A home in Edmonton, Canada is reducing its price $1,000 per day until it is sold. The real estate agent selling the home announced the strategy August 31, 2007.
The strategy certainly has produced publicity.
What do you think of this strategy?
Has anyone heard whether the house has sold?
See a photo at CondoDomain.
I am an exclusive buyer agent (and lawyer) in Haverhill Massachusetts. I help consumers buy homes in Essex and Eastern Middlesex counties. For more information visit: http://www.buyersbrokersonly.com
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Richard it is a good idea to get some attention as long as your seller has the guts.
I agree, but, like you said, the seller really needs some guts.
This could backfire for the seller in a big way if buyers are willing to sit and wait the seller out. The longer they wait the lower the price gets. Remember, buyers tend to ask the seller a few questions...why are they selling and how long has it been for sale immediately come to mind. With the seller making it public that he will reduce X amount per day until it is sold...I will just wait 100 days and if it is still available I will get it for $100,000 less. Getting publicity can be good if you are getting it for the right reason but this plan could easily cost the seller in the end.
I've got to find out if this property sold or not ...
I can't believe anyone would go to that extreme in the Edmonton market! The prices have increase 77% over the last 18 months now we have hit a little plateau and people are going crazy.