A rise in $1 property listings is occurring as the real estate market shifts to a more buyer-friendly climate, despite high mortgage rates. Many $1 homes are quality properties with desirable features. Real estate agents, like Brendan Da Silva, have found success with this tactic, leveraging it to generate significant buyer interest. The trend has grown, with 512 homes listed for $1 in June, reflecting a 24% increase over last year. Agents are compelled to find innovative strategies to engage potential buyers as traditional home affordability declines.
Many of these homes are stunning properties with competitive amenities. Brendan Da Silva says the $1 marketing scheme has worked wonders for him.
Da Silva says he receives hundreds of phone calls after listing some of his Newark properties for $1, with potential buyers given one week to present their best offer.
Economists believe that real estate agents have to invent new ways to interest buyers, especially when home listing prices are on the rise.
The number of homes listed for $1 has climbed steadily over the last year as sellers look for creative ways to draw buyer attention.
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