MADISON, Wis. – March 31, 2011 – While many Realtors continue to use 9’s in their asking pricing – setting a price of $499,999 or $599,000, for instance, to make buyers think they’re paying less – the strategy can actually minimize marketing exposure now that buyers typically use search engines to look for properties.
The search engines group properties in 0’s, 25’s, 50s, and 75’s, so Realtors would be wise to revise their pricing strategies accordingly. For example, a property with a price of $399,000 will be seen by buyers searching for homes up to $400,000; but buyers searching for a home between, say, $400,000 and $500,000 won’t see it.
Sellers should understand that buyers set the value of the home, and they should be more concerned about pricing the property correctly the first time.
The search engines group properties in 0’s, 25’s, 50s, and 75’s, so Realtors would be wise to revise their pricing strategies accordingly. For example, a property with a price of $399,000 will be seen by buyers searching for homes up to $400,000; but buyers searching for a home between, say, $400,000 and $500,000 won’t see it.
Sellers should understand that buyers set the value of the home, and they should be more concerned about pricing the property correctly the first time.
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