The Magic Words in a Listing That Can Save You More Than $38K
Real estate listings that feature terms such as “bargain!” or “priced to sell!” are not merely marketing tactics; they can lead to significant savings for homebuyers. According to a new report by Realtor.com titled “What Is ‘Priced To Sell’ Really Worth?”, listings with phrases like “priced to sell,” “under valued,” “under priced,” and “bargain” offer an average discount of 8.5%, translating to nearly $38,000 off the median-priced home.
Realtor.com’s senior economist Ralph McLaughlin explains that certain value-based words in listing descriptions are linked to lower listing prices, helping homebuyers identify true bargain properties. The prevalence of these terms varies by market, with the percentage of listings featuring “priced to sell” ranging from 1.9% in Long Island, NY, to 6.7% in Sarasota, FL. Interestingly, markets with a higher share of “priced-to-sell” homes tend to offer smaller discounts compared to those with fewer such listings. This suggests that in markets where “priced-to-sell” homes are rare, sellers need to offer more substantial discounts to attract buyers.
Metros with the Biggest Discounts on ‘Priced-to-Sell’ Homes
Markets with the most significant discounts on “priced-to-sell” homes are predominantly in Southern and Midwestern regions. For instance, Little Rock, AR, offers a 23.0% discount with median savings of $57,494. A house in Little Rock listed for $134,900 is $115,000 less than the median home price. St. Louis, MO, follows with an 18.7% discount and median savings of $49,476. Charleston, SC, offers a 15.9% discount, translating to median savings of $79,558.
Other notable markets include Memphis, TN, with a 14.5% discount and median savings of $43,262, and Kenosha, WI, with a 12.6% discount and median savings of $50,464. Nassau County, NY, offers a 12.5% discount with median savings of $94,662, while Cambridge, MA, provides an 11.5% discount, resulting in median savings of $89,851. Tulsa, OK, El Paso, TX, and Wichita, KS, also feature significant discounts, with median savings of $32,801, $31,295, and $28,655, respectively.
