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It’s a seller’s market. But it still pays to know what property features buyers tend to want the most. Read on to see what those are.
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There’s a reason today’s real estate market continues to favor sellers. Even though higher mortgage rates have caused a pullback in buyer demand, real estate inventory is sluggish on a national level. And any time there’s a commodity in short supply, its price tends to increase.
If you’re looking to sell a home today, your goal will no doubt be to command the highest sale price possible. And to that end, you may want to highlight certain features in your listing, or encourage your real estate agent to do so.
Know what today’s home buyers are looking for
It’s long been the case that home buyers have sought out updated kitchens and bathrooms. But recent data from Zillow reveals that certain home features might really help you command top dollar for your property, not to mention help it sell quickly.
Zillow says that home listings featuring high-end kitchen appliances and extras like pizza ovens can sell for as much as 5.3% more than similar homes without these specific features. For a typical U.S. home, that could result in an extra $17,400.
She sheds — the female version of the man cave — have also become popular in recent years. Those, says Zillow, can lead to a home selling for 2.5% more than a property without one.
Meanwhile, certain home features could help properties sell more quickly (though not necessarily at a higher price point). These include doorbell cameras and fenced yards.
On the other hand, there are some features that might hurt a home’s resale value. These include laminate flooring and countertops and, surprisingly, walk-in closets. Zillow explains the latter trend as home buyers wanting more square footage to occupy themselves rather than be earmarked for storage.
Should you update your home before you sell it?
If your home happens to have high-end kitchen appliances, that’s the sort of thing you’ll want to highlight in your listing. But should you upgrade your appliances for the express purpose of commanding a higher sale price for your home? That probably won’t make much financial sense.
We just learned that high-end kitchen appliances could add $17,400 to the average home’s resale value. But an upgrade to a Sub-Zero fridge alone might cost $10,000 to $15,000, depending on the model you choose. And frankly, a single high-end appliance might look out of place if the remaining appliances aren’t upgraded.
That’s why it doesn’t necessarily pay to make the aforementioned upgrades when you’re gearing up to sell. But if you’re planning to be in your home for a few more years, and you can afford a kitchen appliance upgrade, that could make more sense because you’ll at least get to enjoy those appliances for a period of time.
What’s more, while it’s not necessarily a great idea to make expensive last-minute upgrades before listing your home, you may want to move forward with smaller, inexpensive ones. A doorbell camera, for example, sends the message that your home is reasonably modern. And that could go a long way toward drawing in buyers.
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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Maurie Backman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Zillow Group. The Motley Fool has a disclosure policy.
