How Should You Price Your Home? Featuring Potato Chips. Really.
By Ritu Desai 703-625-4949, Northern Virginia,Washington DC & Maryland Realtor
(Samson Properties)
So you're selling a home and you're wondering how much you want to sell your home. Due to the excitement of having a profit, you think about it everywhere you go -- from the bathroom, before going to bed, even while shopping for groceries. While picking up on the items in the chips section, and you noticed that the prices always end in 9 -- $2.99, $4.99, etc. Then you asked yourself -- should I sell my house the same way?First off -- this pricing thing that end in nines is a part of what is called "strategic pricing," specifically the "left digit effect" -- basically the principle is to make the prices look attractive to the buyers. In a study conducted by MIT and the University of Chicago, they found out that nine-ending prices give the illusion of the price being perceived as somethin...
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