Psychology of Pricing

Ahh, the good ole days, when price almost didn't matter.

I'm not serious, of course. Price always matters. In fact, price is the No. 1 most important marketing factor in a property. But when things were going crazy in real estate in L.A. with few houses, many buyers, and multiple offers, price was not as important as it is today.

Today. Price IS marketing. Price IS strategy. Price IS whether a property is sold or not. Sales are slowing. Buyers are becoming fewer. A poorly priced property won't sell. A well-priced property will sell -- but it may take some time. Only, a property with a very ATTRACTIVE PRICE will sell quickly. That's the reality of a buyer's market. And here's a great primer on pricing:

NY Times: The Psychology of Pricing