When you decide to sell your house, select your asking price with great care. A wrongly chosen price could delay your ability to find a buyer or cause you to sell for less than necessary.
Certainly, your real estate agent will be very helpful as you set your asking price. But be aware that psychology and culture can also play an important part in setting the right number.
You probably know about the psychology behind using 9 or 99 in pricing. Something that costs $1.99 sounds a lot cheaper than $2, doesn’t it?
Similarly, your real estate agent might advise you to price your home at $499,999 instead of $500,000. This not only sounds cheaper, but it also takes advantage of the fact that buyers are likely to search for homes “below $500,000” when running queries in the Multiple Listing Service. If you price your house at $500,000, it will be excluded from the search and the buyer would never even see it, let alone make an offer on it. This explains why homes are typically listed for $199,900, $299,900 and so forth.
And there are more reasons for tweaking your price by a dollar or two. Here are some you might not know:
- If you live in an area where there might be many Asian buyers, set a price ending with the number 8 — but not the number 4. The Chinese word for eight is pronounced in a manner similar to the word for prosperity, wealth and good fortune. Meanwhile, four sounds like the word for death. Many Chinese give much credence to such things, so if you want to attract a Chinese buyer, consider a price such as $398,800 instead of $400,000.
- In Nevada, many houses have a sales price that includes the number 7. Why? That number appeals to gamblers. Thus, it’s common to see home listings in Las Vegas priced as $277,777 or $377,777. And if the street address itself features a seven, well, that’s even better.
- In Bible Belt states, some home prices include the number 316 — a reference to John 3:16. And although the researchers couldn’t explain why, the number 666 — the devil’s number — was also found to be popular in prices within these states.
As a seller, you want your house to show well so you can sell it as fast as you can for as much as you can. Numerology seems to be regarded as an additional ploy to help you achieve your goal. Does it really work? Well, as my grandmother used to say, it voodn’t hoyt!