Zillow finds homes featuring TikTok trends, like plant ledges
and rounded corners, sell nearly a week faster
- New Zillow research finds outdoor TVs, outdoor showers and
outdoor kitchens can help homes sell for as much as 3.1% more than
expected.
- Fresh features are replacing old favorites. Soapstone
countertops and beverage centers are outperforming quartz counters
and wine fridges.
- Viral home features that appeal to younger first-time buyers
can help a home sell up to six days faster than
expected.
SEATTLE, March 21,
2024 /PRNewswire/ -- Home buyers are willing to pay
more for a backyard decked out with all the bells and whistles. New
Zillow® research finds homes equipped with an outdoor TV command
3.1% more than expected — or $10,749
on a typical U.S. home. That's the highest sale price premium of
all 359 features Zillow analyzed across nearly 1 million home sales
in 2023.
Homes with other desirable backyard features such as an outdoor
shower, pizza oven and bluestone patio also fetch
higher-than-expected sale prices when those features are mentioned
in a listing description. Six of the top 10 features that help
homes sell for more are outdoor features, signaling that the
pandemic-era demand for functional outdoor space remains.
Certain trendy or viral features can attract more competing
buyers, contributing to a speedier sale. Rounded corners, popular
in contemporary furniture design and now architecture (hello, curvy
kitchens), can help a home sell six days faster than similar homes.
#Plantparents snap up homes that mention a plant ledge in
their listing description more than five days faster than expected.
Statement terrazzo tile can help a home stand out and sell nearly
four days faster.
"When certain home features or design styles are highlighted in
a listing description, they serve as a signal to a buyer that a
home is appealing and up-to-date. As a result, those features can
help a home sell faster and for more money," said Amanda Pendleton, Zillow home trends expert. "On
the flip side, certain features can suggest a home is dated and
needs work, and can lower a home's sale price. Features like
laminate or tile countertops can hurt a home's value by at least 1%
when mentioned in a listing description."
In with the new
Modern features that signal a home is either brand new or
recently remodeled contribute to higher sale premiums. The current
look of contemporary homes often incorporates matte black finishes
and white oak flooring, which can boost a home's sale price by 2.9%
and 1.6% respectively.
Soapstone now outperforms quartz as the countertop material of
choice, contributing to a sale premium of 3% versus 1.7%. And a
beverage center is the new wine fridge. Beverage centers can help a
home fetch a 2.4% sale premium, compared to 0.9% for wine fridges.
These undercounter refrigerators offer different temperature
settings for different types of beverages, not only
wine.
If you've got it, flaunt it
Homeowners looking to sell for top dollar this spring will want
to highlight these home features if they've got them. However,
installing an outdoor shower or any of these individual features
solely for resale may not deliver these kinds of returns. Instead,
these keywords should be viewed as signals about everything else a
home has going for it. For instance, if a home has an outdoor
shower, it probably has a pool or is close to the beach, which is
what buyers are ultimately willing to pay more for.
Sellers should also keep in mind that features that help homes
sell in one neighborhood may not resonate with buyers somewhere
else. An experienced local real estate agent with extensive
market knowledge can help sellers highlight the right features, and
will likely have other creative pricing and marketing strategies to
help maximize a home's sale price.
Affordability curbs features' price premiums
Price premiums for individual features were lower across the
board in 2023 compared to previous years, as buyers' budgets were
constrained by higher mortgage rates. Affordability remains the
biggest hurdle for home buyers, particularly first-time buyers, who
must prioritize "need to have" features over "nice to have"
features.
Home shoppers will face similar affordability challenges this
spring home shopping season, along with more competition for homes
that have sought-after features. Affordability calculators can
help buyers set a budget, and buyers can then search for homes by
monthly cost on Zillow instead of by purchase price. With
attractive homes flying off the market in only 17 days, prospective
buyers should get pre-qualified for a mortgage first, so they can
act quickly when the right home comes along — with or without an
outdoor TV.
Top 10 features that sell a home for more than
expected
Feature
|
Price
premium
|
Outdoor TV
|
3.1 %
|
Soapstone
|
3.0 %
|
Matte black
|
2.9 %
|
Outdoor
shower
|
2.6 %
|
Beverage
center
|
2.4 %
|
Bluestone
(patio)
|
2.3 %
|
She shed
|
2.0 %
|
Pizza oven
|
1.9 %
|
Quartz
|
1.7 %
|
Outdoor
kitchen
|
1.7 %
|
Top 10 features that sell a home faster than expected
Feature
|
Days
faster
|
Rounded
corners
|
6.2
|
Plant ledge
|
5.6
|
Frameless
shower
|
4.7
|
Terrazzo
|
3.7
|
Picket fence
|
3.2
|
Modern
farmhouse
|
3.1
|
Turf
|
3.0
|
Fenced yard
|
2.8
|
Energy Star
|
2.6
|
Saltwater
pool
|
2.6
|
About Zillow Group
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate
to make home a reality for more and more people. As the most
visited real estate website in the United
States, Zillow and its affiliates help people find and get
the home they want by connecting them with digital solutions,
dedicated partners and agents, and easier buying, selling,
financing and renting experiences.
Zillow Group's affiliates, subsidiaries and brands include
Zillow®, Zillow Premier Agent®, Zillow Home Loans℠, Trulia®, Out
East®, StreetEasy®, HotPads®, ShowingTime+℠, Spruce® and Follow Up
Boss®.
All marks herein are owned by MFTB Holdco, Inc., a Zillow
affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS
#10287 (www.nmlsconsumeraccess.org). © 2023 MFTB Holdco, Inc., a
Zillow affiliate.
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