Today’s ANG Newspapers (Oakland Tribune/Daily Review/Argus) have an article on how the list price affects the actual selling price. A research team at Cornell University found that buyers will pay more for a house with a “precise” rather than a round number for a list price ($345,500 versus $345,000). This may initially seem odd, but does make sense if you consider the study’s reason: consumers are used to seeing precise figures for small-ticket items and round figures for high-ticket ones.
Now in this Bay Area market, where there is a large number of Chinese buyers, I wonder if using a price with several 8s (e.g. $500,888) will increase the likelihood of generating full-price offers? And what about the high tech buyers in Silicon Valley? Perhaps if a seller would use a prime number for a list price, the mathematically-inclined buyer would appreciate the use of the prime number and use the same figure for the offer? Or maybe a perfect number? Anyway, here is the link to the article:
http://www.insidebayarea.com/business/ci_8303002
Now, to all the sellers out there, if you need help figuring out a prime or perfect number, well, you can certainly contact me!
