What's it Worth to You?
Sellers, what's in a word inthe real estate market? Words used in real estateadvertisements were recently evaluated and written by ProfessorPaul Anglin, University of Guelph, Ontario afterexamining listings of about 20,000 homes. Interestinglyenough,I've spent alot of time evaluting words to help with my listings andhave come up with similar results. My results, however, arenot nearlyas detailed as his but, my evaluation is simply a 'poll!'
For example, did you know thatthe work 'beautiful'is worthabout $12,500.in a sale? 'Beautiful' or 'gorgeous'homes sellabout 15% faster than average and for a whopping 5% more! Conversely, 'move-in-condition'sells 12%faster than averagebut, has no bearing on the selling price.
'Must see'has no effecton either the time on the market or the salesprice but, does seem to cause sellers and listing agentsto think thatthe value of the home is 4% higher than it really is! However, ifyou use the word 'vacant,' the time on the market is neither helped orhindered 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! Ifyou use the word 'motivated,'your timeon the market will increase by a whopping 30% and bring asalesprice of 8% less. Rather than writing about howmotivatedyour sellers are, write about how gorgeous the 'landscaping' is; thatwill decrease your time on the market by 20% and improve your list andsales prices by 5 and 6% respectively!
If you're in a terrible hurry to sell and don't mind a huge slash insales price, use the term 'handymanspecial:' this will sell yourlisting in HALFthe time but, for 30% LESS than it should!
'Rental property'will increaseyour time on the market by 60%! Don't advertise your home as being rental property! Whenyou finally DO sell, your salesprice will be reduced by 9%!
I'm headed to evaluate my current listings to see what words areworking for me according to Professor Anglin!
I wonder if I'm correct in thinking that 'turnkey' wouldprobably bringa faster sale with a higher price? Or if the words 'needsupdating' will bring a much extended time on the marketand a muchlower sales price?
What words are YOU fond of using in your listing descriptions?
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Seller Tips, Part II (Declutter)Signature and author descriptio?
About the author:
Debe Maxwell is a Charlotte ResidentialReal EstateBroker, Certified Neighborhood and Relocation Specialist who can assistyou with the purchase and/or sale of real estate in Charlotte NC orany place in the country by connecting you with a relocationprofessional in your destination of choice. Debe has created a team ofprofessionals throughout the country to ensure that youenjoya smooth transition to your new area. These professionals are expertsin the field of relocation and can serve many purposes beyond a simplehome search. The destination service is of no cost to you! Please visit www.TheMaxwellHouseGroup.com for your relocation and/or your local needs.
Debe Maxwell- 704.491.3310 - Debe@DebeMaxwell.com
Copyright© 2008 By Debe Maxwell, All Rights Reserved...*Sellers: What is Your Agent Saying about Your Home*