Public comments provided by listing agents can give information about the property amenities, architecture, and neighborhood information, and they can also impact the days a property is on the market, according to a new CoreLogic report.
CoreLogic researchers looked at more than 1 million single-family transactions controlled for listing price, geographic variations, and physical housing characteristics and found that certain phrases in public comments helped sell a home faster.
Which words had the biggest impact? Researchers found that words like “fenced backyard,” “open concept,” “natural light,” and “updated kitchen” tended to reduce days on the market for a property.
“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,” writes researchers Bin He and Matt Cannon at CoreLogic’s Insights blog.
Fences appeared four times in the top word pairs – such words that describe a backyard fence, full fence, or a fence in the yard. The researchers note that may reflect privacy is a top priority for buyers.
On the other hand, researchers pinpointed some words that seemed to make the listed property linger on the market, such as “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 note at the blog. Also, “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.”
Researchers were stumped on why properties with “gourmet kitchen” would stay on the market longer. “One possibility is that this luxury feature would lead to a higher property value,” He and Cannon posit. “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.”
Source: “Say What?! Public Listing Comments Can Have an Impact on Days on Market?” CoreLogic Insights blog (Aug. 12, 2016)