The global economy has been struggling for several years and it has placed an enormous amount of pressure on the housing market. Few regions in the country have been left unaffected by this soft market. When you sign as a seller for a new property, you have an obligation to your new client to not only get them the most money for their property, but to also generate genuine interest in it.

If you price the property too high, then qualified buyers may look beyond it without much more than a cursory glance. Price it too low and you run the risk of alienating your client and possibly even future clients. Ask different real estate agents their thoughts on this topic and you’re sure to get different perspectives, so let’s investigate both sides of the argument.

Pricing high, but fair

Whenever you have a soft market, it becomes a buyer’s market. There is no getting around that. Perhaps your clients have a firm number that is their lowest possible. You certainly aren’t going to list the property for that, but if it happens to be at the high end of the soft local market, there’s not much you can do. However, there are simple marketing strategies to create more interest.

If your client wants to sell her home or $500,000, which is at the upper range for the local market, listing it for $495,000 will bring it into listing searches up to $499,999. Many real estate search criteria run through the 9s, such as $0 to $199,999. If you list at an even $500,000, not only is this psychologically high (rather than the $495,000), but it will eliminate that property from those buyers searching for properties below $500,000

The price number you choose can have a great impact on the number and quality of prospective buyers that find it.

Pricing low

On the other hand, pricing low will generate a great deal of interest and may help lead to a quick sale, if the seller is willing to offer the home for a low price (different sellers have various motivation). However, if your goal is to generate a bidding war between interested buyers in a soft market, be aware (and make sure your client is aware) that you may only receive one offer.

Your obligation as a real estate agent is to your client, the seller. At the end of the day, it is up to him or her what you price the listing at. Using these strategies, though, can help drive interest for their property in a soft market.