Is an $8,100 handbag from the Prada® Official Store worth it?

When was the last time you saw a product at a store in Fairview Park Mall or in a shop in Uptown Waterloo and thought "Whoa, that's an insanely high price. You gotta be nuts to pay that"!

Or while shopping on Amazon, you might have seen a product and thought "How can that be so cheap? The quality must be crap".

Research indicates that we tend to make decisions about a product based on its price. We become hesitant to purchase an item if it doesn't reflect the perceived value - whether it is priced too low or too high.

Ask your wife if a Kate Spade-like handbag on Temu for $19.89 is worth it. Or is a leather bag priced at $8,100 from the Prada® Official Store worth it? On second thought, you might want to keep the Prada® site under your hat.

But what the heck does the price of a Prada® handbag have to do with selling your home in the Waterloo Region?

Quite a lot.

Setting the list price for your property is all about the psychology of selling. 

As realtors, we know that setting the list price too high risks turning off buyers who will perceive your listing as too expensive in relation to comparable properties.

Setting the list price too low might attract more buyers and can work in your favour to generate interest in your listing. However, you might knock out qualified buyers searching for a property in a higher price range.

When you set the list price, you want it to help attract the right type of buyers...buyers who are looking for your kind of property, in your neighbourhood, and within that price range.

Bottom line? Work with us to establish “the right list price” for your property. You want to attract buyers who are seeking your kind of property, in your neighbourhood, and within a certain price range.

Kitchener-Waterloo Real Estate Blog Post: May 1, 2024

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