Stunning Results in Super-Fast Sales
David Bates / November 28, 2012-3:19 pm
I scoured the listing descriptions of July solds which found buyers in less than 7 days of market time, looking for a common attribute or feature which might be a tip-off that a particular condo was destined to sell super-fast. Experience told me that it’s usually price, location or condition which leads to the extreme marketability, so I noted which of these benefits agents were promoting in the property’s listing remarks. Then, I rated the benefit’s effectiveness in garnering super-fast sales.
There’s no question that a great price will cause a home to sell fast. At the same time, the average time to sell a listing which hyped “priced to sell” was 59 days, only slightly better than the 66 day average market time of July solds. More importantly, only one of the 24 listings which flaunted price in the listing remarks sold super-fast. So, I ruled out price.
Was it location that led to super-fast sales? Three Boston neighborhoods accounted for approximately half the super-fast sales, but apparently neighborhood is where the location-to-super-fast-sale connection ended. Listings ballyhooed as A+, amazing, fantastic, great, ideal, top, prime, perfect, premium, convenient, commuter, coveted, trophy, unbeatable, and write-your-own-superlative locations found buyers super-fast only about 8% of the time. Compare that to the 11% of July solds which had found buyers super-fast and it was obvious that “location” wasn’t a reliable indicator of whether a listing would sell fast.
As it was not price or location, it had to be condition. In regards to condition, I quickly ruled out “renovated” which appeared on about ¼ of all the July solds and scored no better than average for super-fast sales (11%). However, another word which was a clear indicator of condition and not so commonly used was “stunning.” Simply put: “Stunning” had stunning results. More than 22% of listings described as “stunning” sold within 7 days. That’s about twice the rate of the July solds. In fact, “stunning” was pushed in the listing remarks for 36 July solds and the average market time for those listings was only 39 days. These impressive results clearly mean that “stunning” is such a powerful indicator that a listing will sell fast in this market, that some might consider it a synonym for the word “Brookline.”