August 25th, 2020
Over my many years serving my clients of Palos Verdes homes and Beach Cities properties, I’ve come to observe the different well crafted descriptions can make in both how other agents and well qualified buyers perceive the property. What words enhance a property listing?
CoreLogic, Inc. (NYSE: CLGX) is an Irvine, CA-based corporation providing financial, property and consumer information, analytics and business intelligence. The company analyzes information assets and data to provide clients with analytics and customized data services. They analyzed over 500,000 home sales to reach some very interesting conclusions
We all know that when a home sells, most often the sale price is different than the listed price. This is due to changes in supply and demand, the property’s condition relative competitive property as well as differentials in micro-location (even with the same neighborhood), views and lot utility. Also a factor is the motivation of the seller and the buyer.
But does the choice of listing description words enhance a property listing? Corelogic took those 500,000+ home sales recorded in the first half of 2017 and applied algorithms with text mining techniques to conclude which words to have a positive impact on a sale. Other statistical techniques were employed to “even out” geographical differences across the country so that word pairs extracted from the public comments could be analyzed with high credibility and correlation to the affect on sale price.
As a result, this “word cloud” picture reveals the conclusions. Words in larger font sizes showed the largest positive effect on list price. Here are some of the word pairs that resulted in higher sale prices in the study
- quiet street
- remodeled kitchen
- natural light
- hardwood floors
- large back yard
- new paint
- interior paint
- exterior paint
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