Everyone knows that listing agent’s public comments are useful for providing information about a property’s amenities, architecture and its neighborhood, but new research from CoreLogic shows they can also impact the number of days it spends on the market.
In its study, CoreLogic looked at over one million single-family home transactions, taking into account their physical housing characteristics, listing prices and geographic variations, and found that certain phrases can help a home to sell faster.
For example, words and phrases like “fenced backyard”, “open concept”, “natural light”, and “updated kitchen” generally tend to reduce the time it takes to sell a home.
“For those selling a home that happens to have these features, they should make sure to ask their listing agent to include these words and phrases in the public comments,” researchers Bin He and Matt Cannon wrote in the CoreLogic Insights blog.
Buyers seem particularly keen on having fences, because the word “fence” appeared four times in the top word pairs. The researchers said that this may reflect the fact that a lot of buyers are looking for privacy.
Then again, some kinds of words seem to ensure that properties stay longer on the market. They warned against using phrases like “golf course”, “gourmet kitchen”, “ceramic tile” and “granite countertop”.
“While granite countertop has been popular, there is a recent surge in quarz’s popularity,” the researchers said.
They also noticed that: “it appears two-story homes are going off market slower than one-story homes nationwide. Evidently, ‘two story’ is one of the word pairs that could increase days on the market, and ‘single story’ is one of the word pairs that could reduce days on the market for a listed property.”
As for why homes with a “gourmet kitchen” wouldn’t do so well, the researchers admitted they weren’t sure, but did take a guess that it could put off those on a budget.
“One possibility is that this luxury feature would lead to a higher property value,” He and Cannon suggested. “Homes that have higher prices relative to their neighbors may have less demand than lower-priced, more affordable homes, and hence it takes a longer time to sell.”