How to Tell Where the Fish Buyers are Biting (or at least, looking)
As a listing agent counseling a Seller about where to initially price — or, if necessary — reduce to, a key step is to know where the competition is priced.
The goal: position the client’s home to stand out.
But, what if there was a way to see, by price point, where Buyers are most active?
Actually . . . there is.
Clusters & Air Pockets
Called a “Target Market Analysis,” the resulting bar graph (example above) indicates which price points are getting showings — and equally important, which price points aren’t.
Think of it as “sonar for Buyers.”
So, the report above summarizes showings for these fields: price between $225,000 – $300,000; increments of $5,000; Single Family homes with 3+ Bedrooms; zip code 55426 (western St. Louis Park); going back the last 30 days.
What does the data reveal?
While there was a huge cluster of showings between $255,000 – $259,999 (more than 60, in fact), there were practically no showings from $265,000 – $284,999.
The takeaway: anything listed in the high $200’s that’s been sitting should consider reducing to $259,900 or lower to attract Buyers active at that price point.