Zillow finds that doorbell cameras and
soapstone countertops can help sell a home up to 5 days
faster
- Steam ovens, which use steam instead of hot air or oil to cook
food, contributed to the top sale premium of 5.3%.
- Personalized and playful features, such as pizza ovens and
putting greens, were associated with a sale price premium of as
much as 3.7%.
- Features such as tile countertops and laminate were more common
in homes selling for less than expected.
SEATTLE, April 4,
2023 /PRNewswire/ -- Buyers who can afford a home in
today's market appear willing to pay even more for luxuries that
personalize their space.
New Zillow® research finds that listings touting
chef-friendly amenities, such as steam ovens, pizza ovens and
professional-grade appliances, can sell for as much as 5.3% more
than similar homes without them. That adds up to about $17,400 on a typical U.S. home. Trendy statement
features such as terrazzo and she sheds — the female
equivalent of the man cave — can contribute to a 2.5% sale premium
when mentioned in a listing description.
Homes that sell faster than expected — signaling more competing
buyers — boast more practical features, such as doorbell cameras,
heat pumps and fenced backyards. A doorbell camera and open
shelving are relatively affordable upgrades that can improve a
home's functionality and boost sale speed by five days and three
days, respectively.
Zillow looked at 271 features and design terms mentioned in
listing descriptions across nearly 2 million home sales in 2022.
While there are many factors that contribute to a home selling
faster or for more than expected, these features reflect what
today's buyers are looking for in a home.
Homes get personal
"Not every buyer will appreciate a chef's kitchen or a putting
green in their backyard, but those who do are willing to pay more
for these personalized amenities," said Amanda Pendleton, Zillow's home trends expert.
"Post-pandemic home buyers who had plenty of time for
self-reflection now have a greater sense of what they want and need
in a home."
That said, sellers who have invested in personalized features
may have to wait a bit longer to find the right buyer. For
instance, homes with she sheds can sell for 2.5% more than
expected, but spend an extra two days on the market. Similarly,
listings that mention wine cellars can command a 1.2% sale premium
but take five days longer to sell than similar homes.
Buyers just want to have fun
Buyers who can not only afford today's higher mortgage rates but
also pay above and beyond typical market value appear willing to
splurge on fun features designed to impress. Multifunctional homes
that offer retreat spaces and features for outdoor entertaining are
particularly appealing to post-pandemic buyers, who expect their
homes to be a place where they can work and play.
"Homeowners looking to make the most of their sale can give
their listing a wow factor and a dose of luxury by highlighting its
outdoor entertainment areas," said Lily
Moore, a Zillow Premier Agent in Westlake, Texas. "Mentioning differentiators
like a saltwater pool, pizza oven, outdoor kitchen or putting green
in a listing description can set a home apart from other properties
for sale nearby and increase its selling potential."
Unique materials outshine old favorites
Today's buyers are branching out from traditional finishes,
favoring trendy terrazzo floors and surfaces, and textured
soapstone countertops over marble and granite. Homes with terrazzo
can sell for 2.6% more, which amounts to $8,511 on a typical home. Soapstone can help sell
homes for 2.5% more and four days faster than similar homes when
mentioned in a listing description.
Only quartz came close to rivaling these newly popular surfaces,
with listings that mention quartz countertops commanding a 2.4%
sale premium and selling one day faster than expected. Quartz had
been the top-performing surface for two consecutive
years.
Features that don't sell
Certain home features, when mentioned in a listing description,
can hurt a home's resale value by potentially signaling to a buyer
that a home is dated and needs work. Homes with tile countertops
can sell for 1.1% less than expected, while homes with laminate
flooring or countertops can sell for 0.6% less than similar homes.
Surprisingly, walk-in closets can hurt a home's value by 0.7%,
perhaps because buyers no longer view that feature as a selling
point and may prefer the space be used for something
else.
Takeaways for spring sellers
Homeowners looking to sell for top dollar this spring will want
to highlight these home features if they've got them. But
installing a steam oven — or any one of these features — solely for
resale may not deliver the ROI they're looking for. These keywords
should be viewed instead as signals of perceived quality. These are
the features today's buyers associate with a "nice house," along
with many other factors that go into that perception. For instance,
if a home has a steam oven, the buyer assumes it likely has a lot
of other bells and whistles that go into a high-end chef's
kitchen.
There are also geographic differences. A pool may be a must-have
in Arizona, but a nuisance in
Indiana. A local real estate agent
with extensive market knowledge can help sellers highlight the
right features to maximize their sale price. Homeowners who are
thinking about listing their home this spring can use Agent
Finder on Zillow to read reviews and make sure they're
partnering with a top-rated pro.
Takeaways for spring buyers
Even in a less frenzied housing market, shoppers can expect more
competition for homes with these desirable features. This spring,
they have a new tool to quickly find and save all the listings that
have these unique amenities. A new AI-powered feature on
Zillow allows shoppers to enter phrases like "four-bedroom homes in
Charlotte with a steam oven"
directly into the Zillow search bar, instead of clicking through
filters. This technology gives buyers a speed advantage by
notifying them the minute that dream home with a chef's kitchen
hits the market.
Top 10 features that sell for more than
expected
Feature
|
Price
premium
|
Steam oven
|
5.3 %
|
Pizza oven
|
3.7 %
|
Professional
appliances
|
3.6 %
|
Terrazzo
|
2.6 %
|
She shed
|
2.5 %
|
Soapstone
|
2.5 %
|
Quartz
|
2.4 %
|
Modern
farmhouse
|
2.4 %
|
Hurricane
shutters/storm shutters
|
2.3 %
|
Mid-century
|
2.3 %
|
Top 10 features that sell faster than expected
Feature
|
Days
faster
|
Doorbell
camera
|
5.1
|
Soapstone
|
3.8
|
Open
shelving
|
3.5
|
Heat pump
|
3.0
|
Fenced
(back)yard
|
2.9
|
Mid-century
|
2.8
|
Hardwood
|
2.4
|
Walkability/walkable
|
2.4
|
Shiplap
|
2.3
|
Gas furnace
|
2.3
|
About Zillow Group
Zillow Group, Inc. (NASDAQ: Z and
ZG) is reimagining real estate to make it easier to unlock life's
next chapter. As the most visited real estate website in
the United States, Zillow® and its
affiliates offer customers an on-demand experience for selling,
buying, renting, or financing with transparency and ease.
Zillow Group's affiliates, brands and subsidiaries include
Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing
Services™; Trulia®; Out East®; StreetEasy®; HotPads®; and
ShowingTime+SM, which houses ShowingTime®, Bridge
Interactive®, dotloop®, and interactive floor plans. Zillow Home
Loans, LLC is an Equal Housing Lender, NMLS #10287
(www.nmlsconsumeraccess.org).
(ZFIN)
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SOURCE Zillow Group, Inc.