A house is not just a home, but - an investment that many want to make the most of. But, one real estate group is looking to entice buyers with a different approach: plummeting the price.
It is called a "reverse auction" and it will start on Monday for a home in the Dove Mountain community.
The home is listed at more than $2 million. But, when it goes on the auction block, there will not be a traditional bidding war.
"At first they said, 'You're crazy! What are you talking about"' laughed Jeff Ell with Ell Real Estate Group at Keller Williams Southern Arizona.
He told KGUN9, it took some convincing before the owners of the 6,500 square foot house gave the go-ahead for the reverse auction approach.
"It just creates a buzz and an interest around the property," Ell explained.
The plan could be the first time this has ever been done in southern Arizona - lowering the price by $50,000 every five days.
"If we broadcast that we are doing these price reductions, people are going to take interest," Ell said. "And they are going to be watching it and they are going to know that every time we do that price reduction, the interest increases."
This plan was orchestrated last year by another Keller Williams broker in Colorado, Ell told KGUN9. He said that home sold within 50 days. They are hoping that a similar outcome will happen with this home, as it has been on the market since 2012 through a handful of other agents.
"Our clients hired us to do something different - to get their home sold," Ell said. "They want to sell their house - they're motivated and so we look at this as a way to motivate buyers - lets turn the tables."
But, is this a trend? Ell said - it depends on the property.
He explained that every house will have a different marketing plan and that not every house is meant for this unique approach to selling.
Are you interested in participating in the reverse auction? Click here. The auction starts on Monday, April 18th.
