Price It Right – Listing to Sell

Pricing a Listing Right 

If the price and the pictures don’t match, immediately you have a credibility problem. You know what they say about first impressions: that’s how we judge people and that’s how we judge properties. We are geared to make snap judgments, especially in this high-speed economy. We want to have all the metrics and the details and the pictures that go along with the listing right there in front of us, and if something doesn’t click for us, we immediately move on. Sellers have to be aware of what they call the unconscious bias of buyers. It’s very easy to discriminate against the listing if it’s not properly presented.

The trick to listing a home is not just one thing, it is the combination of factors, all of which need to be considered:
1. Timing. Each listing is going to attract a certain demographic. Be cognizant of it, don’t ignore it. Families looking to move aren’t doing so in September… kids are going back to school.
2. Pricing. Don’t be a price greedo. Especially if you are not going with an agent who is familiar with your neighborhood. They are usually so happy to get your listing that they will agree with you on the pricing strategy. The idea of “ask for a lot, you can always lower it” can come back to bite you. I know of an owner who listed a house for $629K last year and not only did it take 4 months to sell, but he sold it for about $40K less… He would have likely gotten more if he listed it at an intelligent price and allowed bidders to drive up the price. In addition, he lost out on the potential family buyers that were looking for such a home in a good school district.
3. Do a “Coming Soon.” This is the new trend, especially in a low inventory market. Build up your buyer momentum.
4. Make sure your pictures match your price. That same seller who listed too high placed a picture of the road outside of the house as the #2 picture in their gallery and failed to describe the fact that the first floor was an open concept.