Real Estate is a tricky business and they say that only the toughest survive. There are a lot of tips about real estate from experts who have been in the business for a long time, some of them conventional and some of them are well, unconventional. Some call the advice weird, others ridiculous, only a few see the advice for what it really is – pure genius.
Tip 1: In areas with a large Chinese population, avoid ending your list prices in the number 4.
In Mandarin, the pronunciation of the word four is similar to the word death. End your list prices in the number 8 instead whose pronunciation sounds like wealth.
Tip 2: End your price with 900 when selling
This is a well-known psychological effect. As with consumer goods that are priced for $49.99 instead of $50, buyers of real estate are often searching for Scottsdale houses just less than a round number.
Research done by Zillow found out that with prices ending in a “900” for example $749,000 sold an average of 4.2 days faster and for $2175 more than houses listed for $1,000 more.
Tip 3: When selling your house, hire a female real estate agent.
This is not being sexist, but statistics show that female real estate agents sell houses faster and for higher prices. And, although the difference in terms of price is not high, it is statistically significant.
This happens because generally women agents set the starting prices high, but tend to be more flexible about lowering prices if their initial pricing doesn’t work. Men, tend to put the starting prices lower but are more stubborn in lowering prices.
Tip 4: Buy a house near a Starbucks
Apparently a Starbucks is a great indicator that a neighborhood is undergoing gentrification – which means rising housing prices. Zillow’s research looked at a decade’s worth of data and found out that properties adjacent to a Starbucks have appreciated 96%. Well, who knew that good coffee equates to rising housing prices.
Tip 5: Buy a house outside a hip new neighborhood
Another bit of unconventional advice is to scout neighborhoods that have recently been gentrified (the price of the house have appreciated) but don’t buy a house there. Buy a house in the next neighborhood instead. That neighborhood will have the halo effect of the gentrification effect of the neighborhood.