Pricing your STX home is more important than ever in today’s sluggish economy. Consider these points when listing your property for sale.
$1.99 is only one cent less than $2.00, right? However, retailers continually use this pricing strategy to make us think we are paying less for something, and why, because it works. “When we look at prices, we make judgments in a fraction of second,” explains Manoj Thomas, a marketing professor at Cornell University. “We read from left to right. We anchor our judgment on the first thing we see.” So if you are considering pricing your home at $500,000, why not consider pricing it at $495,000 instead.
Make sure your asking price is more than what you really want to get. Everybody likes to bargain and think they are getting a good deal. But use caution with this strategy, don’t set your price too high or you will miss your target market completely.
Round Numbers vs. Precise Numbers
Evidence suggests that a selling price based on a precise number (i.e. $695,383 vs. $695,000) makes us think that the price is a bargain, whereas a round price generally denotes quality of product. A precise number also conveys to potential buyers that the seller has given substantial thought and research into his listing price.
Lower The Price
If you are considering lowering your asking price, make sure to make the discount obvious and easy to calculate. It’s also helpful to indicate the actual dollar amount of the price reduction.
For more tips on buying and selling your St. Croix property, contact us below.