The Value of a Photograph

Image courtesy of idea go/ FreeDigitalPhotos.net

Image courtesy of idea go/ FreeDigitalPhotos.net

Do you know the value of a photograph when it comes to listing a home? A little time spent presenting, by way of good real-estate listing photos, will pay off in the end.

A recent Wall Street Journal article stressed the importance of taking many photographs of a house, and making sure that they are quality photos, when listing a property. In the online world we live in, buyers are eager to see as much of a home as can be shown online. More time is spent researching potential homes online, so if you don’t grab them with good photos, they may not even look at the property. One researchers suggest, “If I was selling, I would put every picture I could on the listing, at a ratio of four to five interior vs. one exterior.”

According to the article, adding at least one photo to a residential-real-estate listing increases the final sale price by up to 3.9%.

You can view this amazing slide show of listings, which shows different ways to photograph the same home. Manhattan-based photographer Michael Weinstein advises agents to look for the single “wow photo” to open the listing.Try to see the room from the buyers eyes down to the tiniest details. The details make all the difference in real-estate listing photos. If photography is not your skill, hire a professional to do the job for you. A few extra dollars spent to get that 3% increase on a home is a good trade.

The article breaks down the importance of photographs like this:

Image Control

How photos with property listings affect the sale price and time on market:

  • 3.5% Increase in sale price when an online listing contains one or more photos.
  • 3.9% Increase in sale price when a listing with only one photo shows an interior view.
  • 1.9% Increase in sale price when a listing with only one photo shows an exterior view.
  • 20.6% Rise in the time it takes to sell the property when a listing contains at least one photo.
  • $150 to $200 Estimated increase to the sale price per additional photo.

Source: ‘On the Relationship Between Property Price, Time-on-Market, and Photo Depictions in a Multiple Listing Service,’ 2011, co-authored by Ken H. Johnson, an associate professor of finance at Florida International University’s Hollo School of Real Estate

So be sure to take photographs of your listings, or hire a professional to do it for you. Leave us a message on Facebook if you have had any experience where photographs either helped or hindered your sale.

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Positive Trends

Image courtesy of njaj / FreeDigitalPhotos.net

Image courtesy of njaj / FreeDigitalPhotos.net

All reports indicate that January was a very strong month for real estate and there is a lot of optimism for 2013. Maine is seeing some signs of the real estate market rebounding, after many years since the industry has been associated with positive economic trends.

How long will this trend continue? According to Bankrate.com, mortgage fees are rising. However, there is no need to worry just yet. Interest rates are at historic lows and some reports show a shortage of inventory due to the high demand. Many experts suggest now is the time to buy low. This isn’t the time to wait for a better deal. It’s time to act.

If you want to know more about Real Estate Financing, consider taking our correspondence course, Real Estate Finance Today. This course is intended to present an overview of the basics of residential real estate financing, including a discussion of the important current trends in mortgage lending. This updated edition introduces residential real estate financing basics and mortgage lending trends. Real Estate Finance Today discusses new affordable loan products, government influences on real estate finance, and special financing alternatives, including seller financing and loans for self-employed borrowers. This course is approved for 3 clock hours of continuing education by the Maine and New Hampshire Real Estate Commissions.

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