It is only natural that when we sell we want to get the highest possible prices for our properties. Obviously pricing a property too low doesn’t produce this but equally pricing a property at too high a figure can also produce a lower return.
Why? Pricing too highly is costly because:
Those buyers whom the property is right for often won’t see it because it is out of their price range.
Those buyers who are looking in the listed price range will make comparisons and be disappointed.
Other Agents might show the property to make a competing property look good value.
Ultimately the sale price of your property is determined by –
“WHAT SOMEONE IS PREPARED TO PAY”.
A Vendors biggest fear is selling too cheaply, therefore it is important to get it right the first time.
IMPORTANT POINTS TO CONSIDER –
People Buy on Emotion
Buyers usually spend more than they originally planned to, and they often buy a completely different home then they set out to buy. This is because emotion is the major driver in the home buying process. PRICE IS SECONDARY if they believe this is the right home for them.
Price ranging ensures that a large pool of buyers will look at your property, allowing their emotions to take over and want what they see.