In & Around Kirkwood - Atlanta, GA

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Real Estate Pricing Strategies... new research

I just heard about a recent study completed by Cornell University, regarding the pricing of listings... and the Atlanta home salesperception 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!

Atlanta home pricesThank you,

Kerry Lucasse, Atlanta real estate

PHONE:  (404) 432-1844


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Kerry Lucasse  ::  eXp Realty ::  Nest Atlanta Real Estate Group

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Comment balloon 3 commentsKerry Lucasse • February 21 2008 09:30PM

Comments

Very interesting, but like you I'm confused!  I will stay tuned for the comments on this.  I read somewhere (of course, I can't remember where, but it was within the last 6 months) that a price of 600,000 would be better than 599,500 because Realtor.com has the drop-down menu with 50,000 price increments.  The thought is that if somebody searches from 500,000-600,000 they would find both the 600,000 and the 599,500 but if they search from 600,000-700,000 only the latter would show up.  Interesting....Cheers, Harley

Posted by Harley Ramsey, Chatsworth, CA Real Estate (Keller Williams) almost 11 years ago

I find it difficult to believe that it would make a difference either way, with 500 at the end or 000.  Or even 999.

I'd need to see more than one study.

Posted by Karen Webster...Grand Rapids, MI Realtor (5 Star Real Estate, Grand Rapids MI) almost 11 years ago

I've done that with homes in the past ending the price in 262,783 because I heard the same results, but I never actually thought to track it versus my other sales. Guess I got to get the last years sales out and see what happened. I was told that ending like that people thought it was a more scientific price than a guess. More like an appraised value.

Posted by Respect Realty LLC, Brokers - Oregon / SW Washington Real Estate (Respect Realty LLC) almost 11 years ago

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