As the housing market approaches what is traditionally the busiest time of the year, high mortgage rates and high home prices continue to pose a challenge.
Affordability is still a major concern for the average buyer and many will have to compromise on the features they want in a home, but some sellers may still be able to increase the sales price.
New research from Zillow has found that some buyers are willing to pay a premium — up to about $10,700 more for a typical home — for trendy features like outdoor televisions, pizza ovens and “sheds.” Some specialty add-ons can even reduce the amount of time a home spends on the market.
Special home features that buyers want
Some special extras can bring in big bucks for sellers, even in the face of historically high prices and mortgage rates around 6.7%. A furnished backyard (no pun intended) is especially attractive right now, with features like outdoor televisions commanding an additional 3.1% on the original price of a typical American home.
There are some aesthetic details that can also help homes sell faster, such as rounded corners and plant overhangs. Zillow estimates that the latter can reduce the amount of time a home spends on the market by more than five days.
New features like these in listing descriptions tell buyers that a home is updated and ready to enjoy. There may also be consequences if a listing needs some TLC: Zillow found that dated features like tile countertops in the description can reduce the value of the home by 1% or more.
But before you contact contractors to install a pizza oven: Zillow says sellers probably shouldn’t add a bunch of bells and whistles at the last minute with the expectation of increasing the sales price. If you happen to have coveted features like soapstone countertops or a “shed,” be sure to highlight that in your listing for buyers who are willing to pay more.
10 features that can increase the selling price of your home
According to Zillow research, these features can increase home value by 1.7% to 3.1%.
- Outdoor television
- Soapstone
- Matte black
- Outdoor shower
- Beverage center
- Blue stone patio
- He lost his mind
- Pizza oven
- Quartz
- Outdoor kitchen
10 Features That Can Help Homes Sell Faster
These details and design elements can reduce a home’s time on the market by up to approximately 6 days.
- Rounded corners
- Vegetable overhang
- Frameless shower
- Terrace
- Fence
- Modern farmhouse
- Turf
- Fenced backyard
- Energy Star Appliances
- Salt water pool
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