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Why Are You Pricing Your HOME Like Clothing at the Mall?

DEBE MAXWELLhas a point here. Folks selling their homes today are more concerned than ever when it comes to analyzing and settling on their asking price. She asks, " When you're searching online at night for homes in the [Asheville, NC area] what price points do you use in your own search?"

If you are selling, read this post and benefit from Debe's excellent advice.

Why Are You Pricing Your Home Like Clothing at the Mall?


Pricing Property Like Clothing?Sellers who really want to sell their property NOW so that they can move on, are more involved with analyzing their price point than ever before.  It seems that most sellers want to price their property with something that ends in '99'--$599,000 or $599,900, etc.  Here's what I ask them:

"You're about to move to Raleigh and your Realtor® has set up a search for you through his/her MLS.  Can you tell me what your price parameters are for that search?  When you're searching online at night for homes in the Raleigh (or destination city of choice), what price points do you use in your own search?"

 

They'll say, "We're moving up a bit so, we enter $600,000 - $700,000."

"What if you were searching from $600,000 to $700,000  here in Charlotte?  You would completely MISS this home in your search!  Had you priced it at an even $600,000, you would capture buyers from both the $500,000 - $600,000 AND the $600,000 - $700,000 ranges.  Setting the price at $599,000, will cause you to lose an entire group of buyers for your home!"

pricing property as it should be priced!

They look at me for a minute and my analytical-minded clients have an ah-ha moment!  Then, they competely agree with me!

Try it, it WORKS!  I recently listed a townhome in a complex that had 23 townhomes on the market when we listed.  We priced the property at an "even" price and we were under contract in 10 days--last one on the market, first one off!  If you searched MLS for the even number, either way (least price or highest price) you would catch this listing!  When you look at the others, every one of them were 'off-beat' numbers and were missed by 1/2 of their prospective buyers.  

Stop pricing your homes as though they were sale-price clothing at the mall!  Use those 'round' numbers and see how it works for you.  You'll instantly expand your pool of buyers!  

Your sellers will love you!

Debe in Charlotte   

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Comments

Hi JaneAnne!  What an honor to have my post re-blogged by YOU!  Thank you so much and believe me, I've proven this strategy over and over again!  I was recently searching for a buyer in the $1M to $1.2M price range and had sent them several listings in the area which they were looking.  I did a tour of a few of the homes and found one along the way that I didn't have on my list.  I stopped to pick up a flyer and sure enough, it was listed at $999,900!  Had I not been previewing and taken the time to investigate, this home would have gone unseen by by buyer. 

I've had this post in my head for months and finally put pen to paper--or keyboard to blog!!

Thanks again!  I hope you're doing well!

Debe in Charlotte

Posted by Debe Maxwell, CRS, Charlotte Homes for Sale - Charlotte Neighborhoods (www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310) almost 9 years ago

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