Yahoo Finance 4 Home Features Buyers Are Paying Top Dollar for This Spring
The season you list your home for sale could have an effect on how much buyers are willing to pay for it — especially if it has certain in-demand features.
A recent Opendoor analysis of home sales over the past five years across 50-plus markets found that during the spring season, there are four features that could help a home sell faster and for more money.
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Pools
The Opendoor analysis found that homes with pools close for an average of $34,000 more in the spring versus the winter.
“With summer around the corner, spring buyers are searching for homes they can envision themselves in during the hot weather,” said Bryson Taggart, senior agent partnership manager at Opendoor. “Many love to host and gather outdoors, making pools an attractive feature.”
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Sizable Basements
According to the analysis, homes with basements over 1,000 square feet close for an average of $32,000 more in spring compared to the winter months.
“Having space to entertain is one of the most popular criteria for buyers, and a large basement fits those requirements,” Taggart said. “Many do plan to entertain outdoors during the spring and summer, but areas like the Southwest face high temperatures that make that nearly impossible. In those instances, buyers and their guests can retreat indoors but still be in a comfortable space for socializing.”
Large basements are also appealing during spring due to it being “spring cleaning” season.
“Spring cleaning is top of mind for many, especially as they prepare to move into a new home,” Taggart said. “Large basements are wonderful spaces to organize life’s most important memories, holiday décor or off-season clothes. For [buyers] moving from a home with little organizational space, this is an especially huge draw.”
Large Lots
Homes on large lots — one or more acres — close for about 5.3% higher in the spring versus the winter, the analysis found.
“Outdoor living is more popular than ever, and buying a home on a large lot often comes with a big yard,” Taggart said. “Spring’s vibrant blooms make outdoor space even more enticing and easy for buyers to visualize themselves in their new life.”
The warmer months are also a great time to make home improvements, so seeing open space can appeal to buyers who want to customize their future homes.
“Summer is a popular time to renovate, and big lots leave space to expand the home, build a patio, install a pool or take on other big projects,” Taggart said.
Plentiful Bedrooms
Homes with three or more bedrooms close for nearly 5% above winter closes, according to Opendoor.
“Many buyers who are looking to move in the spring are parents who want to get their family settled into their new home before the start of the next school year,” Taggart said. “For a similar reason, families generally try not to move during the holiday season, so the wintertime is less favorable for buying and selling.”
How Sellers With These Home Features Can Capitalize on the Spring Selling Season
If your home has one or more of these features and you are planning to sell, it’s likely in your best interest to act fast.
If you have a pool, make sure it’s currently up to code.
“Sellers with a pool should make sure it’s clean and up-to-date with local regulations at the time of the listing,” Taggart said. “This way, buyers know they’re purchasing a home with not only a safe pool, but one they can use immediately upon moving in. With a home’s condition having a significant impact on its sellability, this is especially important.”
Sellers with large, finished basements should invest in staging to show its full potential to prospective buyers.
“Make sure it’s well-staged so buyers can envision retreating to the space,” Taggart said. “If it’s non-finished and used primarily for storage, ensure it’s tidied up and appears spacious in photos.”
Those with large lots should make the land as appealing as possible.
“While lots of outdoor space is a pro for many, the thought of the upkeep can be overwhelming for some,” Taggart said. “Sellers should make sure landscaping and grass are well-kept to alleviate some of these concerns and paint a more positive picture.
“Additionally, if the seller isn’t currently using their outdoor space to its fullest potential, they can ask their agent if it’s worth adding some inspiration to the marketing and listing materials,” he continued, “for example, pointing out that the side of the house receives the perfect amount of sun for an herb garden or the backyard is level enough to install a gazebo.”
Finally, sellers who have multiple bedrooms should showcase how they can be utilized as kids’ rooms.
“For example, while the bedrooms shouldn’t be cluttered, it might actually help to keep a few toys on display in the kids’ rooms,” Taggart said. “This can show prospective parent buyers that the home has worked for families in the past and help guide their thinking.”
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This article originally appeared on GOBankingRates.com: 4 Home Features Buyers Are Paying Top Dollar for This Spring
