Local Real Estate Comments and Ramblings

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Can a $100 price change DOUBLE the number of buyers?

Double your marketing exposure for only $100?

Can a $100 price change double the number of buyers that see your listing? Understanding how buyers search in today's market is a key to getting maximum exposure and attracting the most buyers.  Since over 90% of all buyers use the internet for their search your pricing needs to be geared toward internet search functions.  

Buyers do not search for homes priced at $xxx,900, they search in round numbers. They search for a price range, such as from $120,000 to $150,000 or maybe $150,000 to $180,000.  Some internet search engines use a drop down price menu and some allow uses to input the numbers for the price range.  In either case the buyers are searching in round numbers.  

In this example the homes priced at $150,000 will come up in both searches!


price search from 120-150,000
Price range search from $120,000 to $150,000




Search from $150,000 to $180,000
Price range search from $150,000 to $180,000



I recently did a search for Cobb County homes for sale on FMLS.  I was looking at the price point of $150,000.  There were 58 active listings priced at exactly $150,000 but there were 67 priced at $149,900 - 149,999. That is a huge percentage of homes that are missing out on an increase in the number of possible buyers they are exposed to!

Maximize your listing exposure by hitting a price point when ever possible!  I think any multiple of $50,000 such as $150,000 , $200,000, $250,000, etc is the sweetest of the sweet spots.  However anytime that you can price at a multiple of $10,000 or $25,000 will help as well.

 

*****

 

 


Bob Southard
Broker - Owner  Atlas Realty Service LLC #75911

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Comment balloon 7 commentsBob Southard • July 19 2010 10:35AM

Comments

Bob, good suggestion on the $100 price difference.  Thanks for blogging.

Posted by Edward & Celia Maddox, EXPERIENCE & INTEGRITY - WE TAKE THE HIGH ROAD (The Celtic Connection Realty) almost 8 years ago

Very interesting. You've given a new point of view on pricing that really makes sense.

Posted by Nell Lindner, Brazosport Area Specialist (American Realty, Lake Jackson, TX) almost 8 years ago

Edward, Celia, Nell - Thanks for stopping by and commenting.  I appreciate it and hope the pricing idea helps your business.  Have a great day!

Posted by Bob Southard, e-Pro - Cobb, Cherokee, North Fulton (Atlas Realty Service, LLC) almost 8 years ago

Bob - interesting topic and timely. I have just recently changed my pricing strategy to this method. While research shows that historically, prices that have more non-zero digits to the right tend to be viewed as more accurate, if it doesn't bring a lot of interest it doesn't help. There has been increased interest on those listings that I have set on the $5000 boundary.

Posted by Mike Saunders (Lanier Partners) almost 8 years ago

Mike,  thanks for the comment.  I think if it is priced at xxx,900 people see right through that.  If it were priced at say $147,350 people may subconsciously view that as accurate. Personally, I want the home exposed to the most possible buyers. More impressions = more prospects.  Glad to hear the strategy is working for you!

Posted by Bob Southard, e-Pro - Cobb, Cherokee, North Fulton (Atlas Realty Service, LLC) almost 8 years ago

Thanks Bob, very useful information to keep in mind.  Hope to see you across the closing table soon.

Posted by Gary Pike (Better Homes and Gardens Real Estate Metro Brokers) almost 8 years ago

Thanks Gary.  I hope to see you too

Posted by Bob Southard, e-Pro - Cobb, Cherokee, North Fulton (Atlas Realty Service, LLC) almost 8 years ago

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