home for sale

Strategies of Using Psychology When Pricing Your Home for Sale

While in most cases you buy a family home intending to grow old in it, some circumstances might force you to sell it. The common ones include a job transfer to a new locality and a need to move closer to loved ones.

Although the property market is lucrative, you will not automatically get a suitable buyer for your property once you put it on sale. It is prudent to become one of the owners of Kansas City homes for rent rather than sell it out of desperation and time constraint for any price a buyer quotes.

Even after renting the house, you will still work closely with an agent to ensure you get the best price from your property’s sale. There are various pricing strategies for homes, but agents will recommend basing your price on different psychological elements.

Here are the psychological home pricing techniques that will guarantee you a quick sale at the highest price.

1. Avoid the $9 Syndrome.

Most property owners will use the rule of nines when pricing their home. This is informed by the craze that began in the 1880s to convince gullible shoppers that anything ending with a nine was a bargain.

This strategy will, unfortunately, not fool smart people. Moreover, it might hurt the price you fetch for your property. If for instance, you price your home at $1999, then you will lock out homebuyers with $2000 budgets even though you might be aiming for over $2000.

2. Leverage the Power of four and seven.

Most prices end in zero or five. When your home’s purchase price features number seven or four, a buyer assumes that this is an accurate price and that you have thoroughly researched it. Moreover, these figures stand out from the common zeros and fives and will capture people’s attention.

Other experts believe that the power of these numbers lies in their emotional impact on clients. This is because the figures affect customers’ self-image and ego as they assume they are buying into quality.

3. Consider how you write your price.

When marketing your home offline, the way you will advertise its price affects the way people will perceive it. Psychology has shown that prices will sound high when buyers have to spell them out in their heads, or they are lengthy.

Avoid commas in your price since this makes the price long and thus seem higher than it is. Writing it in words instead of numerals is also very effective.

4. Add zeros to discounts.

zero dollar

When you discount your home’s price or adjust it, add more zeros to your figure. This creates the illusion of a considerable discount. You should, for instance, write $500.00 off rather than $500 off.

Your price will be the biggest determinant as to how fast and high you can sell your home. With the above psychological tactics, your home will not stay on the market for an extended period. Remember that every month on a listing platform lowers your home’s value.

Whether you want to sell or rent your property, work with a reputable agent. This way, you will get the best buying or renting price thanks to the agent’s negotiation skills.