The FINANCIAL — Zillow analysis finds homes touting ‘steam ovens,’ ‘professional appliances,’ in sale listings sold for significantly more than similar homes, while ‘pizza ovens’ and ‘wine cellars’ command a higher premium in starter homes
A home’s listed features can have a significant impact on how much it sells for and how quickly it sells. Zillow’s 2019 Home Features that Sell Analysis found that for-sale listings mentioning ‘steam oven’ or ‘professional appliance’ sold for up to 34 percent more than expected. Six out of the top ten features in homes that sold for more than expected were entertainer-friendly kitchen amenities.
Zillow® analyzed the listing descriptions from 4.6 million home sales around the country that were posted in 2017 and 2018 to identify what features and design styles fetched a higher sale price or a faster sale that would be expected based on the home’s basic traits and location. The analysis also identified the metro area where that feature was most commonly mentioned in for-sale listing descriptions.
For-sale listings mentioning ‘steam ovens,’ a wall oven that steams food, saw the highest sale premium of all the keywords analyzed, selling for 34 percent more than expected. However, homes featuring ‘steam ovens’ were also the slowest to sell, staying on the market 22 days longer than other similar homes in the same metro and price tier. High-end, custom kitchen features may only appeal to certain buyers, but those buyers appear willing to pay more when they find a home with a kitchen that suits their taste.
“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. 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,” – says Skylar Olsen, director of economic research at Zillow.
For starter homesi purchased primarily by first-time buyers, listings mentioning ‘free-standing tub,’ ‘pizza oven’ or ‘wine cellar’ sold for more than expected. This could reflect the lifestyle millennialii homeowners want to live and the needs of young families.
Fast sales were associated with trendy design features made popular by home improvement TV shows, such as ‘open shelving’ (homes with this feature sold 11 days faster than expected) and ‘subway tile’ (10 days faster).
Homes with some features sold for both more than expected and faster than expected. Those features include a ‘shed/garage studio’ (26% more than expected, 8 days faster than expected), ‘exposed brick’ (22% more, 9 days faster) and ‘mid-century’ design style (17% more, 11 days faster.)
“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,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.”- says Kerrie Kelly, Zillow Design Expert and founder of Kerrie Kelly Design Lab.