What Do Fishing and Your Pricing Strategy Have in Common?

Believe it or not, fishing is a great analogy for the way in which you price your home. Here’s what I mean.

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Have you ever been out fishing and thought about how the principles of it very much apply to the way you price your home?

My guess is probably not, but I’m here to tell you that the art of fishing is a lot like the art of correctly pricing your home. Allow me to explain.

If you’ve ever made the mistake of pricing your home too high, you probably know what it’s like to receive little interest from buyers and be left with no other choice than to make price reductions. Conversely, if you’ve listed your home slightly below its market value, you’ve probably received lots of attention and maybe even sparked a multiple-offer situation.

Your success as a seller has a lot to do with your pricing strategy, and given this hot seller’s market we’re in, pricing your home right is all the more important. We at The Anderson Group see fishing as an appropriate analogy for how we help our sellers set their home’s price: When you put good bait in the water, you get multiple fish swimming toward it and biting down on the bait. As you reel in your catch, you know you’ve used irresistible bait because you’ve captured the fish hook, line, and sinker.

We advise our sellers to price their home meaningfully and enticingly right from the beginning, so that when buyers see it, they won’t hesitate to offer full price or even above your asking price. And you could have a multiple-offer situation on your hands.
When you put good bait in the water, you get multiple fish swimming toward it and biting down on the bait.
We’ve found that the key to proper pricing is to set your asking price slightly under market value. That way, buyers see it as good bait and immediately bite down, instead of nibbling at it before swimming away because your price is too high.

If you have any questions or would like to learn how our pricing strategy works in greater detail, please reach out to me and my team. We look forward to talking with you soon!

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