PONTIAC, Mich. (WJW) — A Michigan home was recently listed for sale for just $1. Sound too good to be true? Well, it might be. But the listing is legitimate.
The house for sale is in Pontiac, just north of Detroit. The 700-square-foot space features two bedrooms and one bathroom. It is admittedly a fixer-upper, described in the Good Company Realty listing as potentially the “world’s cheapest home.”
“Step inside and experience the thrilling rollercoaster of emotions as you discover every nook and cranny that’s begging for your creative touch. The roof might have seen better days, but hey, it’s not leaking yet — it’s just keeping you on your toes, providing an unexpected shower of excitement when you least expect it,” reads the listing.
The listing goes on to describe “a garden so wild, even Mother Nature would raise an eyebrow.”
But even if the house needs some work, does $1 still seem cheap? We thought so, too.
So, here’s the “marketing strategy.”
The home’s listing agent, Chris Hubel, explains, “The current real estate market dynamics have led me to an interesting insight. In cases where a home is priced lower than its perceived value, it consistently garners its true market price. Conversely, homes that are overpriced often end up selling below the market value.”
Hubel goes on to say the listing for just $1 serves as a “striking example of this phenomenon” and notes he has received more than 4,000 calls of interest and hundreds of offers.
In an email to Nexstar’s WJW, Hubel estimates the home will sell for “closer to $50,000, which is truly remarkable.”
According to the listing, the offer deadline was 10 a.m. on Wednesday, Aug. 23.
Hubel is now launching a website devoted to this “innovative marketing strategy” and says it can benefit owners all across the country. He already has a second home listed for $1, a mansion in Arlington, Texas.