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Using The MLS As A Crystal Ball For Pricing Your Home
It's said that pricing is 80% of marketing a home. When you are selling your home it becomes a product on a marketplace. As a product buyers comparison shop. They look at multiple homes and make a decision on which ones are priced fairly. Buyers also filter their search by price. Say, for example, they want to spend no more than $450,000 for a home, so they may set their search criteria to show homes that are priced from $350,000-$500,000. Maybe they'll find a deal or maybe they'll find a gem that convinces them to spend a bit more. But what if you own their dream home and have it listed at $349,900? Maybe you wanted it to look like a bargain, but it's not going to show in their search since the price is less than the $350,000 ground that they have set in their search.
The MLS is a very powerful tool that agents have at their disposal. Before you list your home ask your agent to test a few pricing options. Your agent can create multiple draft listings of your property and make changes that would affect the visibility of the listing. You can have her try different prices or different models and, overnight, see which listing attracts the most buyers. For example, over the weekend I created three drafts of a rental listing and adjusted the price in $50 increments. This morning I took a look at how many potential tenants would be looking for the properties. The most expensive listing attracted 419 tenants. The middle priced one attracted 461 and the lowest priced one attracted 442 tenants. So by dropping the price $100 from the most expensive listing 21 more tenants would have been alerted to it. The middle number had the best result, attracting 40 more tenants from the most expensive and 19 more than the least expensive.
This exercise can help you make sure your home is priced for the most visibility before you list it. Playing the pricing game on a live listing can cause it to take longer to sell than needed and can add undo frustration to buyers and sellers alike.
A licensed real estate broker associate since 2005 Molly Heyen also has expertise in account management and marketing. She's an entrepreneurial, self-starter with honed communication and negotiation s....
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