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 questionswhether or not there are price and/or time-on-market effects associated with thesephrases. The findings indicate that both phrases convey useful information to the marketand are not mere puffery in MLS listings. The phrase "below market value" leads to lowertransaction prices of approximately 7% and the phrase "below appraised value" leads tolower transaction prices of approximately 3%. The results reveal no significant time-on-marketeffect for the phrases "below market value" or "below appraised value."
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