than the average asking price. However, this calculation does not consider the concessions or incentives sellers gave the buyer. Also, if you have brought down the listing price to 15% below the market price, the result is that you are only reducing the price by 6% to 7% below what you would end up getting working with an agent. Therefore, reducing your holding costs and netting more money through a faster sale despite the lower asking price will work to your advantage. Though the scenario might differ by region, it can guide you in deciding your first listing price. Making prudent use of the Internet to research area pricing is another good way to decide on the first listing price. To trick buyers, most property owners fix the price using more nines to induce a feeling that the property is cheaper. For instance, some might quote the price as $199,900 rather than $200,000 to make it sound more attractive. However, be aware that existing Internet searches are not tuned to reach buyers effectively if you use this “nines strategy.” Most real estate sites employ search parameters organized into categorical groups: $175,000 to $200,000, then $200,000 to $250,000, and so on. Given this system, if you quote the listing price as $399,000, your property will likely reach buyers searching for properties within the $375,000 to $400,000 range. However, if you quote it as $400,000, it can figure in searches under the $375,000 to $400,000 and $400,000 to $450,000 categories; your apparent affordability comes at the cost of reduced visibility, hurting your chances of a quick sale.
HOW THE WRONG PRICE CAN HUR CE CAN HURT YOUR SALE
Understanding the market and customer behavior requires much insight into what happens in the real estate domain. If your first
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