However, unless you have a line of people beating down your door, you will have to do something if you’re ever going to sell your home!

I would suggest that if your home has been on the market for a while you should – remove your listing, wait a few weeks and then list your property again at the new price. People are often suspicious when they see a property has been listed for a long time.

Although you have to be extremely brave to under price yourself in order to sell your home, it seems this new practice has plenty of admirers and even more success!

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Source by Sam Renstaff

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