Secret to Sucess: Price Low

Have you ever noticed the common denominator in all the listings that have multiple offers?  They're priced low to sell fast.

The latest hot listing is 1307 Corcoran St, NW.   (Sorry the picture is so small.  There was no photo with the listing and Google Map can only do so much!)   It was priced at 550K!  Most homes in this area sell from $750,000 to $1,500,000.  One of my agent friends was submitting an offer for clients and it had ELEVEN  THIRTEEN offers.  It still isn't ratified.  I'm so curious to see the final price.

(I heard it went for between 600-650K and needs about 500K of renovations and updates.  Considering it'll probably be worth over $1,000,000, that's still a good investment!)

Note to all sellers:  if you have the ability to price low, this is a tried and true method to multiple offers in desirable DC neighborhoods.