SEATTLE, April 4, 2019 /PRNewswire/ -- A home's
listed features can have a significant impact on how much it sells
for and how quickly it sells. Zillow's 2019 Home Features that
Sell Analysis found that for-sale listings mentioning 'steam oven'
or 'professional appliance' sold for up to 34 percent more than
expected. Six out of the top ten features in homes that sold
for more than expected were entertainer-friendly kitchen amenities.
Zillow® analyzed the 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 fetched a higher sale
price or a faster sale that would be expected based on the home's
basic traits and location. The analysis also identified the metro
area where that feature was most commonly mentioned in for-sale
listing descriptions.
For-sale listings mentioning 'steam ovens,' a wall oven that
steams food, saw the highest sale premium of all the keywords
analyzed, selling for 34 percent more than expected. However,
homes featuring '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. High-end, custom kitchen features
may only appeal to certain buyers, but those buyers appear willing
to pay more when they find a home with a kitchen that suits their
taste.
"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. 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," says Skylar Olsen, director of economic research at
Zillow. "If you have these features, flaunt them."
For starter homesi purchased primarily by first-time
buyers, listings mentioning 'free-standing tub,' 'pizza oven' or
'wine cellar' sold for more than expected. This could reflect
the lifestyle millennialii homeowners want to live and
the needs of young families.
Fast sales were associated with trendy design features made
popular by home improvement TV shows, such as 'open shelving'
(homes with this feature sold 11 days faster than expected) and
'subway tile' (10 days faster).
Homes with some features sold for both more than expected and
faster than expected. Those features include a 'shed/garage
studio' (26% more than expected, 8 days faster than expected),
'exposed brick' (22% more, 9 days faster) and 'mid-century' design
style (17% more, 11 days faster.)
"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."
Home Feature
Keyword
(All
homes)
|
Effect (% homes
sell for
above expected values)
|
Most Common
Metro
|
Steam oven
|
34%
|
Los Angeles,
CA
|
Professional
appliance
|
32%
|
Los Angeles,
CA
|
Wine
cellar
|
31%
|
Los Angeles,
CA
|
Steam
shower
|
31%
|
Chicago,
IL
|
Pot filler
|
27%
|
Dallas, TX
|
Shed/Garage
studio
|
26%
|
Los Angeles,
CA
|
Heated
floor
|
26%
|
New York,
NY
|
Waterfall
countertop
|
26%
|
Los Angeles,
CA
|
Outdoor
kitchen
|
25%
|
Dallas, TX
|
Prep sink
|
24%
|
Los Angeles,
CA
|
Home Feature
Keyword
(Starter
homes)
|
Effect (% homes
sell for
above expected values)
|
Most Common
Metro
|
Free-standing
bathtub
|
59%
|
Dallas, TX
|
Pot filler
|
49%
|
New York,
NY
|
Wine
cellar
|
47%
|
San Francisco,
CA
|
Pizza oven
|
46%
|
San Francisco,
CA
|
Solar
panel
|
40%
|
New York,
NY
|
Prep sink
|
39%
|
Los Angeles,
CA
|
Craftsman
|
38%
|
Seattle,
WA
|
Dual range
oven
|
36%
|
New York,
NY
|
Coffered
ceiling
|
32%
|
Seattle,
WA
|
Mid-century
|
32%
|
Seattle,
WA
|
Zillow
Zillow is the leading real estate and rental marketplace
dedicated to empowering consumers with data, inspiration and
knowledge around the place they call home, and connecting them with
great real estate professionals. In addition, Zillow operates an
industry-leading economics and analytics bureau led by Zillow
Group's Chief Economist Dr. Svenja
Gudell. Dr. Gudell and her team of economists and data
analysts produce extensive housing data and research covering more
than 450 markets at Zillow Real Estate Research. Zillow also
sponsors the quarterly Zillow Home Price Expectations Survey, which
asks more than 100 leading economists, real estate experts and
investment and market strategists to predict the path of the Zillow
Home Value Index over the next five years. Launched in 2006, Zillow
is owned and operated by Zillow Group, Inc. (NASDAQ:Z and ZG), and
headquartered in Seattle.
Zillow is a registered trademark of Zillow, Inc.
i Starter homes in this analysis are defined as
for-sale listings in the bottom third of the price distribution for
any given metro area.
ii Per Zillow Group's Consumer Housing Trends
Report 2018, 61 percent of first-time buyers are between the ages
of 24 and 38.
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SOURCE Zillow