I recently came across an interesting article published in Realtor.com (February 2016) that described the best features that help sell a home and the ones that don’t. Here are some of the report’s highlights.
- Spanish-style homes sell the quickest, spending an average of just 47 days on the market. (National average is 93 days.)
- After Spanish-styles, traditional homes draw the attention of buyers. Although this is a broad category, savvy buyers rely on the proven resale value of these homes.
- At the opposite end of the selling spectrum are custom homes which sold in 109 days, 17% slower than the national median.
- When it came to comparing condos vs oceanfront homes, condos were the winners hands down, selling at just 83 days on the market. Oceanfront homes sat on the market for 98 days on average; their median price of $749,000 is not for everyone. Golf course view: 90 days and lake view: 95 days.
Stainless Steel and Granite
These are still “must-haves” features for buyers.
- Homes with stainless appliances sell 15% faster than average homes. (79 days – $300,000 home)
- Waning in its appeal is the fireplace. Homes with a fireplace sell at the same pace as homes without. (94 days – $290,000 home)
- Granite counters: 82 days – $320,000 home
- Open kitchen: 83 days – $269,000 home
- From shopping centers to public transportation to sports stadiums, the most important feature for buyers was schools, especially good ones with keywords like “best” and “top”. These listings received more views and stayed on the market just 76 days. Average price tag was $330,000.
- The lowest score came from listings near medical centers and hospitals. These homes commanded the lowest prices and stayed on the market the longest.
Traffic data show that the bigger the home, the more page views it receive. However, when it comes to buying the middle between fantasy and reality is 1,500 to 2,000 square feet. Homes within this size are generally sold within 86 days.
- 2,000-2,500 sq. ft. – 90 days
- 3,000-3,500 sq. ft. – 101 days
- 5,000-5,500 sq. ft. – 127 days
- More than 10,000 sq. ft. – 173 days
Hottest Price Range
Although homeownership is at a 50-year low, people who can afford to buy are making prudent decisions. Homes listed at between $200,000 and $250,000 were sold in 83 days on average, significantly faster than any other price range.
- $150K to 200K – 86 days
- 250K to 300K – 89 days
- $1M-$2M – 118 days
- $2M-5M – 133 days