Home buyers are willing to pay more for a decorated backyard or properties with viral home features, new research has revealed.
An outdoor TV is the No. 1 feature Americans are willing to pay more for, according to new market insights. Zillow.
This feature can help homes sell up to 3.1 percent more than expected, or $10,749 more for a typical U.S. home.
Zillow analyzed more than 350 features in nearly 1 million home sales in 2023. It found that properties with outdoor features, such as a pizza oven, shower or so-called ‘her shed,’ helped drive up the price of homes. sale when mentioned in the description of a property.
It also found that other features can help a home sell almost a week faster, particularly features that became popular online and appeal to younger, first-time buyers.
An outdoor TV is the number one feature Americans are willing to pay more for, according to Zillow.
The research comes as the U.S. housing market approaches what is traditionally its busiest time of year in the spring.
But high home prices and high mortgage rates mean affordability remains a real challenge for the typical buyer.
The average 30-year fixed-rate mortgage has risen to 6.87 percent according to the latest data from government-backed lender Freddie Mac.
But sellers who highlight certain features may still be in a position to increase the sales price of their home.
Zillow found that soapstone now surpasses quartz as the countertop material of choice, adding 3 percent to the average sale instead of 1.7 percent.
An outdoor shower, among other backyard features, can help a home sell for more money
Beverage centers, a type of refrigerator that offers different temperature settings for different types of drinks, can now help a household earn a sales premium of 2.4 percent, more than $8,000 for the average home.
Wine refrigerators, on the other hand, can increase a home’s value by 0.9 percent.
An outdoor shower can increase a property’s value by 2.6 percent, while a ‘she shed’ (a backyard shed that can be used for hobbies, entertaining or as a retreat) can add 2.6 percent. percent.
A pizza oven can increase the sales price by 1.9 percent on average, according to Zillow, while an outdoor kitchen can add 1.7 percent in value.
Six of the 10 features that help sell a home for more are backyard features, indicating that pandemic-era demand for functional outdoor spaces persists.
“When certain home features or design styles are highlighted in a listing description, they serve as a signal to the buyer that a home is attractive and up-to-date,” Zillow said.
“As a result, those features can help a home sell faster and for more money.”
A pizza oven can increase the sales price by 1.9 percent on average, according to Zillow, while an outdoor kitchen can add 1.7 percent in value.
A “her shed” — a backyard shed that can be used for hobbies, entertainment or as a retreat — can add 2 percent to a home’s value, Zillow found.
According to research, some more modern home features can also contribute to a faster sale.
Rounded corners, which are popular in contemporary furniture design and increasingly in architecture, can help a home sell six days faster than similar properties.
Listings that mention a plant shelf, where shelves are built into a wall to display decorative indoor plants and succulents, tend to sell out more than five days in advance.
Eye-catching terrazzo tiles can also help a home sell almost four days faster, while a traditional fence can increase the speed of sale by more than three days.
On the other hand, other features or design styles can serve as a signal to the buyer that a home is dated or needs improvements, which can reduce its sales price.
Features like laminate or tile countertops can hurt a home’s value by at least 1 percent when mentioned in a property description, he said.