The residential market in Pensacola is undergoing a significant shift in pricing strategy effectiveness, according to veteran broker Alexis Bolin of Keller Williams Gulf Coast. With 47 years of experience, Bolin asserts that traditional markup pricing approaches are no longer working, while strategic competitive pricing is producing multiple offers even amid higher interest rates.
“In 2022, people were going in saying, ‘Heather, how much do you want for your house?’ And you said, ‘Oh, I’ll take $560,000’ and they said, ‘Okay, great.’ In today’s world, we can’t do things like that,” Bolin said, describing the difference from the pandemic-era seller’s market.
Bolin, who has worked through multiple market cycles, including times with 18 percent mortgage rates, brings a long-term perspective to current conditions. She began her real estate career in 1978 when rates were 8.75 percent, then saw them rise into double digits before hitting Florida’s ceiling of 18 percent.
The main difference in today’s market, Bolin explains, is understanding buyer psychology and market positioning. She often uses sports analogies with clients, especially couples, to illustrate her approach.
“So either you’re going to place your house on the field as part of those 12 members who can score a goal, or you’re going to place yourself on the bench and you’re going to watch the game until the coach puts you in,” she told clients, comparing real estate pricing to team sports.
This strategy was recently demonstrated with a property in Pensacola’s average $300,000 market range. The sellers wanted to list their home at $595,000, hoping to negotiate down to $560,000 or $565,000. Bolin persuaded them to start at $565,000 instead.
“We priced the house at $565,000 in this market before interest rates dropped. We had for the first three days showings almost every hour. We had three offers, and it sold for $565,000,” she reported. The buyer also agreed to pay all title insurance and meet the seller’s preferred 45-day closing timeline.
Bolin’s approach centers on creating competition among buyers rather than negotiating with individuals. “What happens when you get multiple offers? We get the best buyer, we get the best price, and that buyer is going to allow you to call the shots. You’re going to get to be king of the hill.”
This method stands in contrast to traditional pricing, where sellers list high and expect to negotiate down. “If you’re going to price it at $595,000 to come down to $565,000, why don’t we price it at $565,000 and sell it?” she asks clients.
The results highlight the difference. While Bolin’s competitively priced listing sold quickly with favorable terms, she points out that “the house at $625,000 is still sitting,” showing how overpricing can leave properties overlooked.
Bolin notes that current interest rates, though higher than recent lows, reflect historical averages rather than an unusual spike. “Are we going to go back to two and three percent rates? That is very unlikely. That was an anomaly. We can just forget that ever happened.”
She compares it to a lottery win: “You won $1,000, well, it’s not going to happen again, so be aware that you’re going to spend another $1,000 and not win that $1,000 again.”
This outlook helps sellers set realistic pricing expectations based on today’s market rather than hoping for a return to record-low rates.
A key part of Bolin’s pricing strategy is her role as a consultant rather than a salesperson. “My position is a real estate consultant. I’m not in sales. I don’t sell anything,” she said, noting that clients have already decided to buy or sell before contacting her.
This stance facilitates direct conversations about market realities and pricing without sales pressure. “As the seller, you are in complete control of whether or not that house sells. Contrary to popular belief, it is not the agent. It is you as the seller, to make the right decisions.”
Looking ahead, Bolin sees continued opportunity for well-positioned properties. Recent market data showing increased September sales, partly due to new construction incentives, indicates that buyer demand remains strong when properties are priced and positioned competitively in the current market.
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