Sellers, what's in a word in the real estate market? Words used in real estate advertisements were recently evaluated and written by Professor Paul Anglin, University of Guelph, Ontario after examining listings of about 20,000 homes. Interestingly enough, I've spent alot of time evaluting words to help with my listings and have come up with similar results. My results, however, are not nearly as detailed as his but, my evaluation is simply a 'poll!'
For example, did you know that the work 'beautiful' is worth about $12,500. in a sale? 'Beautiful' or 'gorgeous' homes sell about 15% faster than average and for a whopping 5% more! Conversely, 'move-in-condition' sells 12% faster than average but, has no bearing on the selling price.
'Must see' has no effect on either the time on the market or the sales price but, does seem to cause sellers and listing agents to think that the value of the home is 4% higher than it really is! However, if you use the word 'vacant,' the time on the market is neither helped or hindered but, will bring a sales price of about 8% less.
'Starter homes' will sell 9% quicker but, will bring 10% less in price.
'Motivated' is the REAL shocker! If you use the word 'motivated,' your time on the market will increase by a whopping 30% and bring a sales price of 8% less. Rather than writing about how motivated your sellers are, write about how gorgeous the 'landscaping' is; that will decrease your time on the market by 20% and improve your list and sales prices by 5 and 6% respectively!
If you're in a terrible hurry to sell and don't mind a huge slash in sales price, use the term 'handyman special:' this will sell your listing in HALF the time but, for 30% LESS than it should!
'Rental property' will increase your time on the market by 60%! Don't advertise your home as being rental property! When you finally DO sell, your sales price will be reduced by 9%!
I'm headed to evaluate my current listings to see what words are working for me according to Professor Anglin!
I wonder if I'm correct in thinking that 'turnkey' would probably bring a faster sale with a higher price? Or if the words 'needs updating' will bring a much extended time on the market and a much lower sales price?
What words are YOU fond of using in your listing descriptions?
More Seller Tips:
What Can You do if Your Home Does Not Appraise?
Seller Tips, Part I (Pricing)
Seller Tips, Part II (Declutter)
About the author:
Debe Maxwell is a Charlotte Residential Real Estate Broker, Certified Neighborhood and Relocation Specialist who can assist you with the purchase and/or sale of real estate in Charlotte NC or any place in the country by connecting you with a relocation professional in your destination of choice. Debe has created a team of professionals throughout the country to ensure that you enjoy a smooth transition to your new area. These professionals are experts in the field of relocation and can serve many purposes beyond a simple home search. The destination service is of no cost to you! Please visit www.TheMaxwellHouseGroup.com for your relocation and/or your local needs.
Copyright © 2008 By Debe Maxwell, All Rights Reserved...*Sellers: What are Those Descriptive Words Worth?*