Expose Your Home to More Buyers in the Colorado Springs Real Estate Market Through Exact Pricing
When we list a home for sale in the Colorado Springs real estate market, one of the most important things that we do is make sure that we price it effectively.
Part of pricing a home for sale effectively is the exact price of the home. Many people do not understand how important the exact price of a home really is.
For example, if we were going to list a home that would sell for between $298,000 and $303,000, we would list it for exactly $300,000.
Some agents would list that same home for $299,900 for the same reasons that gum is sold for $0.99 instead of a dollar. Psychologically, the home priced at $299,900 may seem cheaper than the one priced at $300,000 … even though it is just a difference of $100, and could be totally negotiated in the offer.
However, in the Colorado Springs real estate market, this pricing strategy could actually do more harm than good.
See, most online home search websites offer pre-defined price ranges to search in. Most of these searches start and end at even numbers, like $250,000 – $300,000. This is also important when Colorado Springs real estate agents search the local Pikes Peak MLS. Most agents search in even number search ranges.
When a property is priced at $299,900 it will ALWAYS show up in searches UP TO $300,000, and it will ALWAYS be one of the most expensive homes in that price range.
When a home is priced at $300,000 it will ALSO always show up in all the searches up to $300,000 and will ALSO be one of the most expensive homes for sale in that search.
BUT Guess What?
The home priced at $300,000 will also show up in all searches that START at $300,000, and will always be one of the LEAST EXPENSIVE homes in those searches.
Pricing it RIGHT at the even number mark exposes our Colorado Springs listings to a larger pool of home buyers and their Real Estate Agents, and this gets our Seller clients more showings and a better chance at getting a good offer in a shorter amount of time.