30 Features That Help Your House Sell for More
Could the housing market be getting as tough for sellers this year as it's been for buyers the first half of the decade?
Home sellers currently outnumber buyers by about 600,000, according to a March report from Redfin. That means sellers gearing up to list their homes this summer have a lot of competition.
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One way to tip the scales in your favor is to play up the features buyers want most — and are willing to pay a premium to have.
Features That Help Your House Sell for More
Redfin and Zillow recently analyzed listing data from their respective real estate portals to determine what characteristics, as mentioned in listing descriptions, were associated with higher-than-expected sale prices.
They found that buyers are looking for turnkey properties, including those that have been remodeled or renovated. If your home has cottage styling, all the better. Buyers want a cozy vibe that encourages relaxation. And, of course, waterfront locations almost always bring premium prices.
Indoor Home Features That Maximize Your Sale Price
If your home has any of these features, be sure to play them up in your listing description:
Breakfast nook
Finished basement
Full gym
Gas fireplace
Golf simulator
Gourmet kitchen
Hardwood floor
New carpet
New kitchen
Quartz or quartzite kitchen counters
Rec room
Recessed lighting
Stainless steel appliances
Tile backsplash
White cabinetry
Outdoor Home Features Buyers Pay More For
Emphasize these outdoor features when you list your home for sale:
Bike path
Dock
Fenced back yard
Large deck
Outdoor fireplace
Outdoor kitchen
Outdoor shower
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Features Gaining (and Losing) Popularity With Buyers
Real estate trends are constantly changing. Knowing what’s hot and what’s not will help you target your marketing and perhaps plan remodeling projects, more effectively
Features Gaining in Popularity
Zillow recently rolled out its Zillow Buzz Index, which measures buyer engagement with listings. Higher engagement indicates more interest and it could result in a faster sale and/or a higher sale price. These are the features generating the most buzz:
Arched doorway
Exposed beams
Exposed brick
Outdoor shower
Saltwater pool
Turf yard
Victorian architecture
Vintage features
Interest in These Features Is Declining
The Redfin analysis looked at five-year trends to determine which features and home designs have gained or lost popularity over the past year. Here are features with declining interest. Interestingly, some are currently on the most-valuable list:
Breakfast area
Ceramic floors
Gourmet kitchen
Granite counters
Tile
Tips for Selling Your Home for Top Dollar
The Redfin and Zillow analyses show that your listing description is a powerful tool for marketing your home to the buyers who most value its features. Combine that with the following tips to sell your home for top dollar.
Price It Right
While your home’s features can give you an edge over similar homes with fewer amenities, rarely are they a major factor in your home’s market value. In fact, just one feature in Redfin’s report — bike path — was associated with a sale price of 100% or more of the listing price.
Present Your Home in Move-in Condition
The need for repairs or upgrades gives buyers an edge when negotiating price. Turnkey condition shifts that edge to sellers.
Choose a Listing Strategy Carefully
Brokers have traditionally put their listings right into the MLS, where all brokers can see them and they’re automatically syndicated to real estate portals like Zillow and Realtor.com. Some major brokerages are now introducing properties as private listings within their own networks instead. While this lets sellers try out pricing without running up days on market, which can give the impression that a property is overpriced, it delays the wide exposure immediately public listings receive. Talk to your agent about which strategy is best for your home and your market.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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