MIAMI – Jan. 14, 2013 – According to Ken H. Johnson, associate professor of finance at Florida International University’s Hollo School of Real Estate, adding at least one photo to a residential property listing raises the final sale price as much as 3.9 percent.

Nearly 85 percent of the 4,077 homes studied by Johnson and co-authors Christopher Cain and Justin Benefield included a picture. They found that interior photos were more effective than exterior images, adding a 3.9 percent price gain compared to 1.9 percent for an exterior shot only.

However, Realtors and home sellers should be prepared to wait for the payoff if using photos, says Johnson. The research also found that photo listings increased time on market by 20.6 percent. For most listings, that means an additional 16.5 days, on average.

“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,” says Johnson. “We’re talking about a few extra weeks in marketing time to get that 3 percent to 5 percent increase on a home. That’s a good trade.”

Source: Wall Street Journal (01/11/13) P. M3; Tanaka, Sanette

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