2016 is turning out to be quite the year for real estate. With low mortgage rates and low inventory, it has turned into a seller’s market. Of course not all homes are equal, and they don’t sell equally either. Many homes are give-and-take with features that you love and things that you would like to change. Maybe the previous owner decided to renovate the kitchen with stainless steel appliances and granite counter-tops, while the master bath still has brown shag carpeting and brass features.
But which features will help your home sell faster? Realtor.com set out to quantify just how much of a difference the most popular features can make in selling a home, and how certain features can slow the pace to a crawl. They studied millions of listings and evaluated them on two metrics: 1) the number of days each home stays on the market, and 2) the number of page views each listing receives on realtor.com.
- 1. Hottest Amenity: Stainless steel. While we once thought that this trend was peaking, it seems it is here to stay! Homes with stainless steel appliances sold 15% faster than average homes without. On the flip side, fireplaces used to be a focal point of the living space, and now we are seeing that homeowners can do without.
- 2. Hottest Location: Good school. Location comes into play, and schools are at the top of the list! Once you narrow down what city or town you would like to live in, the next question you must ask is, what neighborhood? Schools command higher listing prices but it seems that the benefits are outweighing the cost. On the other hand, homes located near a major medical center are sold for lower prices and stay on the market longer.
- 3. Hottest Size: 1,500 – 2,000 sq. ft. Who doesn’t love to look at the 8,000 sq. ft. home with five bedrooms and six baths with a four-car garage and a movie room and it could go on and on! Those homes receive about 30% more views than a cozy 1,000 sq. ft. home. Yet when it comes down to it, what home can most people actually afford? Reality sets in with this one and smaller homes generally sell faster.
- 4. Hottest Price Range: $200,000 – $250,000. Those who are looking to buy are looking for a lower-priced starter home. On average, homes that were priced between $200,000 – $250,000 sold faster than any other price range. If we take a look at the other side of the spectrum, the more expensive homes have a smaller pool of buyers and therefore it takes longer to sell.
No matter what features your home has or doesn’t have, your Shorewest, REALTOR® will be there for your home selling journey. With their expert knowledge in local markets, many connections with potential buyers and the Shorewest family of companies backing them, they are perfectly equipped to sell your home to the best buyer. Contact a Shorewest, REALTOR® today to get started! #ShorewestRealtors #SellersMarket
Source Credit: Realtor.com