Big WHOLE numbers are key marking points when choosing a listing price.
So again…If you have a good Broker who will sit down with you and “be straight” on the comps and is confident enough to look you in the eye and get it right up front and know she’s got it right… then you benefit from this traffic while your market time is low.
When your market time is low as a seller you have advantages..
If you have a 1 bed, 2 bed, a house to sell or a multi unit the same rules apply. Read the comps… find the bends… the breaks in price… and find the way to get exposed.
If the comps are pointing to $260… maybe $270… on the high end, but you really know it’s a $240ish sale price that awaiting you then be smart.
If you go smart… You end up reaping the benefits of the internet traffic. Your photos will be seen by hundreds more pre-approved buyers… and more people will ultimately end up walking through your house. If your photos are staged you also pick up another 8 to 10% chance for a showing. If your Realtor “colored” the photos and “beatified” them they will glow…and if you decluttered… well your just ahead of the game.
Call me if you would like to talk further in specific on any of the issues and how they relate to your specific property. – Phil Buoscio 312.953.6725
Let’s get specific.
Let’s take a condo I recently listed over $250,00 and one just under $250,000 in the identical market.
Here is a quick example of one of our development listings with 3 units on the market since August 9th. This is a Realtor.com statistic where we have an enhanced virtual tour and several photos of the same listing.
Viewing traffic on this listing dramatically changes with the subtle change in price under the $250,000 marks
Views and Price
915 views on 279k unit
1162 views on 259k unit
4628 views on 249k unit!!<—- 80% increase!!
Notice the increase in online traffic for the under 250k unit ! Same unit size, photos, etc. but only a different price over the past 5 months. This is a west loop area listing.
Conclusion: Passing the $250k mark cuts traffic. As would passing the $300 mark… or the $350 mark in different markets… etc.
The buyer pool (at least in cyber space) is shrunk from 4628 to 1162 by an increase of only $10,000 in price. Then, an increase of another $20,000 in price drops it down to 915.
Thus… my conclusion is that pricing under the big division numbers are important. And… thinking about affordability is critical. Hanging a unit out at $319,900 when your going to end up at $290 anyway dictates the logic to price at $299,900 and stay “firm” on price and get the hits, the traffic, etc….