When it comes to selling residential properties, market research indicates that word choice and phrasing really do matter. While “location, location, location” is still paramount, certain words and phrases can influence both the perceived value of a home and the time it takes to sell, according to research by CoreLogic, Inc.
A CoreLogic analysis looked at more than 1 million single-family transactions that were closed in 2016 nationwide. Days on market is defined as the time between the list date and the date a contract is signed.
Distressed properties, including real-estate owned (REO) and short sales, were excluded from the analysis since they are usually priced lower and tend to sell faster than non-distressed properties.
The researchers used word cloud graphics to show which combinations reduce and which combinations increase the days on the market for a listed property.
For example, “finished basement” and “updated kitchen” help properties sell faster, while “gourmet kitchen,” “two stories,” and “golf course” seem to increase days on the market, perhaps because they suggest premium price.
Similarly, another CoreLogic analysis says word pairings can increase or reduce the perceived value of a listed property. The words should be custom-tailored to the local market. For example, desirable neighborhoods, appealing local attractions, fashionable street names mentioned in the listing can add value,while other choices can reduce the value perceptions.
In addition to careful word pairings, there also is a growing trend toward the appealing story and narrative in describing listed properties. Sellers and their agents sometimes hire professional writers to craft 250-word descriptions that go way beyond the usual “3 bdrm, 2.5 bath, 2-car garage,” etc. Now, it might be something like:
“With magical, embracing arms, this home can whisk you right back to your childhood. Remember racing down the street with your brand new Schwinn bike to be greeted by the smell of bacon frying for your special BLT lunch….”
Marketing experts also recommend throwing around respected brand names, including names of appliances, furniture makers, designers, and architects, to suggest customization, uniqueness, and quality.
So, there you have it. Now, choose your words carefully, and when you’re ready to move within Texas or beyond, choose Elephant Moving & Storage, Austin’s favorite home-grown moving and storage company. #Texasmovers #Austinmovers #Elephantmoving