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The Psychology of Pricing a Home
There's just something about how you price something. With gasoline prices, that little 9/10 of a penny just does make a gallon look a little cheaper doesn't it? With home pricing it turns out now there is a bit of psychology behind that too.
REALTORS and sellers try to offer prices on their homes near market value most of the time with a little 3% wiggle room on the top side. I've heard that realistically homes are selling for 93 to 95% of asking these days.
But what about the FORMAT of the price? A report out by Cornell University says all zeroes at the end of the price does not sell as well as a specific price. Don't set it at $326,000 but rather $325, 425 for a faster sale. Does this make sense? Having three zeroes they say lowered the sales price by 0.73 percent. The house with the more "precise" list price will sell for more the study says. Online firm Redfin said the optimum price was ending in $500, such as $391,500. Try it and see if it helps sell more houses. Who knows in today's wacky market?
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