1. Motivated Seller:
Agents often put the phrase “motivated seller” in a listing in hopes of generating offers quickly. The study found that listings where the sellers were “motivated” resulted in a 4% lower sales prices and 15% longer time on market. While the intent of “motivated” is to entice buyers, the opposite occurs, hurting the sellers in the end.
2. Good Buy:
When a listing had the phrase “good buy” in the description, the study showed that the home sold for less indicating that simply omitting that word could help get the seller a better price.
When a listing had the word “vacant” in the description, the study showed that the property had a lower selling price indicating, once again, that not having the word in the listing remarks may improve the potential for a slightly higher final sales price.
The study showed that houses that had recently underwent “major repairs” or “recent repairs” sold for less and describing repairs in the remarks was a negative, both for price and time on market. However, using the word “updated” was associated with an increased sales price. It was determined that buyers don’t automatically assume a repair is an improvement whereas an update has a more positive tone.
5. Good Location:
The study found little use of the “good location” description, but when used, it was associated with a lesser sales price. Perhaps adding such language reveals an insecurity the agent or the owner has in the value of the location?
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