A Million Dollar Question

By
Industry Observer with Greater Boston Association of REALTORS MA 9505496/Broker

Do odd-priced listings attract more or less attention?

 

I recently ran into a situation with a listing agent who put a new listing on the MLS for $232, 574. 

This struck me as unusual, so I spoke with the agent and asked her "why the odd amount?", thinking that she would tell me that this was a pay-off amount for a loan balance, or that this was a set price by a housing authority that places income and asset limits on new buyers and restricts the appreciation on a subject property.

The answer I received was equally interesting.  "That's what they teach us to do at BRAND X Realty.  They teach us to grab the buyer's attention by putting in an odd amount."

Being one to love a challenge, I told her that I would be posting this question to a panel of peers (and consumers) to get their reaction. 

As someone who looks at real estate listings, what is your reaction when you see a home listed for $232,574?  Would you think differently if the home was listed for $232,000, $232,500 or $233,600?  Does the "odd" price solicit a positive or negative first reaction?

I'm curious and am opening this up to the AR Community and any members of the public for comment.

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Comments (4)

Johnny Davis
Ocala, FL
Where SOLD Happens!

I have never really thought about it, but now that you mention it, the odd number would definitely catch my attention.

Jan 17, 2013 04:57 AM
David Saks
(retired) - Memphis, TN

If my two cents are worth anything, it's just a number. The party doesn't start until the offers roll in.

Jan 17, 2013 07:13 PM
Ray Stockwell
ZipperAgent - Boston, MA
Director of Marketing

Martin,

 

It would probably get my attention.  I remember some triaing I took long ago the suggested maing appointments at odd times (10:18 AM) for example.  I was told people would remember it better and make a real effort to be the the appointment at the correct time.  

Maybe the same idea holds true hee.  That people will remember it.

 

Ray

Jan 18, 2013 02:32 AM
Marc McMaster
RE/MAX Centre Realty - State College, PA
Putting my clients before myself

It would definitely catch my attention and make me wonder why it was listed for such a price.  I would probably even try to figure out if it's based on a price per square foot or some other metric.  Would it actually result in a sale over something else?  Probably not. 

Jan 20, 2013 09:24 AM