Psychology is key to selling in today's real estate market

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Real Estate Agent with HER Realtors

"Psychology is key to selling in today's real estate market"

IsFreud toys a post on the  Psychology Today  site saying listen to Broker Bryant Tutas  and use  "Range Pricing."  Range Pricing is sometimes called VRM for Value Range Marketing?  Tutas uses Range Pricing  and has written about Range Pricing  numerous times on ActiveRain a real estate network.

On the Psychology Today blog called  Priceless I found home pricing advice from physicist and author William Poundstone.

I found the Psychology Today blog post  via Google searching for news with the word Zestimates when I wrote  the post "Appraisal Institute says Zestimates suck." Darn it all, I blew it!  Bad title.  Steve Shatsky a Dallas Texas short sale specialist  commented my title shoulda been "Zestimates Zuck."  How depressing a missed title opportunity!  But enough  about me...  when I came out of the depression I slipped into over my poor blog title, I went searching Google for news on Zillow's Zesitmates, an AVM (Automated Valuation Model) the Appraisal Institute recently said Zestimates are inaccurate (the Appraisal Institute are too polite and educated to say Zestimates suck or even that they zuck.   They said Zillow's Zestimates are inaccurate.  Or were.  Is the Appraisal Institute dealing with today... Zillow says no, that the study is about the past.

Isn't it all....

"Psychology is key to selling in today's real estate market"

Perhaps Zestimates are NOT always high, Poundstone's piece on pricing popped up for my Zestimate search because he uses the Zestimate of an LA home... 

" For what it's worth, Zillow's "Zestimate" for the place is only $2,090,500. "

Only $2,090,500... Poundstone says that like that price on the  house would be a  steal and maybe it is.  That is so removed from Columbus Ohio.

"Psychology is key to selling in today's real estate market"

Who knew Psychology Today had blogs, much less blogs that offer pricing strategy for home sellers amid the Therapist Finder and all the anti depressant ads... but there it is:

Home Won't Sell? Try Two Prices Instead of One the post by William Poundstone a physicist and author says:

"There may be a smart psychological tactic for anxious home sellers: List a house with two prices. In Australia, it's been the custom for sellers to do that, giving a minimum and a maximum asking price."

Is author Poundstone recommending your homes Zillow Zesitmate for the high end on your home?  The Appraisal Institute says Zestimates are inaccurate I don't know if anyone in the Columbus Board of REALTORS®  does Value Range Marketing now... I think Prudential did at one time but that was long ago.  In  Value Range Marketing in the Columbus Board of REALTORS® MLS would the high price be the Zestimate?  Would the low price be the findable price in the MLS?   "Psychology is key to selling in today's real estate market" is the subtitle of Poundstones piece on pricing homes.

Central Ohio home price - recent posts Columbus OH real estate

Columbus home market continues to improve 

Is the Central Ohio real estate market a sellers market or a buyer market?

Central Ohio home prices by school district

A very similar article was posted on ColumbusBestBlog.com another blog I write  Psychology Today offers home pricing strategies

Image credit - Freud toys...  from onefromrom Flickr photostream shared with a Creative Commons License that allows commercial use.   http://www.flickr.com/photos/onefromrome/ / CC BY 2.0

 

 

 

 

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Patricia Kennedy
Redfin - Washington, DC
Home in the Capital

Maureen, Zestimates do zuck, especially in markets like mine with very architecturally diverse neighborhoods.  On my block, the houses started out looking alike in, um, 1914.  Now each one is unique in terms of what's been done to it.  Wish the government tax assessors would use their numbers!

Also, range pricing was very popular around here about 15 years ago.

Mar 04, 2010 06:12 AM #3
Rainmaker
1,480,037
Maureen McCabe
HER Realtors - Columbus, OH
Columbus Ohio Real Estate

That may have been when it was popular here too.  Or not really popular... when Prudential was "doing it." 

I have stopped paying a lot of attentions to how Zestimates zuck or don't zuck here...  I paid lots of attention in 2006, 2007... I lost interest in about  2008, I think.  I still look at them. We have old, old neighborhoods and cookie cutter areas that were developed in the surrounding cornfields.

Zestimates are what they are and I am over being obsessed about it.

The house in LA is a Frank Lloyd Wright house... the $2,090,500 Zestimate,  "Unzillowable" (a Sellsius Real Estate Blog word)  provenance attached to the history?    Reading the 7 pages in the Appraisal Institute study, (in my post yesterday) a house being vacant or occupied made a difference in 2006 -2007 but that is Unzillowable.

 

Mar 04, 2010 06:55 AM #4
Rainmaker
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Don Sabinske
Don Sabinske, Sabinske & Associates Inc. - Zimmerman, MN
Sabinske & Associates Inc.

Zestimates do zuck.  One of my associates recently listed a home, and the photos are not even correct. Neither is the price nor the dimensions, etc.  

Given thatm do we give up on Zillow, zertainly.  I like your premise.  It might need another blog to expound on it, however.  

Mar 09, 2010 12:09 PM #5
Rainmaker
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Maureen McCabe
HER Realtors - Columbus, OH
Columbus Ohio Real Estate

let  me know if you write a post,

 

Mar 09, 2010 07:32 PM #6
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