Monday
September 26, 2016

The Oscar for Best Home Feature Goes To...

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The Oscar for Best Home Feature Goes To...

Which home features are considered the "best" when it comes to helping a home sell the fastest?

To sort out which features are winners for buyers, 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 on realtor.com®. From there, researchers narrowed their list to the homes that generated the most interest and sold the fastest and looked at their architectural style and amenities. 

Read more: Trends That'll Influence Homes in 2016

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. Here's a breakdown of the housing styles and median days on the market and list price:

  • 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 view of all. Homes with urban views spent 83 days on the market -- less than other views studied. Ocean views, however, have a much heftier median list price at $749,000 but they spend about 98 days on the market. Here's a breakdown on views, along with median days on the market and list price: 

  • 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. 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. Here's a breakdown of the hottest amenities, along with median days on the market and list price:

  • 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 in 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. Here's the breakdown of the hottest location, along with median days on the market and list price:

  • 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. Here's the breakdown of hottest price range, along with median number of days on the market and list price: 

  • $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)