drama-price

v. phr. to lower the asked dollar amount for real estate so as to attract buyers’ attention. Also as noun: drama price. Subjects: English, Houses & Housing, Money & Finance

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Citations: 2006 Kimberly Blanton Boston Globe (July 17) “To Fight The Glut, Home Sellers Push Their Prices Down” p. A1: The hope is low prices will attract more prospective buyers, leading to faster sales. Other real estate agents in the Boston area report success with similar strategies in a housing market with an unprecedented glut of properties for sale. Called “drama pricing” or “energy pricing.” 2006 Diana Olick CNBC (Nov. 29) “Reality Check: They Get It! Lower your Price, Sell Your House”: She’s going to advertise the house as, “Drama Pricing.” “We want to put it on for a drama price, and a drama price is something that catches attention today, and that is really pricing under all the competition so that a buyer, it catches their eye, and they realize that there may be some value here.” 2006 Eric Fry @ Laguna Beach, California Agora Financial (Baltimore, Maryland) (Dec. 13) “The Rude Awakening: Markets Make Delusions”: When an anxious home-seller slashes the asking price of his property, he is not “dropping the price,” he is merely “re-positioning.” Or when a home-seller lists his property below the price of comparable properties, he is said to be offering a “drama price.” Call it what you will, “re-positioning” and “drama pricing” are simply euphemisms for the “trauma pricing” that has become endemic in the U.S. real estate market. *2007 TrueNorth Principles (Feb. 2) “Another Repositioning Experience by Bill Dellea…”: As the Fall Market approached, I had conversations with the sellers about the idea of “drama pricing.” I knew there were a few other unrenovated buildings coming on the market in September. In order to create excitement for the listing relative to this brand new inventory, we had to drama price the property. This would give the property “top of mind” awareness even in competition with the new inventory coming to market. 2007 June Arney Baltimore Sun (Maryland) (Feb. 10) “Sales of homes in region on rise”: In the past six months or so, Lanham said, agents have started to use the term “drama priced”—signaling price cuts of at least $30,000—and have even splashed that term on for-sale signs.

Posted 12 Feb 07 | Permalink | Tell a Friend