What is the Right Price for Your Real Estate?
September 3rd, 2008 categories: Cincinnati, Ohio, Real Estate News, Real Estate Selling, West Chester, Ohio
The age old question- how do I price my piece of real estate?
Well assuming you have carefully reviewed the CMA (Competitive Market Analysis)provided by your realtor -the final decision of what to list the property for becomes the next question.
For example, your home in West Chester, Cincinnati or Fairfield should go on the market somewhere between $290,000 to $302,000. The realtor is probably encouraging you toward the lower price range- you are thinking the property is worth the high end of the range. So you compromise- maybe $299,900 or $302,900.
Do not select some abstract number which supposedly will catch potential buyers’ eyes.
Too many sellers (and their realtors) forget the impact of internet searches on pricing. So if you are considering a list price of $301,645 - think about how many potential buyers you miss.
Internet searches are typically done using zeros- looking between $280,000 and $299,999- what do you input? Yup- you type in $280,000- $300,000 or select the price range from a drop down menu. If you are priced at $299,900 or $301,645 -your property appears on one (1) search.
The $299,900 shows up on the $280,000-$300,000 search- but not the $300,000- $30?,??? search. Oops- missed opportunity. And the oddball $301,645- you guessed it- it only appears on one (1) search.
Think about how you use real estate sites and price your property to pop up on two (2) searches.
Still not sure- check out some real estate web sites and pretend you’re a buyer.
Related Article: Merging into the Express Lane
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