We couldn't sell the house, so we RAISED the price $100,000.
We had a large Single Family Home on the market for a while and were not getting the right interest in the house. It's a rapidly appreciating area (One of the top ten fastest in the country!) so it's tough to gauge ARV. Finally before the holidays we had a contract at $504k (and a back up at $450k). But the buyer quickly backed out. We reanalyzed the market and adjusted the price. Up. By one hundred thousand dollars - A risky move, but the 600k buyers are more serious, and there were few high end SFH's in the area.
In 48 hours we had a full price offer.
I'm now convinced we could have pushed it higher. But no complaints.
One key to getting the high price: I offered above market sales commission: 7% total - 4 to the buyer's agent and 3 to mine. But this bonus commission was only valid above a certain price point. This move sealed the deal!
We closed yesterday and everyone is thrilled. It took way to long to renovate and sell, but the new pricing strategy was a whole lot of icing and an already sweet cake!
What clever tactics have you used to move your rentals or flips?