What’s the ideal listing price when selling your home?
If you list too low, you risk leaving money on the table. If you list too high, you might drive potential buyers away. While no one can claim to have a one size fits all formula, we’ve gathered our top tips to help you navigate the uncertain world of price setting.
First, it’s important to understand that in residential real estate your asking price is often more about psychology than it is about the market. For example, research indicates that buyers tend to interpret exact numbers (such as $799,875) as less negotiable than their whole counterparts (such as $800,000). If you want your price to appear firm, opt for an exact figure.
There is a reason why retail stores price items at $19.99 rather than at $20. On a subconscious level, exact figures are not only perceived as more firm (less negotiable) but also more affordable. When setting the selling price of your home, pricing at $999,890 might make more sense than opting for the cool $1 million.
The bottom line is everyone loves a great deal. To the extent that even in situations where a home sells above asking price, the initial (lower) asking price is still enough to make a buyer feel as if the purchase was a steal.
3 Tips For Setting Your Price
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