When you see “ Seller will accept or counter offers between $599,000 and $669,000 “ you’re looking at a home that is range priced.
It’s a strategy that some agents believe will bring in more offers and also limit the bottom price that is offered, so it’ll discourage
I don’t know, and I’ve never seen any evidence, that range pricing actually encourages more offers than does a straight-forward well priced home. But looking at range priced homes that have sold, it’s obvious that range pricing is not very effective at limiting offers to the bottom end of the range.
And it seems to me that if it works at all, range pricing works better in a hot market where homes are flying off the shelf. In that case I think it would encourage buyers to at least consider offering more than the bottom of the range and could lead to a higher sale price.
But in the market we’re in, nah. Here are the range priced homes that’ve sold since Jan 1.
-SELLER WILL ACCEPT OR COUNTER OFFERS BETWEEN $200,000 & $215,000. SOLD $191,000
-Range priced $219,000-$239,000. SOLD $219,000
-SELLER WILL ACCEPT OR COUNTER OFFERS FROM 259,900 TO 299,000. SOLD $255,000
-Seller will accept or counter offers between $325,000 & $349,000
-***Seller will Accept or Counter offers between $349,900-370,000*** SOLD $352,000
-Sellers will accept or counter offers $374,000-$389,000. SOLD $369,500
-Seller will accept or counter offers btw $399,000-$419,000. SOLD $375,000
-Owner will entertain or counter offers range priced between $399,000-$419,000. SOLD $399,000
-Sellers will entertain offers between $499,500-$507,000. SOLD $496,000
-LIST RANGE PRICE $719,000-$749,000. SELLER WILL ACCEPT OR COUNTER OFFERS WITHIN THE RANGE. SOLD $675,000
The point is, if you see a home that you like that’s range priced, but you don’t like the range, don’t be discouraged, there’s no law that you can’t offer under the range. Go for it.
UPDATE; A reader with a long memory reminded me that I’d done basically the same piece on range pricing last year.
Well, no johnny-come-lately anyway.
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