Home Sale Pricing Strategy – What’s your strategy? My formula for selling a home never changes, regardless of price range: (1) get home in move-in condition and remove any anticipated Buyer’s objections before putting it on the market; (2) price it correctly, and (3) market it aggressively. Whether it’s an $80,000 or $400,000 home – that’s my selling strategy.
I’m listing a house for sale today at $300,000. That’s exactly what I think it’s worth based on comparables and condition of the home. If I had determined the value to be $298,000 or $302,000, I would still price it at $300,000, because that is what I consider a searchable “price point” and if I’m that close to it, that’s where I’m going to price it.
People tend to search from $275,000 to $300,000 or $300,000 to $325,000 for example, and in this case, my listing would come up in both searches.
Yet I see Realtors every day pricing homes at $299,900. And, I think they are losing the possible Buyers that are searching on the internet from $300,000 to $310,000.
Same goes for pricing a home at $99,000. Aren’t you losing prospective Buyers searching from $100,000 to $110,000?
Now, if I had determined this home to be worth $310,000 – that’s where I would price it. I’m not going to leave $10,000 of my Seller’s money on the table to price it at a “price point.”
Home Sale Pricing Strategy
And, I occasionally see a home priced at something like $184,692 – interesting pricing strategy – I think it almost gives the impression that some intellectual input valuable data, performed calculations and voila! – came up with the exact price the home is worth!
It's a challenge convincing Sellers to price their home correctly. Do you consider internet searches when setting a sales price? Do you have any input as far as homes sales pricing strategy?
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Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area and specializing in downtown Tulsa and midtown Tulsa real estate.
