Pricing your Charleston home to sell

July 10, 2008

Charleston real estate I probably overuse the phrase, “pricing to sell” when talking about proper pricing of Charleston homes for sale. So let me explain a little further about what I mean and how I go about the process of pricing to sell.

If you understand buyer psychology, you know that buyers searching for homes for sale have a price range in mind that they will concentrate their search for homes in.

Let’s use 2 ranges for this example, $300k to $350k and $350k to $400k. If you’ll go along with me for the moment that if every home for sale is priced right, it makes sense that a $345k home will be nicer than a $305k home and a $395k home will be nicer than a $355k home.

The next assumption that I’ll make is based on helping so many buyers purchase homes. Years of real estate experience has proven to me that buyers will generally buy at the higher end of their range rather than the lower end of their range. It isn’t that a buyer wants to spend more than necessary, it simply is that when comparing homes, the buyer will generally want the nicest possible home rather than the least expensive possible home.

While it’s only natural to want to sell your home for the highest possible price, you have to price your home with an understanding of how buyers search in order for your home to be seen and to give your home the best chance of being selected by a buyer.

Use the search ranges as your guide when pricing your Charleston home for sale. Rather than price your house at $305k, price it at $299,900 and it will be at the top of the range from $250k to $300k, not at the bottom of the range from $300k to $350k. The same is true for why you shouldn’t price at $355k but rather $349,900. And don’t forget the $25k and $75k price points in between so use $324,900 and $374,900 as well.

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