Saturday, February 24, 2007

What's 'beautiful' worth? About $12,500

The right phrasing in real estate listings can speed a sale and even boost the final price, a Canadian study says. And here's a tip: If you must sell, don't put "must sell" in your ad.

In real estate listings, what's the difference between describing your home as "beautiful" versus "move-in condition"? About $12,500 on a $250,000 home.
Professor Paul Anglin, a real estate economist in Guelph, Ontario, says that homes described as "beautiful" in real estate listings sell for 5% more while "move-in condition" has no effect on sale price.
Anglin and his colleagues from the University of Windsor and researchers from Canada Mortgage and Housing examined about 20,000 real estate listings and sales data in Windsor and Essex counties, Ontario, from between 1997 and early 2000. Among other things, they studied how listings' phrasing affected sale prices and the length of time it took for the listings to close.

No comments: