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.
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