How to Set Your Listing Price
- 1. Use your competitive advantage
Having several potential buyers gives those buyers confidence that they are pursuing a solid property, and it puts sellers in a fantastic position. By pricing your property on the lower end of the value range, you can create interest that will help you start the sale more quickly. More importantly, buyers who feel the competition tend to be more likely to follow through with the purchase.
- 2. Price it to be found in real estate searches
Many sellers list just under a particular price point, but in high-end markets like Malibu, it may be wise to consider a price that just exceeds the breaking point in order to be found by buyers searching for more expensive properties. For example, consider a listing price of $5,010,000 instead of $4,990,000.
- 3. Don't make your asking price strange
Sometimes, sellers want to be really creative with their asking price. One seller wanted to end the asking price in 777. Such an oddly specific number calls attention in the wrong way, without a good reason.
- 4. Have a plan for price adjustments before listing
Sometimes, properties do not get buyers as quickly as the seller would like. Having a plan for adjusting the price helps to avoid the stress and worry that can arise in the middle of the process, and having a plan B is just smart.