What a $12 Water Taught Me About Pricing Your Home

They knew they had me…

$12 for water? I'm not kidding. That really happened.

While in Vegas for a soccer tournament, we took a little adventure down the strip. We were on a quest for this legendary spot called "Secret Pizza" in The Cosmopolitan.

Why's it secret? No signs. No directions. Nada.

You might think they don't want customers—but people line up around the corner for it.

After finding this hidden gem (and having some mind-blowing pizza), I needed to hydrate. We'd already walked nearly 10,000 steps through that neon jungle.

I wasn't dying of thirst, but I was definitely parched.

So, I grabbed a bottle of water. The cashier said, "That'll be $12, please."

I thought I had misheard. Maybe it was filled with liquid gold? Nope. Just regular "smart water."

Smart for who? Not me! But I paid anyway—because my mouth felt like the Vegas desert.

How do they get away with this?

Once you're deep in the labyrinth of a Vegas casino, parched from pizza-hunting, the vendors can charge whatever they want. 

What percentage of people will say, "Forget it, I'll just trek back out to the strip and find a gas station with cheaper water"?

About 1.7%. Or something like that. Certainly not a lot.

"What does this have to do with my home's value, Jeremy?"

I'll tell ya.

If done right, your listing price is a tool to get buyers to compete for your home.

Or, it's a tool to help your neighbors sell theirs. Ouch.

One thing I've learned from over 2000 closed sales: When sellers price too high, they end up with few options when buyers come in with lowball offers.

It's like the $12 bottle of water.

Had they priced competitively from the start, buyers would've been fighting to get their hands on it.

Now, they're coming in with offers so low they feel like they can get away with it—especially when a home has been sitting for 30, 60, or even 180 days.

The choice to use this tool correctly is yours. And it will make or break your sale outcome—by thousands if not tens of thousands of dollars.

The real estate market isn't crashing. But it is shifting. The sellers who act first will walk away with a truckload of equity at the closing table.

And those who don't?

They'll keep the 'honor' of having the highest asking price for their home, day after day…

If you want a copy of the exact proprietary home pricing guide we use to help our clients make pricing decisions, just reply to this email, and I'll send it your way!

-Jeremy "Often thirsty, but smarter about it" Larkin

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