Kitchen perks most likely to result in home sale premiums
Trendy kitchen features help a home command higher prices during a sale, according to an analysis by the real estate site Zillow. However, the features don't necessarily result in faster sales.
Six of the 10 home features associated with price premiums were related to the kitchen, according to Zillow's 2019 Home Features That Sell analysis. Steam ovens, a wall-mounted appliance designed to help cooked food retain more moisture and nutrients, sold for 34 percent more than expected.
Homes listed as having a "professional appliance" typically sold for a 32 percent premium. Other kitchen features that resulted in an appreciable price boost included pot fillers (27 percent), waterfall countertops (26 percent), outdoor kitchens (25 percent), and prep sinks (24 percent).
Wine cellars and steam showers were each associated with a 31 percent price premium upon sale. Heated floors and studios located in a shed or garage resulted in a sales price that was 26 percent greater than expected. Exposed brick was associated with a 22 percent price premium, while a mid-century design style resulted in a price 17 percent higher than expected.
"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," said Skylar Olsen, director of economic research at Zillow. "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."
Luxury features might also increase the amount of time a homeowner has to wait before a sale, though, since they will appeal to a more limited group of buyers. Homes with steam ovens were typically on the market for 22 days longer than homes in the same metro area and price tier without the feature.
However, some trendy features resulted in faster sales, with Zillow suggesting that they were more desired among buyers after being showcased on home improvement TV shows. Listings that mentioned open shelving or a mid-century design style typically sold 11 days faster than comparable properties, while subway tile resulted in a sale that occurred 10 days faster. Exposed brick was associated with sales that occurred nine days faster than expected, and garage or shed studios occurred eight days faster.
Zillow also looked at how frequently homes with certain features sold for a higher than expected price. Freestanding bathtubs were most likely to result in an elevated sales price, with 59 percent of listings with this feature selling for more than anticipated. Forty-nine percent of listings with pot fillers, 47 percent of those with wine cellars, 46 percent of those with pizza ovens, and 40 percent of those with solar panels resulted in price premiums.
"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," said Kerrie Kelly, a design expert with Zillow. "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."
Zillow's analysis looked at 4.6 million home sales nationwide from 2017 and 2018. An expected value was assigned based on the home's basic features and neighborhood, and several keywords were analyzed to determine if they were associated with any price premium.
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