Families make up a significant portion of today’s home-buying population. According to a recent Zillow analysis, family-friendly features not only help sell homes faster, but also bring in a premium sale price.
According to the Zillow analysis, homes with a backyard sold an average of 5.2 days faster than expected, indicating that families are looking for a little bit of space for children to play. Additionally, properties with a sandbox flew off the market 4.5 days faster and homes with a playground sold 2.5 days faster. Those properties with a treehouse brought in premium sales prices at 2.2% higher than expected. Finally, homes with a finished basement or bonus spaces are often going for 0.7% above expected sale price.
“Buyers looking to snag a home near a park or with a treehouse better act fast. In a hot housing market like the one we’ve seen this past year, highly desirable homes are flying off the market at break-neck speeds. Homes with these features are being snatched up even faster, showing the intense competition buyers looking for family-friendly features are facing,” said Nicole Bachaud, Zillow economic data analyst. “And while this doesn’t mean sellers should add these features before they list or that these features alone will yield a high return on investment, they should definitely flaunt them if they have them.”
Beyond the features available in single-family properties, families are also looking at community amenities and prioritizing keywords such as “nearby parks,” “cul de sac,” and “community pool.” Families are also interested in “walkable” neighborhoods, and when they find one, those properties are selling an average of 3.9 faster than other homes.
According to George Laughton, founder of the Laughton Team, “Location is everything to our buyers with children. Homes within walking distance to recreation activities, such as parks and pools, are a high priority for home-shopping families. Cul-de-sacs and quiet streets are also in high demand for kids to have a safe place to play and make friends. Like many in the market, parents are taking advantage of record-low mortgage rates to find the perfect home that their children will love and make long-lasting memories in.”
The summer months, when school is out and children are playing outside, are the perfect time for families to buy a new home or move to a new community. Savvy sellers want to emphasize their family-friendly amenities to attract the most competition and potentially, the highest return on investment.