Profile picture for sellersbeware

Before you sell your home read Freakonomics, I wish I would have!!!!

http://freakonomicsbook.com/thebook/ch2.html

Five Terms Correlated to a Higher Sales Price
* Granite
* State-of-the-Art
* Corian
* Maple
* Gourmet
Five Terms Correlated to a Lower Sales Price
* Fantastic
* Spacious
* !
* Charming
* Great Neighborhood
"Fantastic," meanwhile, is a dangerously ambiguous adjective, as is "charming." Both these words seem to be real-estate agent code for a house that doesn't have many specific attributes worth describing. "Spacious" homes, meanwhile, are often decrepit or impractical. "Great neighborhood" signals a buyer that, well, this house isn't very nice but others nearby may be. And an exclamation point in a real estate ad is bad news for sure, a bid to paper over real shortcomings with false enthusiasm.
If you study the words in the ad for a real-estate agent's own home, meanwhile, you see that she indeed emphasizes descriptive terms (especially "new," "granite," "maple," and "move-in condition") and avoids empty adjectives (including "wonderful," "immaculate," and the telltale "!"). Then she patiently waits for the best buyer to come along. She might tell this buyer about a house nearby that just sold for $25,000 above the asking price, or another house that is currently the subject of a bidding war. She is careful to exercise every advantage of the information asymmetry she enjoys.

  • July 31 2008 - US
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Answers (16)

Profile picture for Carrie.

Gimme a break....unbelieveable.

  • July 31 2008
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Profile picture for sellersbeware

Don't let realtors force you to take the first LOW offer! Read the book Freakonomics and it tells you exactly what realtors do. The author explains how they try to talk you into taking the first offer (which is usually the lowest), the seller is the one that gets the least benefit out of the deal, the realtor's commission is not significantly lowered. You may get $10,000 less but their commission is only lowered by a few hundred dollars!! Their goal is to sell fast! The faster they sell the more money they make from selling more homes. The author also explains that realtors who sell their own homes keep their homes on the market more days than homes they do not own. These realtors are going to bring down the market with their greed!!

  • July 31 2008
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Profile picture for sellersbeware

Five Terms Correlated to a Higher Sales Price
* Granite
* State-of-the-Art
* Corian
* Maple
* Gourmet
Five Terms Correlated to a Lower Sales Price
* Fantastic
* Spacious
* !
* Charming
* Great Neighborhood
"Fantastic," meanwhile, is a dangerously ambiguous adjective, as is "charming." Both these words seem to be real-estate agent code for a house that doesn't have many specific attributes worth describing. "Spacious" homes, meanwhile, are often decrepit or impractical. "Great neighborhood" signals a buyer that, well, this house isn't very nice but others nearby may be. And an exclamation point in a real estate ad is bad news for sure, a bid to paper over real shortcomings with false enthusiasm.
If you study the words in the ad for a real-estate agent's own home, meanwhile, you see that she indeed emphasizes descriptive terms (especially "new," "granite," "maple," and "move-in condition") and avoids empty adjectives (including "wonderful," "immaculate," and the telltale "!").

  • July 31 2008
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Profile picture for sunnyview
It is too late for the realtors to "bring the market down with their greed". The banks have already done that by lending money on overpriced houses with no appraisal to financially insolvent borrowers with the full cooperation of government regulators.

Please don't blame the realtors. They never would have been able to sell those houses for those high prices if the banks were unwilling to write those huge mortgages for folks with questionable credit.
  • August 01 2008
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Profile picture for plohmier

this is your second posting about this "they're out to get me" subject...please take your medication!

  • August 01 2008
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Profile picture for mina36
He got tired of all the pictures :)
  • August 01 2008
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Profile picture for mina36

oops. Turns out, I can post them on this thread too!!!

Who knew ?

  • August 01 2008
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Profile picture for mina36

But he's right.. even da kittehs are out to get him!!

  • August 01 2008
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They're out to get yoU!

  • August 08 2008
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Profile picture for maryanne72856

go to mininova.org  you can get the book for free

 

  • August 09 2008
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Profile picture for silverfig

Meh, this made me laugh (in a rueful way)

My realtor used all five of the lower selling price terms. And actually freakonomics is a great read.

My ad actually read as follows:

A Fantastic Buy: Spacious and charming house in great neighborhood !

 

(i kid you not)

 

  • August 09 2008
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That's because he used the book to learn marketing!

  • August 09 2008
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Profile picture for plohmier

There are morons in every profession (real estate no exception) and believe me I work with a few.  I did my homework when I chose my agent and I was pleased with her work, she sold my home!

  • August 11 2008
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Profile picture for randy321

"These realtors are going to bring down the market with their greed" - Funny, that's what buyers were saying when the market was shooting up... But, on the flip side.

  • August 11 2008
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Profile picture for twaski

These poor agents (my mother being one of them) are selling their souls!  Many are cutting their commissions and dealing with the most ruthless buyers yet.  Crazy offers, unreasonable requests, thousands of contracts and then backing out at the last minute.  I hope anyone selling has done their own research on their property values.  I think most agents are eager to make any reasonable sale.  The buyers are pushing the envelope on rediculous requests I think. 

  • August 12 2008
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Thank you for the valuable information from "Freakonomics".

  • August 20 2008
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