Pricing your home often requires a delicate balance, and your List Price will most definitely send a signal to Buyers. It is tempting for a Seller, or even a Realtor, to pursue a higher Listing Price that conflicts with the home’s actual worth, and it is equally tempting to under-List a home for a quick, safe sale. Consider the following points as you seek to determine the most appropriate Listing Price for your home.
- Precise Asking Price
Research reflects that an exact price can sends a signal to Buyers that the Listing Price is less negotiable than a round number. For instance, $475,985 presents a confidence choice, as opposed to an even $500,000. However, most Buyers are savvy and can regard this as just a marketing ploy. You can choose either option, just be sure of what message you are sending.
- Using the Number 9
When looking at numbers, presentation is everything. A subtle difference is made when presenting your listing as $499,900 rather than $500,000. It gives the allusion that the Buyer is getting a better “deal”. Most importantly, it sets a price below the next higher bench mark.
- Beware of a Low Asking Price
In a strong Seller’s market, setting a low asking price, will not necessarily translate into a higher sale price. Although it may generate a rush of Offers, it may not benefit your pocketbook in the way you anticipate.
- Use Your Resources
Numerous website avenues can often provide you “comps” to better determine the value of your home. This should give you a great building block. This works well in neighborhoods that are homogeneous. Not so well, in areas where the homes are more unique. Embracing the trust of a Realtor can normally provide you a more accurate analysis since they have access to more information and understand the market better.