As the real estate market approaches what's traditionally its busiest time of year, elevated mortgage rates and high home prices continue to be challenges for sellers.
Money reports that affordability is still a major concern for the average buyer, and many will have to compromise on the features they want in a home — but some sellers may still be in a position to boost their sale price. New research from Zillow found that certain buyers are willing to pay a premium — up to about $10,700 more on a typical home — for trendy features such as outdoor TVs, pizza ovens and "she sheds." Some special add-ons can even reduce the amount of time a home spends on the market.
Special home features that buyers want
Certain special extras can fetch top dollar for sellers, even amid historically high prices and mortgage rates around 6.7%. A decked-out backyard (no pun intended) is especially appealing right now, with features like outdoor TVs commanding an additional 3.1% on a typical U.S. home's original price.
There are certain aesthetic details that can also help homes sell faster, like rounded corners and plant ledges. Zillow estimates that the latter can reduce the amount of time a home spends on the market by more than five days.
Fresh features like these in listing descriptions communicate to buyers that a home is updated and ready to enjoy. There could also be consequences if a listing needs some TLC: Zillow found that dated features like tile countertops in the description can reduce home value by 1% or more.
But before you go tapping home equity and contracting to install a pizza oven, Zillow says that sellers probably shouldn't add on a bunch of bells and whistles at the last minute with the expectation of raising their sale price. If you happen to have coveted characteristics like soapstone counters or a "she shed," be sure to emphasize that in your listing for buyers who are willing to pay more.
These features can increase home value by 1.7% to 3.1%, according to Zillow's research.
These details and design elements can reduce a home's time on the market up to about 6 days.
This story was produced by Money and reviewed and distributed by Stacker Media.
