You know what they say – “Pricing is everything”…Well, it may not be EVERYTHING, but it’s a big piece of the pie!
We always have to consider the perception of the buyer. After all, the buyers technically control the market. They decide how much a house sells for…because they’re the ones buying it!
Pricing a home too low
Buyers assume something is wrong with the home. They may take a hard pass on viewing the home online and in person.
Finding the sweet spot
I consider this to be just a liiiiittle under market value. Where the buyer thinks, “hmmm this looks nice. Great photos, solid price point, let’s see it!”‘.
It’s all about getting eyes on the property. More eyes on the property = more showings. More showings = more offers. More offers = more money in your pocket.
Pricing a home too high
Buyer doesn’t even look at home. They may think seller is being unreasonable. Ultimately they’ll probably think one of two things:
1. I can get a very similar home for less in the same neighborhood.
2. I can pay the same price but get more square footage / more updated home etc.
The buyer’s PERCEPTION of the home plays an important role. Once they’re ‘hooked’ because of the marketing + pricing, that’s when your Realtor can consolidate all that excitement and interest, and generate multiple offers above the asking price.
Where you LIST isn’t necessarily where you SELL.