Wong's advice: Find the "worry price"

Here’s a nugget of pricing advice from @properties co-founder Thad Wong, via Bob Darrow’s Your Windy City Guide blog:

The worry price is the price at which a home is offered where a potential buyer will say, “I am worried that someone else may buy this!”

This is very real, and where your listings need to be priced if the goal is to sell them. Buyers today are setting the pricing for which homes will sell. They will also pass on a home because, in most of our neighborhoods, there are more than a few homes available in that same price range with similar amenities. Your listing needs to be the best priced home within the category it is competing against, or, if the home has a defect similar to backing up to the El or expressway, it needs to be priced where the competing homes are smaller and in much worse condition giving the buyer a valid reason to buy a home with a defect in today’s market.

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