Should you price your listing high to leave room for negotiation?

Pricing a home is an art form

Depending on your market, there are many different pricing strategies.

If your seller gives you full rein, price the house under market value.

In L.A., we are seeing two trends. The first is with sellers who are pricing at market value — or under to create competition. Those listings are flying out the door right now.

And then you have this other segment of sellers who are marketing their homes just a little above market value.

Sellers think, “I can price it high and let someone come to me,” but it’s just now happening right now, not like it did years ago.

Those homes are just sitting on the market getting stale.

So right now, price your listing at market value, or if you want multiple offers, or at least a chance at multiple offers, price it just under.

Peter Lorimer is the CEO of Beverly Hills, California-based PLG Estates.