A mortgage broker friend of mine just dropped by the office to share an article he had been sent. I thought it was worth sharing here on Active Rain.

A study done by the University of Windsor and CMHC examined some 20,000 listings to determine the effect of certain wording in listings and the impact on sale price and time to sell. What the study revealed will change how I write my listing descriptions. The data was from the Windsor area for homes listed and sold between 1997 and 2000.

Using the following words or phrases had these impacts:

  • Beautiful - added 12,500 to the selling price of a 250,000 home, about (5%).
  • Move-in condition - no impact on price but sold 12% faster.
  • Beautiful or gorgeous - sold 15% faster.
  • Landscaping - sold 20% faster.
  • Handyman special - cut sale time by half.
  • Must see or Vacant - had no impact on time for a sale.
  • Motivated or must sell -  slowed sales by 30%.
  • Ranch -  slowed sales by 10%.
  • Rental or Income producing - slowed sales by 60%.

The researches believe that the results are more or less universal but may vary by locale.

 
This post has been included in British Columbia Real Estate News

12 Comments on What's in the wording? - Impact on price and time to sell

OCT
08
2007
221,087 Points 56 Featured Posts Outside Blog

Jeff, I find these studies fascinating and we do need to pay attention to them.  I had heard about "motivated and must sell" but not about "move-in condition and beautiful".  And here I was thinking that "beautiful" was a boring adjective.  Thanks!

ines 
10:03am • #1
OCT
11
2007

Rick and Ines: Thanks for stopping by. I'm a stats kind of guy and like sharing this info.

Jeff
6:11pm • #2
OCT
12
2007
 What an interesting post.  Like Rick and Ines, I always worry that I use certain adjectives to often but I do get excited when I list a gorgeous house for sale.  I wonder what effect the word "unique" has.  Or "stunning."  We have a fellow in our area who always uses the word "dandy" in almost all of his listing remarks.  Always makes me chuckle a little but he's an endearing sort.
4:36pm • #3
DEC
05
2007
299,270 Points 3 Featured Posts Localism Sponsor Outside Blog
Great stuff Jeff, I will definitely use this information...thanks!
11:39pm • #4
DEC
06
2007
276,814 Points 3 Featured Posts Outside Blog

Wow, I am surprised by some of these..I am going to keep them in mind however! Thanks!

 
8:43am • #5
I was just trying to find a reference for this study online and can't find it in full however, I thought we should clarify that the study was actually done by an economic research prof at the University of Guelph.  If anyone can find the full study, I'd love the link!  Thanks.
9:05am • #6

Marg: I never did find the study on-line, it is titled "House Prices and Time-till-sale in Windsor". Paul Anglin, did the study while at the University of Windor although he is now in Guelph. He also did another study while at the University of Windor in 2004 on the "Selling Process" which discusses sellers behaviour when their homes don't sell on the first listing attempt.

Elaine: thanks for dropping by.

Vanessa: you are welcome.
12:00pm • #7

very useful...some surprises too...

 

<a href="http://www.revelstokemountain.com">Revelstoke Real Estate></a>
stu
3:29pm • #8
JAN
15
2008
Have you ever thought about buying a second home in a foreign country? Most of us have spent a few minutes online drooling over some of these properties. However, most of us quickly let the dream fade away when we realize how complicated and risky this venture can be.
The hardest part about buying property abroad is that every country, state, and city has different rules and conventions.  So to be smart about it we usually start by researching foreign ownership restrictions, tax ramifications, currency issues, etc. This can be very time consuming, costly, and may even lead to out dated and incorrect answers. Along with this, doubt usually sets in; what if the property is over priced and I'm the only idiot in the world who doesn't know it?
The best way to purchase real estate in foreign places is to contact a trustworthy, local, real estate professional. A local real estate agent will be familiar with the market value of properties in the area you are searching, and they understand the local laws. Your next question is probably; how do I find a trustworthy local real estate agent?
There is a website called UniFersal.com. You can find properties in over 50 countries, look at pictures, and even chat, call, or message a pre-screened, local real estate professional who speaks your language and specializes in the particular city you are searching in.
UniFersal.com does a background check on all of the real estate professionals that would love to help you buy real estate in their city. They confirm the professional's real estate expertise in that city, and even ask for references.
If you are serious about buying a property in a foreign country, don't try to do it alone. Use the internet to drool over properties, then get serious and contact a local professional.
Andy Weitnauer
9:28am • #9
1 Featured Post
very interesting information.... Thanks for sharing it.
11:16am • #10
NOV
20
2008
299,270 Points 3 Featured Posts Localism Sponsor Outside Blog

Good stuff Jeff, thanks for the post...will have to keep this in mind as I often use motivated.
3:09pm • #11
JUL
13
2009
732,838 Points 13 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi Jeff...Great information...thanks for sharing these ad tips.

Cheers, Keep Blogging Google Lives AR content
12:31am • #12


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Jeff Shields, REALTOR® Qualicum Beach, BC

Qualicum Beach, BC

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RE/MAX Anchor Realty

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Jeff specializes in residential and commercial real estate. He services Qualicum Beach, Parksville, French Creek and all other areas within the Oceanside community on beautiful Vancouver Island Get great free widgets at Widgetbox!


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