If you’re looking to appeal to home buyers, start with your kitchen. A new Zillow analysis of listing features that fetch a higher sale price found that upscale kitchen amenities can be a recipe for success.
Zillow, an online real estate information service, analyzed listing descriptions from 4.6 million home sales around the country that were posted in 2017 and 2018 to identify what features and design styles commanded a price premium or a faster sale than would be expected based on the home’s basic traits and location. The analysis also identified the metro areas where certain features were most commonly mentioned in for-sale listing descriptions.
While upscale kitchen features might only appeal to certain buyers, those buyers appear willing to dish out extra money when they find a home with a kitchen that suits their tastes.
For example, listings with the keywords “steam oven,” a wall oven that steams food, saw the highest sale premium of all the keywords analyzed, selling for 34% more than expected.
But homes touting steam ovens were also the slowest to sell, staying on the market 22 days longer than other similar homes in the same metro and price tier.
“Having a steam oven, a heated floor or other luxury features in the home is a signal that there are more than the home’s basic features at play,” says Skylar Olsen, Zillow’s director of economic research. “These homes are special. They likely come with an elevated design sense and the extra touches valued by home shoppers who are willing to pay. If you have these features, flaunt them.”
Thanks to the popularity of home improvement TV shows inspiring homeowners to get a handle on what they want for their own homes, quick sales were associated with trendy interior design features such as open shelving (homes with this feature sold 11 days faster than expected) and subway tile (10 days faster).
Some features helped homes sell for more than expected and faster than expected. Those features include a shed/garage studio (26% more than expected, eight days faster than expected), exposed brick (22% more, 9 days faster) and mid-century design style (17% more, 11 days faster.)
Radiant floor heating systems, which keep your feet warm while saving energy, give listings a 26.2% boost. Listings that mention pot fillers sell for 27.5% more than listings that don’t. Pot fillers are swing-out faucets that pipe water directly to a stove.
Homes with outdoor kitchens sell for 24.5% more than expected. Listings that mention a pergola, an elegant outdoor feature that provides shade and style, sell 11 days faster than those that don’t — and for 7.2% more money.
For starter homes purchased primarily by first-time buyers, listings pointing out a free-standing tub, pizza oven or wine cellar sold for more than expected. This could reflect the lifestyle millennial homeowners aspire to live and the needs of young families, according to Zillow.
“While it’s important to understand what’s popular with buyers, ultimately your home is a reflection of your personal style and how you want to live,” says Kerrie Kelly, Zillow design expert and founder of Kerrie Kelly Design Lab. “You should design a home that makes you happy every day with features you love, knowing that future buyers may want to adapt it to create their own dream home.”
- Originally posted on Forbes