Pricing Your Home Right for Today’s Market. Traditional, Market or Event – What’s Right For You?

Yesterday we were talking to an agent who was giving us his opinion on a home that we may be listing. He told us about an email he received with pricing strategies. Here they are:

Traditional: This is the traditional method of pricing a home high and leaving a decent amount of wiggle room for negotiations.This is what most people have done in the past. Say your house is worth $500,000, but you want to list it somewhere round $650,000 – this would be considered traditional pricing. And is kind of a snore these days because right now, we’re really in a buyers market.

Market: Pricing it at market rate would be the $500, 000. Here you definitely get a little more traction and more people seriously thinking you are ready to sell. This is a good strategy.

Event: This is the kind of pricing that creates an event and builds excitement. Say you priced your house at $325,000. Wouldn’t that get people talking and making offers.

In this market, you need to define yourself. So think about it… using an event price in this market gives a seller more control of what the outcome will be because you will probably receive multiple offers and you can choose which one is highest and best. This is the time to try something new….

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