List it at the low end of what you’re willing to accept, so that you receive multiple offers. Their attempts to out-bid each other should drive the price higher than any of them would have been willing to accept as an initial offer. Human psychology strongly favors things that are desired by other people over objectively similar things that have been sitting on the table for multiple years. If you go too low, though, you’ll be fighting against the anchoring effect.
(Take this with a grain of salt; I don’t have direct experience with selling houses. I do have a bit of experience with the effects of social proof, and it’s shockingly powerful.)
Edit: A bit of googling seems to indicate that this is common advice.
This is interesting. How do I make sure I get multiple offers? There’s a limited number of people that want a house in this region for this price range with a guest house—I would estimate 1 person per month. When someone makes an offer, you usually need to decide within a couple days.
List it at the low end of what you’re willing to accept, so that you receive multiple offers. Their attempts to out-bid each other should drive the price higher than any of them would have been willing to accept as an initial offer. Human psychology strongly favors things that are desired by other people over objectively similar things that have been sitting on the table for multiple years. If you go too low, though, you’ll be fighting against the anchoring effect.
(Take this with a grain of salt; I don’t have direct experience with selling houses. I do have a bit of experience with the effects of social proof, and it’s shockingly powerful.)
Edit: A bit of googling seems to indicate that this is common advice.
This is interesting. How do I make sure I get multiple offers? There’s a limited number of people that want a house in this region for this price range with a guest house—I would estimate 1 person per month. When someone makes an offer, you usually need to decide within a couple days.