How often do you see a sticker price for $4.00? I’m betting not too often!
We’ve been “taught” that $3.99 is more attractive to buyers. Is it? For as long as I can remember sticker prices were always a penny or a dollar short of the nearest “whole number”.
Is that why sellers price their homes for $799,000? Yes! Sellers (and most Realtors!) think they “should” … but … they are wrong!
I have found that how you price your house can put you at a disadvantage and actually keep you from selling… or … it can get you a buyer (and a higher selling price!)
Buyers search for homes within price “blocks” (example $750,000 – $800,000). Pricing your home at $799,000 put’s you at the very TOP of a buyer’s search (if they’re looking between $750,000 -$800,000)… That alone makes it likely you’ll get a lower offer than what you want.
By pricing your house at $800,000 (instead of $799,000) you are within the search criteria for buyers looking in both $750,000 – $800,000 and $800,000 – $850,000 . Here’s the kicker: People searching between $800,000-$850,000 will consider yours a bargain, and be inclined to offer close to your asking price.
Another thought… Complex numbers are confusing … and hard to remember: $978,305? … $847,586? Okay, most sellers don’t come up with those … but some do. Avoid it! The more expensive a home is, the more this holds true.
Price your house solidly. Make it look solid. Price your home at $1,100,000 (NOT $1,099,000). We drop a penny (or a dollar) to make pricing appear more attractive or more enticing, but that ‘law’ doesn’t carry over to real estate. In real estate, just leave your dollar amount in tact (and whole!)… You’ll reach a wider buyer pool and sell for more money.
Considering selling your house or condo? Please send us a note or give us a call. We would love to hear from you. Real Estate Questions? We’ll answer them. The Restivo Team – EWM Realtors International.
