When you decide to sell your house, one of the most important decisions is how much money to ask for it. Setting the asking price for your home can have a big impact on how many people come look at it and that will have a major impact on how much money you will make on the sale of the house.
Suprisingly, many people, including inexperienced real estate agents, make one simple home pricing mistake that can cost home sellers a lot of money. I explain the mistake and how you can ensure that you get the most money for your house in the below video.
As you can see, deciding to price your home “on the bridge”, meaning pricing your home on the round numbers will get you more showings. Over 90% of all home searches start online so when people go to Zillow to start looking for homes, they have to pick a number that is in $10,000 increments.
Someone who is preapproved for a mortgage loan will search for homes in the range that they can afford. If they are preapproved for up to $550,000, they will go online and search for homes priced $500,000 to $550,000. But if you priced your home at $499,900, they won’t see it.
If you price your home on the bridge, at $600,000, someone searching $550,000 to $600,000 will see it and so will a buyer searching $600,000 to $650,000.
There is no advantage to pricing your home at $599,000. Pricing on the 99 is how discount stores sell dish soap. It isn’t how you sell a house. The asking price is really a marketing price. After you capture the buyers attention, they will make an offer. The original asking price is just a starting point. The final home purchase price could end up higher or lower than the asking price. It just depends on all of the factors.