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Today’s Wiki Wednesday Feature: A Little Trick to Find a Bargain

While doing my weekly pass through the Real Estate Guide, I stumbled upon an article with a title that instantly caught my attention: A Little Trick to Find a Bargain. What could that be about? Ever the bargain hunter, I was intrigued.

It turns out that the brief article, written by real estate agent Maureen Kelly of Heritage House Sotheby’s International in New Jersey, explains how to find for sale houses that others may have overlooked. Maureen says that since most home buyers now research homes online, homes with only one photo (or no photos at all) are often passed over, and are less likely to have as many in-person showings as those with more photos.

Many buyers eliminate properties based upon what they see online. If there’s only one photo of the exterior, and none of the interior, the assumption is that the interior is not desirable (even if this isn’t always the case). At this point, most buyers would click the next button and forget that home entirely. 

According to a recent article by RISMedia, a study conducted by Point2 that monitored listings over a 30-day period found that homes with 20-plus photos received almost 10 times the number of leads and more than 15 times the number of showings as homes with only one online photo. That’s quite a difference! The article also points out another study that shows that homes with less photos stay on the market longer. The findings include:

• 1 photo = 70 days on market
• 6 photos = 40 days on market
• 6-19 photos = 36 days on market
• 20 photos max = 32 days on market

What does that mean for buyers who are willing to take the time to consider homes with few photos? According to Maureen, they just might score a bargain. And the numbers back her up: Another study cited in the RISMedia article found that listings with fewer photos sold for less. Based on 2006 sale prices in the study, homes with one photo were found to sell for 91.2% of the original asking price, while homes with six or more photos sold for 95% of the original price.  While this could be good news for the savvy buyer, it is a good reminder that for sellers, more photos do help sell a home.

Note to buyers: Remember the old adage “Don’t judge a book by its cover?” Well, if you’re looking for a bargain, don’t judge a home by its photos.

Ed: Wiki Wednesdays is a weekly feature that highlights helpful or interesting articles from the Real Estate Guide.

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