Selling in 2020 is a tricky business, and we’re sure you’ve been watching the ups and downs of this competitive market to see when the perfect time is to list – but even besides timing, you should know that pricing is one of the most important aspects of getting your unit sold. The priority is to get your apartment seen by as many potential buyers as possible (and you don’t want to give those buyers sticker shock!), so take a look at our top pricing tips below to get people through your door.
Price below the average
Jeff Gordon, sales agent here at Platinum, tells us that if you price the apartment just below the average, people will get more interested (and will actually end up selling for a higher price than the average anyway). To get to know the average price of a similar apartment, you can run a comparative market analysis of similar availabilities in the building or neighborhood.
Make yours the best-priced apartment
In this market, it’s all about being better priced than the competition. But besides that, it’s also about making your listing stand out. Here are 2 tips about how to do that:
- Be the best-priced property in your category (1-beds, Financial District, etc). If you’re not, you won’t get enough attention to your listing.
- When creating the description of your apartment, look at others that are similar and highlight the most important and unique things.
Adjust your price if necessary
There are three ways to price: at market value, below it, and above it. In this kind of buyer’s market, it’s most important to stay true to the real value of the place. When your apartment is not getting much interest, don’t hesitate on reducing the price.
Put yourself in the buyer’s shoes
Pricing isn’t that easy and it requires a lot of research. Put yourself in the shoes of buyers in order to be able to look at it from a different perspective, because buyers want to know how you priced and why that’s the correct price. They will not be shy about asking!
Keep online price parameters in mind
90% of potential buyers begin their search online, and online visitors searching at $1,250,000 won’t even see it on their screens if it’s priced at $1,251,000. When pricing for the digital marketplace you have to keep buyers online behavior and price parameters in mind, so don’t get wacky with your numbers.
Do you feel comfortable pricing out your unit to sell quickly? Click here or call 646.681.5272 with your questions to speak with an agent from Platinum Properties! We’re standing by to help you through every step of the real estate process, whether that’s selling your home, buying another, or anything in between.