For the last couple of months, we at Zillow have been encouraging agents and home owners to post their listings online for free on our site. Obliviously this is great, free marketing for your home. But how can you make the most of this free marketing vehicle - how do you get buyers from surfing your home online to physically make the trip to your house? Photos, Photos, Photos is one important element. Pricing your home right is also very important. And finally, write an effective property description. But what does "effective" mean? Below is a great article written by Ann Brenoff for the LA Times. Definitely a good read before writing your next home description.
House that is `beautiful' sounds better to buyers
By Ann Brenoff
Tribune Newspapers: Los Angeles Times
Published December 17, 2006
Words matter. Wars have started over them. Civilizations have collapsed because of them. And it would appear that the speed with which a house sells might be determined by them.
As listings grow old on the vine in this flush-with-inventory market and frustrated sellers grapple for the slightest edge, the findings of several academics might offer some guidance.
For example, a Canadian professor, as part of a broader study on real estate sales patterns, found that homes where the seller was "motivated" actually took 15 percent longer to sell, while houses listed as "handyman specials" flew off the market in half the average time.
"It surprised even me," said researcher Paul Anglin, who teaches real estate and housing trends at the University of Guelph in Ontario, Canada.
The study dissected the wording of more than 20,000 Canadian home listings from 1997 to 2000. What surprised him most was how the buying public put style over substance. Words that denoted "curb appeal" or general attractiveness helped a property sell faster than those that spoke of "value" and "price."
Homes described as "beautiful" moved 15 percent faster and for 5 percent more in price than the benchmark. "Good-value" homes sold for 5 percent less than average.
Listings where the word "landscaping" was heralded sold 20 percent faster, and homes in "move-in condition" took 12 percent less time to sell than the benchmark, although the study showed "move-in condition" had an insignificant impact on the sales price.
Listings in which the seller said he was "moving" sold for 1 percent less in price compared with 8 percent less when the seller was "motivated."
Last year, the impact of listing language was covered in a National Bureau of Economic Research study. Descriptions of houses that indicated an obvious problem--such as "foreclosure," "as-is" and "handyman special"--drew substantially lower sales prices. Words that suggested desirable attributes--"granite," "maple," "gourmet"--translated into a higher sale price, the study found.
One problem discovered was that "superficially positive" words that, in effect, damn with faint praise--such as "clean" or "quiet"--had zero or even a negative correlation with prices.
The findings echo those made in a 2000 paper called "Real Estate Agent Remarks: Help or Hype?" researched by University of Texas professor Ronald C. Rutherford.