Pricing Your Property

Considering the economic state of affairs, when it comes to buying South Florida homes or any kind of large financial transaction that incorporates the word ‘buying’, pricing is the number one priority.  These days selling homes in South Florida requires that the seller and/or the hired real estate agent fiddle with numbers a little more than usual if they’re looking to find an interested buyer.

Play with the amounts.  A home that’s selling for $399,999 sounds much more enticing than $400,000 despite the trivial difference since buyers always read the lower number before anything else.  Another method that could work is to lower the price after it’s been announced by dropping the property’s price from $400,777 to something like $400,555.  To a buyer, the savings seem quite significant despite the marginal difference.

Aim higher in price.  Naming a price that’s beyond what the seller will agree on allows further negotiation with a buyer who has already determined how much they’re willing to pay.  Thus, sellers can offer deeper discounts without losing as much as they intended.  Always make sure the property itself justifies the inflated price.

Be exact.  While something like $500,000 indicates a fine home, choosing a lesser price such as $498,787 gives an impression of a good deal since most people assume such finely tuned precise figures are indicative of lower priced items.  Depending on the seller’s needs, choosing to emphasize quality may work better than someone looking to obtain a quick sale by conveying a price that represents a bargain.

Ease the buyer number crunching.  Everyone knows there’s tons of existing property for sale that’s simply not selling.  A seller who is considering lowering their asking price should lower it to a figure where a buyer will be able to easily determine the drop percentage-wise.  Not only is the lower price more attractive, the percentage also gives the buyer the perception they’re getting a much better deal.