Industry News

Real estate agent lists L.A. home for $1

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A Southern California real estate agent has a different approach to pricing homes to sell. Brock Harris, founder of Brock Real Estate in the Silver Lake region of Los Angeles, has listed a three-bedroom, one-bathroom craftsman bungalow home in the Echo Park area for $1. "Right now, the real estate market is getting more crowded with agents. It's slowing down," Harris said. "Our company seeks creative ways of getting our properties noticed and sold." He said the $1 list price will hopefully attract more attention – and purchase offers – from prospective home buyers. "The listing price is given too much weight in the buying process. The buyers don't know if it's the minimum the sellers will take, or if (it) represents the only price that will get accepted. Many people think it's the sellers that set prices. It's not, it's the buyers who set prices. Pricing homes in this manner accepts that fact and puts the buyers in charge and lets them set the market price," he...