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Monday, December 13, 2010

The "Too Precise Price": Exhibit A

Why Not $145,403.14?

This South Minneapolis home, located at 44xx 15th Avenue South, dropped from $149,900 to $145,403 yesterday.

What's magic about $145,403? (vs. $145,729? Or why not $145,403.14, if you really want to be precise?).

The answer is, nothing.

Rather, the owner and their Realtor are trying to avail themselves of two things: 1) Buyers' presumption that exact prices are more scientifically arrived at -- and therefore somehow firmer; and 2) in an ocean of homes listed at $144,900, $149,900, etc., the reality is that oddly priced homes stand out.

Reason #1 is pure myth.

As for Reason #2: the price change got my attention (and now, yours!).

P.S.: The reason not to use a funky asking price is that experienced Realtors understand it to be a gimmick, and (rightfully) brace for lots more to come -- which is often the case.

1 comment:

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