Real estate sales - the curse of the first number
Why the first price quotation is decisive - recognizing psychological effects when selling real estate and using them in a targeted manner.
When selling a property, setting the initial asking price plays a decisive role. The so-called "curse of the first number", also known as the anchor effect, can strongly influence the selling price. If the price is set too high, this could put off potential buyers, while too low a price may result in a quick sale but not necessarily achieve the maximum value for the Real Estate.
Careful analysis of the market and expert advice are important steps in determining the optimum price. In addition to the market value estimate by a property valuer, comparisons with similar properties and a bank review of the asking price can also be used for the valuation.
You can find more information and tips on selling a property and the full article in our PDF.
