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I have heard all the reasoning behind Range Price Listings, and they were real popular here in Tucson AZ at the height of the real estate market in 2004-2005. However, I work with a lot of buyers, and they do not like it! It starts off on the wrong foot, buyers look at the low # and sellers at the high number.
I have tried giving sellers a range when listing, 90%+ take the highest number. Now, I show them the comps for same sub, and give them a $ I feel the property is worth, lower the price, the faster we can expect an offer. I get it, no one wants to leave money on the table. Once i make the listing price suggestion, I listen. If they want to go higher, see if we can reach a compromise as I know most sellers have to see what a property cant sell for before they can accept an offer. I wont take it if it is too high, as we are wasting everyones time. Good question! Sorry for the novella I wrote in response.
Hi Praful -- I've never been a fan of the value pricing. There used to be a broker in our area who used to advocate the practice, they seem to moved away from the concept. It seems silly to me.
San Jose, CA
you gain nothing except confusion.... just put a single number on the home and don't play games....
I don't really see the value of range pricing. I think a buyer can still make any offer they wish.
everyone wants a good deal. This does not work when inventory is low and competion is high.
I don't like it.
A slap on the wrist from the Broker!!
Value range pricing leads to more upset buyers than deals. Every buyer wants to over the low number6 which never seems to be accepted. Dont offer a low number you wont accept is my thought. I just had a buyer who nearly went ballistic when they oferred the low amount and seller refused it.
I don't think we get anything... Prudential tried it years ago and it never really worked in Charlotte. Plus our mls can't list a range--you have to select a number and then write all sorts of explanations in agent remarks which buyers might or might not ever see (or understand).
I never liked it and thought it was just a game. Give me the price, there is always a price.
I feel this may harm more than hurt a seller. Set the price based on comps and let the buyers determine value with their offers. It is a tried and true system that works so why mess with it?
$400,000 to $500,000.
Seller has authorized me to ignore outliers.
Recently appraised for $444,000
$500,000 for low assurance of closing
$400,000 for high assurance of closing.
Name your tune.
If I set a range it is very small. I want the seller to understand what they are thinking, but not that I am willing to try the impossible.
Praful - I am not sure what good a listing price range does anyone. As a buyer, I am sure they will be looking at the low end, if not even lower. As a seller, they will want the high end, if not higher. In your case, that is over a $50,000 difference. Seems like it would make it even more difficult to have a meeting of the minds between the buyer and seller.
I can't really think of any other thing people buy that has a price range for it; cars, TV's, boats, groceries, furniture, etc. Everything just has one price, and oftentimes you can still negotiate that price.