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Do the Phrases "Below Market Value" or "Below Appraised Value" in MLS Listings Convey Useful Information to the Market?

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  • Marcus Allen
  • Charles Carter

Abstract

Property sellers and their agents sometimes use the phrases "below market value" and "below appraised value" in marketing efforts for their properties. This study questions whether or not there are price and/or time-on-market effects associated with these phrases. The findings indicate that both phrases convey useful information to the market and are not mere puffery in MLS listings. The phrase "below market value" leads to lower transaction prices of approximately 7% and the phrase "below appraised value" leads to lower transaction prices of approximately 3%. The results reveal no significant time-on-market effect for the phrases "below market value" or "below appraised value."

Suggested Citation

  • Marcus Allen & Charles Carter, 2010. "Do the Phrases "Below Market Value" or "Below Appraised Value" in MLS Listings Convey Useful Information to the Market?," Journal of Housing Research, Taylor & Francis Journals, vol. 19(2), pages 185-194, January.
    • Handle: RePEc:taf:rjrhxx:v:19:y:2010:i:2:p:185-194
    DOI: 10.1080/10835547.2010.12092023
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