I just heard about a recent study completed by Cornell University, regarding the pricing of listings... and the perception of potential buyers. Cornell's study evaluated 27,000 home sales in Florida and Long Island (including a control group) and found that customers perceieve round prices, such as $225,000, as being higher than prices such as $225,682.
The study revealed that round prices (such as $225,000) resulted in a lower final sales price AND that for every zero in the in the last three digits directly correlated to a lower final sales price.
I've always heard that your list price should end in 900 or 500, so after reviewing the Cornell study, I was officially confused!
I did a bit more research online and found that Redfin analyzed 30,000 homes sales in the Seattle area last year and homes with an asking price that ended in 500, resulted in the highest sales price-to-asking-price ratio.
Part of me wants to stick with my current strategy, but I would love to hear what experiences my fellow Active Rainers have had -- please share!
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