Looks like we need to rewrite some the descriptions for our listings.
Bottom Line: Emphasize beauty and extravagance rather than value and price.
Good Ad Words: Sell Faster, Get higher price
- Curb Appeal
- Landscaping- 20% faster
- Handyman’s special
- Beautiful & gorgeous- 15% faster
- Golf - 5.6-7% higher price
- Lake- 7% higher price but 8.9% longer to sell
- Updated- 2.7% faster, 5% higher price
- Move-in condition
- Starter home
Bad Ad Words–Longer to Sell, lower price
Rental- 60% longer to sell
Motivated- 15% longer (prior study showed 8% longer)
Foreclosure 16% lower price but no effect on sell time
Neutral- Little effect, possibly negative on price/time
Roof work & other property improvements
Vacant (4% lower price)
Original Sources: Very interesting reading
Real Estate Agent’s Remarks: Help or Hype? [pdf] Haag, Rutherford & Thomson (Univ. of Texas) Study of 58,000 closed transactions between 1994-1997
The Selling Process, If at first you don’t succeed…Prof. Paul M.Anglin (Univ. of Windsor, Canada) Study of 20,000 listings from Essex and Windsor County MLS 1997-2000
Prof. Paul M. Anglin’s Other Working Papers.