Does your home offer any of the perks some buyers will pay more for?
You must be aware of the factors that influence the value of your home in order to determine its value. Based on current house-related data and actual sales prices in your neighborhood, Zillow's Zestimate home value tool estimates the true market value of your home.
Numerous factors, some visible (such the home's condition) and others less so, link with home valuations and sale prices.
Based on data, there are a number of unexpected factors that can influence both your home's current value and the asking price.
1. Proximity to a Starbucks
How far must one travel to obtain a Frappuccino?
Good news if the response is "not that far."
Based on a comparison of Zillow Home Value Index data with a database of Starbucks locations, a 2015 Zillow analysis indicated that, between 1997 and 2014, properties within a quarter-mile of a Starbucks gained in value by 96 percent, on average, compared to 65 percent for all U.S. residences.
The research team also looked at Dunkin' Donuts, a popular coffee shop with a strong following on the East Coast, to determine whether this effect is specific to Starbucks.
Data showed that during the same 17-year period, properties near Dunkin' Donuts outlets appreciated by an average of 80%, which is much higher than the 65 percent growth in value for all residences in the United States but not quite as high as homes near Starbucks.
2. Blue kitchens and blue bathrooms
Beyond America's infatuation with curb appeal, your home's interior is as important, particularly the colors you choose for the rooms (particularly the kitchen).
Homes with blue kitchens sold for a $1,809 premium over comparable homes with white kitchens, according to Zillow's 2017 Paint Color Analysis, which looked at more than 32,000 pictures from sold homes throughout the nation.
Another common color for bathrooms is blue. Homes with light blue to soft periwinkle-blue baths sold for $5,440 more, according to the same analysis.
Cool neutral wall colors like blue or gray can indicate that the house has been well-maintained or has other appealing characteristics.
3. Trendy features
Your YouTube search history is only one example of how Joanna Gaines' style is penetrating culture. According to a 2016 Zillow research of descriptions of more than 2 million houses sold nationwide, listings on Zillow that include the shiplap queen's preferred features, like barn doors and farmhouse sinks, sell more quickly and for a higher price.
Listings with "barn door" in the description sold 57 days sooner than comparable homes without the keyword and for 13.4% more money than anticipated. While listings promoting "farmhouse sink" resulted in a sales premium of about 8%.
The ad descriptions can be used by sellers to draw attention to fashionable features and nuances that aren't always visible in the images.
4. How close you are to a city
You most likely have a sizeable (and rapidly rising) financial asset if you own a home in a big American metropolis. A new Zillow analysis estimates that the value of homes in the New York, NY, metro area is $2.6 trillion.
Currently, the average urban home is valued 35% more than the typical suburban home. Urban areas' median property values have climbed by 54 percent since 2012, whereas suburban areas' median home values have only increased by 38 percent.
Source: Zillow