Unlocking Home Discounts: The Power of Listing Phrases
In the realm of real estate, certain words hold the key to substantial discounts for homebuyers. According to experts, listings that include phrases like ‘priced to sell,’ ‘bargain,’ ‘under valued,’ or ‘under priced’ can result in an average discount of 8.5 percent off the asking price. This translates to a significant saving of around $38,000 on the median-priced home in the United States. Ralph McLaughlin, a senior economist at Realtor.com, emphasized the impact of these “value”-based words in listing descriptions, noting that they can lead buyers to true bargain properties.
Regional Variances in Home Discounts
The potential for discounts varies across different regions, with homebuyers in the South and Midwest reaping the most significant benefits when encountering listings with ‘priced to sell.’ In areas where such phrases are less common, the discounts tend to be even more substantial. McLaughlin pointed out that the correlation between fewer ‘priced to sell’ listings and larger discounts could be attributed to market norms and buyer expectations. For instance, the term ‘priced to sell’ appears on an average of 6.7 percent of properties in Sarasota, Florida, compared to just 1.9 percent in Long Island, New York. This disparity in usage reflects regional preferences and influences the magnitude of discounts available to buyers.
Top Cities Offering the Best Home Discounts
Realtor.com data has identified the top ten cities where homebuyers can secure significant savings through listings featuring ‘priced to sell’ phrases. Leading the pack is Little Rock, Arkansas, where buyers can enjoy a discount of 23 percent, resulting in a median savings of $57,494. Following closely behind are St. Louis, Missouri, with an 18.7 percent discount and median savings of $49,476, and Charleston, South Carolina, offering a 15.9 percent discount equating to $79,558 in savings. Other cities on the list include Memphis, Tennessee; Kenosha, Wisconsin; Nassau County, New York; Cambridge, Massachusetts; Tulsa, Oklahoma; El Paso, Texas; and Wichita, Kansas, each providing substantial discounts to savvy homebuyers.
The real estate market continues to present opportunities for buyers to secure their dream homes at discounted prices. By paying attention to listing phrases and leveraging regional trends, individuals can maximize their savings and make the most of their real estate investments.