Setting the price for your home involves balancing expectations with realistic knowledge of the current market.  Research provides some insight into setting the right asking price.

1.  Getting too precise means you won’t budge and negotiate.  Setting an asking price at $797,485 rather than $800,000 sends the message that you have confidence in the price and will not be very willing to negotiate.

2.  Use the number nine.  When you are shopping at the store, have you ever asked yourself why everything seems to be priced with 99 cents?  $9.99, $39.99,  $799.99?  Wouldn’t $10, $40 or $800 make more sense? Actually the number nine can be a big influence.  Pricing a property at $599,999 rather than $600,000 can subconsciously influence the home buyer.  The lower number, even though we are talking about a dollar, just appears much lower.  “It’s the way our brain looks at numbers,” according to Michael Seiler, professor of real estate and finance at the College of William & Mary.

3.  Going low doesn’t always mean a higher selling price.  Though you may create a frenzy of offers, you may find you take a lower offer if it’s an all cash deal.

Selling real estate and getting a solid offer is a delicate dance of strong marketing, informed pricing and exceptional negotiation.

To read more click on this link to be taken to this Wall Street Journal article on Strategies for Setting a Price for Your Home – WSJ.