Ditch the 9s When Pricing Your Santa Cruz Real Estate

Posted by Lauren Spencer on Wednesday, May 11th, 2011 at 11:01pm.

Most, if not all, Santa Cruz real estate buyers begin with an Internet property search. Even buyers who are working with real estate agents start the weed-out process on the Web.

Because real estate has such a strong virtual presence these days, smart internet marketing (including price setting) is an absolute must for selling your home quickly.  Here are a few pricing techniques to maximize the number of potential buyers who find your home when they search for Santa Cruz real estate online:

• The theory of 9s - Most real estate search engines have parameters that filter listings based on $25,000 or $50,000 price blocks. For instance, you can search for houses valued $150,000-$200,000 or $200,000-$250,000. Many sellers don’t seem to take this into account. Instead, properties are listed using the same marketing techniques that grocery stores use to sell you a gallon of milk — they use a lot of 9s in the pricing to make it look less expensive. However, today’s buyers aren’t going to be fooled by that system.

• How to span markets - While you might think listing your house for $399,900 will make buyers see your home as a bargain, you might actually be losing out on a lot of interested buyers. When buyers search for houses from $400,000-$450,000, your property won’t show up, so you’d be better off upping the price a little to $400,000. Then you’ll expand your potential buyer base because it will show up in property searches priced $350,000-$400,000 AND searches priced $400,000-$450,000.

• The pros and cons of under-pricing your home - If you’ve priced your property somewhere in the middle, like at $309,000, common sense might tell you that lowering the price $9,000 to price it at $300,000 would be undervaluing it. However, getting many more buyers through the door will certainly help your property sell faster. While I do not recommend purposely under-pricing your home, if you did happen to undervalue it, buyers will notice and you might end up with a multiple-offer situation allowing you to get even more from your property.

Don’t resort to out-dated marketing tricks that might actually be hurting your chances of a fast sale at top dollar.

If you need help pricing your Santa Cruz real estate, I can help.  Call me today at 831-662-6522 or email me at Lauren@LaurenSpencer.com for more information.

For more information, please visit my website at www.MySantaCruzRealEstate.com.

 

Links:

Internet property search
Link to the property search on your website

Under-pricing your home
http://www.frontdoor.com/Sell/Frontdoors-Guide-To-Pricing-Your-Home-Tips-And-Advice-To-Avoid-Pricing-Mistakes-And-Sell-Your-Home-Quickly/55038

Multiple-offer situation
http://www.totalmortgage.com/home-purchase/home-buying-tips-multiple-offers.asp

About Lauren Spencer

Award-Winning Santa Cruz REALTOR®

Lauren Spencer is your local real estate expert, specializing in Santa Cruz real estate and surrounding communities—this is where she lives, works, and plays too. Let her know your questions about the community and county and she'll be happy to fill you in on all you want to know! Lauren Spencer has consistently been voted best local REALTOR in Santa Cruz and is always happy to offer her advice and expertise. Call her at: 800.226.4717.

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