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 may 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 may 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% 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% faster and for 5% more in price than the benchmark. "Good-value" homes sold for 5% less than average.
Another interesting finding in Anglin's study was that the plea of "must see!" was received about as enthusiastically as a dinner-time telemarketing call. Homes with listings using the words "must see" had a statistically insignificant impact on the number of days they took to sell.
Listings where the word "landscaping" was heralded sold 20% faster, and homes in "move-in condition" took 12% less time to sell than the benchmark, although the study showed "move-in condition" had an insignificant impact on the sales price.
Owners use listing language to convey how serious they are about selling. Some words work better than others, Anglin's study found. Listings in which the seller said he or she was "moving" sold for 1% less in price compared to 8% less when the seller was "motivated."
Real estate listings, not unlike personal ads, are crafted to minimize blemishes and maximize perceived selling points. So if "enjoys moonlight walks on the beach and cooking together" means "I'm unemployed and am looking for someone who won't always expect to eat out," then "needs TLC" may mean "this house will have you on a first-name basis with the clerks at the local hardware store."
