We all know the market has been a little soft. It's most definately a buyers market with interest rates being low and more inventory to chose from. In Levittown alone today there are 170 homes for sale.  That's a lot of choices!

Traditionally we would price a home at a fixed price.  Basically if we figured the home could get , let's say in the $420K range, we'd probably price and market the home around $439K.  Because as we all know, buyers like to negotiate. 

But, in a slow market where pricing your home correctly is extremely important to if AND when you'll sell your home (not to mention getting the top price) it's time to start thinking outside the box to appeal to the most broad range of buyers and to make your home stand out above the others.  I believe that PVRM or Price Value Range Marketing is an excellent way to do that.

Say, for example, you have buyers who are looking for a home and $425 - $429K is their max that they can and are willing to spend on a home.  But, your home is priced at $439k. Keep in mind that in a market with a lot of choices, buyers will look at their max and under.. not over, since there will be a lot available for them to chose from without having to expand their search beyond their comfortable price max.  So, while your home DOES technically meet their affordability range , but your home is listed at $439K, they will most likely not see your house.

With PVRM your home would be listed at $$399,000 - $458,876. This will bring those shopping on the lower side to your home (and perhaps they'll fall in love with it and come up to the price you are expecting) while making sure that the home is not underpriced, nor overpriced.  This does not mean that you will accept any offer given in that range, just that you will counter any offer that a person makes with that range.  Of course, the buyer will come in with the minimum offer of $399,00 but negotiations will take off from there and we can achieve your target price.

I pitched this idea on a marketing appointment just a few days ago, and then today  in Newsday was an article about PVRM and how it is helping to sell homes in this market.  I'm proud to say that Prudential was the first RE firm to use this marketing method. This method is not new and was used once before when the market was soft.

It was a wonderful article and you can read it at http://www.newsday.com/business/realestate/ny-bzspdn5298182jul20,0,6325009.story?coll=ny-realestate-headlines  .

Enjoy