Unlocking Savings: The Impact of Listing Phrases on Home Sales
Understanding Key Phrases in Real Estate Listings
Homebuyers searching for the best deals on properties should pay close attention to the language used in real estate listings. A new report sheds light on how specific phrases can lead to substantial savings when purchasing a home.
Significant Discounts with Certain Phrases
The study reveals that listings featuring terms like "Priced to Sell" come with an impressive average discount of nearly $38,000 off the median home price across the nation. This suggests that savvy buyers can often find notable opportunities simply by keeping an eye on the wording in listings.
The Power of Language in Home Buying
According to Ralph McLaughlin, a senior economist, certain phrases such as "under valued," "under priced," and "bargain" frequently correlate with lower listing prices. The analysis shows that homes advertised with these descriptors tend to have average listing prices approximately 8.5% lower than similar properties without these phrases.
Geographical Variations in Savings
Interestingly, the impact of these phrases isn’t uniform across the country. In some metropolitan areas, the savings associated with such language can differ widely. For example, buyers in Little Rock can expect a whopping 23.1% discount, whereas in Orlando, the discount is just 3.2%.
Regional Insights on Discount Levels
In Southern and Midwestern markets, discounts reach their peak. Little Rock, Arkansas, tops the list offering property discounts of 23.0%, followed closely by St. Louis, Missouri, and Charleston, South Carolina, with discounts of 18.7% and 15.9%, respectively. These savings present excellent opportunities for homebuyers in those regions.
Areas with Minimal Discounts
Conversely, buyers in Florida and Western markets may find fewer savings. For instance, in Orlando, Seattle, and Salt Lake City, discounts hover around a mere 3% to 4%, reflecting less favorable conditions for finding bargains.
Ten Markets with the Largest Discounts
Buyers are encouraged to look for properties listed as "priced to sell" in certain key markets. A closer inspection reveals markets such as:
- Little Rock-North Little Rock-Conway, AR: -23.0%
- St. Louis, MO-IL: -18.7%
- Charleston-North Charleston, SC: -15.9%
- Memphis, TN-MS-AR: -14.5%
- Lake County-Kenosha County, IL-WI: -12.6%
Methodology of the Study
The insights stem from a thorough analysis of single-family homes listed on Realtor.com. This included an examination of listings described with phrases like "priced to sell," "bargain," and others.
The research employed a hedonic pricing model to assess the impact of these terms. By controlling for various property features such as square footage and age, the analysis determined the average discount associated with listings using value-laden terminology.
About Realtor.com
Realtor.com has been at the forefront of digital real estate for over 25 years, providing a trusted marketplace for consumers and professionals alike. By breaking down barriers in homebuying, Realtor.com empowers millions to navigate their paths to homeownership through insightful resources and meaningful connections.
Despite the fluctuating market conditions, Realtor.com remains a reliable partner for those seeking effective branding solutions and consumer outreach tools for success in today’s real estate landscape.
Frequently Asked Questions
What phrases should I look for in property listings?
Look for phrases like "Priced to Sell," "Bargain," and "Under Valued" to identify potentially discounted properties.
How much savings can I expect from these key phrases?
The average discount across listings with specific phrases can reach about $38,000 or approximately 8.5% off the median listing price.
Which areas have the largest discounts for home listings?
Areas like Little Rock, St. Louis, and Charleston offer some of the biggest discounts for properties listed with these phrases.
Why do discounts vary by region?
Factors such as local market conditions, property availability, and buyer sensitivity influence how discounts apply in different regions.
How can I use this information to my advantage?
By focusing on listings with specific phrases, you can increase your chances of finding a home that fits your budget while still meeting your needs.
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