But that doesn't mean sellers shouldn't spruce up their homes to appeal to buyers — especially as surging mortgage rates cause listings to sit on the market longer and force many sellers to accept lower bids when negotiating sale price.
New research from real estate listing site Zillow found that buyers who can afford the current market are willing to shell out more for luxury features and personalized spaces, potentially adding up to $17,400 in sale value to a typical U.S. home.
What buyers want
When it comes to buyers who can afford to pay in cash or take out loans while mortgage rates hover between 6% and 7%, custom is king. Zillow says that while unusual features like a backyard putting green may not appeal to every buyer, many will pay more for upgrades that make their home feel personalized.
According to Zillow, buyers just want to have fun.
Post-pandemic buyers value the element of retreat space, making features like pizza ovens and saltwater pools more attractive. Homes with so-called "she sheds" — think man caves, but for women — sit on the market for an average of two days longer than those without but sell for 2.5% more than expected. Sellers can also pocket a 1.2% sale premium for listings that feature wine cellars.
Unique, trendy materials that make a statement can also set listings apart.
On the other hand, dated elements can be a deterrent for many buyers in the current market. For instance, tile countertops and laminate flooring and countertops can decrease a home's value by 1.1% and 0.6%, respectively.
10 features that increase home value
These features can help your home sell for up to 5.3% more, according to Zillow’s research.
- steam oven
- pizza oven
- professional appliances
- she shed
- modern farmhouse
- hurricane shutters/storm shutters
- mid-century elements
10 features that can sell your home faster
Practicalities and easy adjustments like open shelving can help homes sell up to 5.1 days faster, per Zillow.
- doorbell camera
- open shelving
- heat pump
- fenced (back)yard
- mid-century elements
- gas furnace
Adding certain trendy features to your house can help it sell faster and for more.
However, Zillow warns that installing fancy highlights just to sell a home won't automatically give sellers a massive payout. In other words, emphasize cool modern features in listings if you have them — and make practical, less costly upgrades where you can.