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:
The researches believe that the results are more or less universal but may vary by locale.
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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.
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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
Rick and Ines: Thanks for stopping by. I'm a stats kind of guy and like sharing this info.
Jeff
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.
Great stuff Jeff, I will definitely use this information...thanks!
Wow, I am surprised by some of these..I am going to keep them in mind however! Thanks!
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.
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.
very interesting information.... Thanks for sharing it.