CHICAGO – March 1, 2016 – Which home features are considered “best” when it comes to helping a home sell the fastest?
To sort out high-demand features, realtor.com researchers analyzed millions of listing records over the past three months to pinpoint the number of days each home stayed on the market and the number of page views each listing received. From there, researchers narrowed their list to the homes that generated the most interest and sold the fastest. They then compared selling speed to listings’ architectural style and amenities.
Based on some of the patterns that emerged, here are the home styles, views, specifications and amenities that buyers crave right now.
Best housing style: Spanish-style
Spanish-style homes spent a median of 47 days on the market, half the national average of 93 days. This home style is found mostly in California coastal cities, and comprises just 1 percent of for-sale listings, yet it proves popular with buyers.
Spanish: 47 days; $550,000
Traditional: 84 days; $233,000
Ranch: 95 days; $179,000
Craftsman: 103 days; $350,000
Victorian: 122 days; $259,000
Best view: City skylines
A home with a view often attracts buyers, but homes with an urban view may offer the best option of all. Homes with urban views spent 83 days on the market – less than other views studied. Ocean views have a much heftier median list price at $749,000, but they spend about 98 days on the market.
City views: 83 days; $420,000
Golf course views: 90 days; $412,000
Lake view: 95 days; $359,000
Mountain view: 96 days; $365,000
Ocean view: 98 days; $749,000
Best home amenity: Stainless steel
Certain interior features help speed up home sales, and homes with stainless steel appliances tend to sell 15 percent faster than other homes. The popularity of fireplaces, on the other hand, may show some signs of waning.
Stainless steel: 79 days: $300,000
Granite counter: 82 days; $320,000
Open kitchen: 83 days; $269,000
Finished basement: 89 days; $260,000
Fireplace: 94 days; $290,000
Best location: Next to a good school
Location is a big part of real estate, and homes near good schools tended to sell the fastest than homes that promoted they were near other things, like shopping or the hospital.
Good school: 76 days; $330,000
Stadium: 77 days; $250,000
Shopping: 79 days; $217,000
Transportation: 88 days; $280,000
Hospital: 95 days; $192,000
Best price range: $200,000-$250,000
Lower-priced homes have the most fans. Homes listed in the $200,000 to $250,000 price range sold in a median of 83 days – much faster than other price points.
$200,000-$250,000: 83 days
$150,000-$200,000: 86 days
$250,000-$300,000: 89 days
$1 million-$2 million: 118 days
$2 million-$5 million: 133 days
Best size: 1,500 to 2,000 square feet
Move over McMansion, smaller homes are showing more market popularity right now. While 8,000-square-foot mansions capture about 30 percent more page views on realtor.com than 1,000-square-foot homes, the smaller home trumps when it comes to selling faster. Here’s the breakdown:
1,500-2,000 square feet: 86 days; $194,000
2,000-2,500 square feet: 90 days; $260,000
3,000-3,500 square feet: 101 days; $400,000
5,000-5,500 square feet: 127 days; $2 million
>100,000 square feet: 173 days; $3.45 million
Source: “The Features That Help a Home Sell Fastest – and the Ones That Don’t,” realtor.com® (Feb. 29, 2016)
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