Pricing your home is one of the most critical decisions in the selling process. It’s not just about determining your home’s value but strategically positioning it to attract the most buyers. One common pricing mistake in real estate is setting a price of $499,990, which can unintentionally limit your home’s visibility to potential buyers.
Let’s discuss how rounded pricing can make a big difference, especially in the Long Island real estate market.
How Buyers Search for Homes Online
Most buyers in Smithtown, Saint James, Nesconset, and surrounding areas start their home search online. Real estate websites and apps make it easy to filter by price, and these filters are often in rounded increments—such as $450,000–$500,000 or $500,000–$550,000.
Suppose you price your home at $499,990. In that case, it technically falls within the $450,000–$500,000 range, but here’s the catch: buyers often mentally associate $499,990 with “just under $500,000” and may perceive it differently than a clean $500,000 price tag. Moreover, buyers searching in the $500,000–$550,000 range won’t even see your property because it doesn’t meet their minimum filter criteria.
By pricing at $500,000, you place your home at the top of one range and the bottom of the next, effectively doubling its visibility to potential buyers.
Why Rounded Pricing Works in Real Estate
While “just under” pricing works well in retail ($9.99 for a t-shirt), real estate is a different ballgame. Here are three key reasons rounded pricing is more effective in our local market:
1. Maximized Search Range
Pricing your home at a clean number like $500,000 ensures it appears in searches for $450,000–$500,000 and $500,000–$550,000. On the other hand, a price like $499,990 only works for one range.
2. Clearer Perceived Value
Buyers in our area understand the market and often associate rounded prices with confidence in value. A rounded price like $500,000 feels more aligned with market trends and avoids the “gimmicky” retail feel of pricing like $499,990.
3. Negotiation Flexibility
Long Island buyers expect some room for negotiation. Pricing at $500,000 gives you flexibility while still ensuring your home stands out as competitively priced. For example, if a buyer offers $ 490,000, you have room to negotiate while still staying within the $ 450,000-$ 500,000 range.
Examples of Smart Pricing
Here’s how strategic pricing might look in the Long Island market:
• Avoid: $699,990
• Better: $700,000
• Avoid: $949,990
• Better: $950,000
This slight adjustment positions your home at key psychological thresholds and ensures more buyers see it.
Adapting This Strategy for Long Island
The housing market in Smithtown, Saint James, Nesconset, Commack, and Kings Park is highly competitive, with buyers carefully analyzing every dollar. Strategic pricing can make or break your listing’s success.
As part of The Haydon Team at Realty Connect USA, Long Island’s leading real estate sales team, we bring a wealth of experience and knowledge to the table. We know how to price homes to maximize visibility and attract serious buyers. We’ve seen firsthand how a simple pricing adjustment can lead to more showings, faster sales, and better offers. With us, you’re in good hands.
Final Thoughts: Why Rounded Numbers Win
When selling your home, you aim to make it as visible and appealing as possible to potential buyers. By pricing in line with how buyers search, you ensure your home stands out in the proper price ranges. Remember:
• Rounded numbers maximize search visibility.
• Clean pricing reflects confidence and clarity.
• Strategic pricing drives buyer interest and more substantial offers.
If you’re considering selling your home in Smithtown or surrounding areas, let’s discuss how we can use these pricing strategies to your advantage. With The Haydon Team, you’re not just listing a home—you’re creating an opportunity to sell quickly and at the best price possible. Imagine the possibilities!
Ready to get started? We’re here to help. Contact us today to learn more about how we can assist you in achieving your real estate goals!