Case Study: OPEN HOME - Perceived Home Value Increased

Scent can increases perceived home value by over $100,000
Up to $
0
more
Perceived Home Value

Study

In a realestate.com.au test, 44 potential buyers were split into groups to inspected the same house which had been infused with either freshly-baked brownies, hot bread, freshly brewed coffee, citrus or smelly socks. The groups were then asked to estimate the overall value of the home, having been provided with a guide price by the selling agent.

Results

The citrus smell resulted in a valuation of $850,250 for the suburban house compared to the smell of roast chicken which resulted in buyers valuing the same house at $749,500. Unsurprisingly, the smelly sock scent resulted in the lowest valuation for the house at $743,750.

Average property estimate:
  • Citrus $850,250
  • Brownies $821, 250
  • Baked Bread $808,750
  • Coffee $785,000
  • Roast chicken $749,500
  • Smelly socks $743,750

This study was carried out by the REA group in conjunction with Dr Megan Thornton of the Deakin University. 25 October 2016
www.realestate.com.au/news/does-a-scent-sway-buyers-during-an-inspection

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