The Closer the Broker, The Quicker the Close

A home’s marketability is increased by such selling points as ocean views, good school districts, and access to transportation; and a new study published in the Journal of Housing Research adds the proximity of the home to the agent’s office to the list. According to researchers at Longwood University, the average time on market rises by 0.36 percent and the overall likelihood of a sale drops by 0.5 percent for every mile between a house and its listing agent’s office. When considering two similar properties — one located a block from the listing agent and the other 15 miles across town — researchers found that it will take 5 percent longer to sell the home that is farther away, and it has a 7.5 percent lower chance of selling at all. Longwood finance and real estate professor Bennie Waller, one of the study’s authors, says homes that are farther away require more time and effort for agents to market them; and agents may have to do more homework on market conditions if the house is outside of the area in which they normally operate. The study focused on homes in central Virginia; but Waller believes the results are generalizable, although a market’s density may vary the impact. | Read More