Lately, we've been into '7s'. Have you noticed? Look at our listings page and you'll find homes for sale that are priced at numbers like $337,700 or $474,700. You may think, "Wow! They really set a sales price right down to the very dollar of value!" Well the answer is, "Right!" and "Not Exactly".
Setting a selling price for your home is a bit of an art. We blend in things like: the seller's sense of urgency, recent sale prices of similar homes, adding for special features, subtracting for flaws, location, and seller's net proceed requirements. After all of that, we put on our marketing hats and consider some tweaks that might catch the eye. Yes, there's some psychology to this as well!
Recently, we listed a beautiful home (you'll see it on our Listings page - Clubhouse Drive). After consulting with our clients, we began with a conservative price, $447,700. There were showings, people loved the house... but no offers. Time to check in with the sellers again about price, so we took it down a notch, to $439,700. Again, more showings, more love of the home, no significant negative feedback, but no offers. We advertised, marketed, direct mailed, etc. Still some action, but no offers. In the meantime, life changed for the sellers. They elected to get aggressive with the price so that they could move on to their next goal. $395,000 - attention-getting, firm-sounding and BAM! sold in seven days. The full span of the listing was just 2 months.
Given the market in Bend right now, could we have stayed at the original price and eventually enticed a buyer? Probably, but that wouldn't have helped sellers for whom the sale of their home became a more urgent need.
As you may guess, communication is the key element in all of this. Flexibility comes in at a close second. And these from both the seller's and the seller's Realtor's perspective.
Give us a call if you're interested in a FREE market price analysis of your home (with all the rest of that mix included). We'll be open and honest and give you a range of pricing that allows you to make the decision - "Get it SOLD!" or... "We'll wait a bit". We're happy to help in either case.
Have a wonderful day!
CJ & Lisa