As a seller in today’s Real Estate Market, probably the single most important thing you should consider is pricing. Would you believe that $1.00 could cost you $1,000’s in the end? We cannot price a home in today’s market using pricing strategies from 50 years ago! It simply will not work.
$1.00 that could cost a seller $1,000’s in the end
It cracks us up whenever we see a listing listed at $349,999.00 and makes us think about when we were kids. OK, mom it is only $9.99, not even $10.00. That is how marketing was. Now you have to consider one major factor. The Internet.
Yes, the Internet takes your criteria you input and if you put in your search that you want to see all homes from $0.00=$350,000.00 you will see the home listed at $349,999.00. But let’s say someone is looking for a home between $350,000 and $450,000. Guess what?
Your home will not show up in their search!
And we must be 100% honest, we have never had a buyer come to us with a Pre-Approval Letter for $349,999.
Most Real Estate Search Engines have either a drop down when it comes to pricing and they use $25,000 increments, some have a slider which are at $10,000 increments, not one has one that will be at the $1.00 increment.
So what are you to do as a seller in today’s market?
Price your home with the internet marketing in mind and throw out the Marketing Mentality from 50 years ago. When we sit down with our sellers we see where the value comes in at and then try and price on a hard number if possible. (i.e. $325,000, $350,000, etc) So in our example of $349,999 we would say list at $350,000. We go the extra $1.00 so that our sellers home would show up in the results $0-$350,000 as well as the $350,000-$450,000 searches.
And let’s say for discussion purposes that the comparable sales show that the home should sell for $347,000, we would still recommend listing at $350,000. It is OK, to reduce your price, but never to increase your price after the home initially goes on the market.
Is your home currently listed $1.00 below one of the hard numbers we talked about. Try for yourself use any of the Real Estate Search engines and try searching $0-$350,000 you may see some homes listed at $349,999. Then try searching $350,000-$450,000 betcha you will not see any listed at $349,999.
don’t you want someone working for you that is going to get your home in front of as many potential buyers as possible? We are ready to sell your home for the highest price, in the shortest amount of time, with the most favorable terms for you. If you are ready to sell your home, give us a call at 813-300-7116 or simply click here and we will be in touch with you shortly.
