Can a Pizza Oven Boost a Home’s Sales Price?

WRE News April 14, 2023

Seller

Can a Pizza Oven Boost a Home’s Sales Price?

Attention, home sellers: having chef-friendly amenities can help speed the purchase of your property, often for a higher price.

According to new research from Zillow Group (NASDAQ: Z, ZG), many buyers are willing to pay extra of luxury amenities. For example, listings that highlighted culinary appliances such as a steam oven or a pizza oven can result in sales for as much as 5.3% more than similar homes lacking these features – which adds up to about $17,400 on a typical home. And more practical amenities such as doorbell cameras and fenced backyards have been shown boost sale speeds.

Zillow analyzed 271 features and design terms mentioned in listing descriptions across nearly 2 million home sales in 2022. In its analysis, Zillow determined that homes that offered more than traditional finishes sold for more money – for example, properties with terrazzo can sell for 2.6% more, or $8,511 on a typical home. Listings that mentioned the presence of soapstone was shown help sell homes for 2.5% more and four days faster than similar homes lacking this feature.

However, certain home features cited in a listing description can have the opposite effect. Zillow found listings that identified tile countertops could sell for 1.1% less than expected, while homes with laminate flooring or countertops can sell for 0.6% less than similar homes. Walk-in closets were not an asset – Zillow found their presence in a listing could dilute a home’s value by 0.7%.

“Not every buyer will appreciate a chef’s kitchen or a putting green in their backyard, but those who do are willing to pay more for these personalized amenities,” said Amanda Pendleton, Zillow’s home trends expert. “Post-pandemic home buyers who had plenty of time for self-reflection now have a greater sense of what they want and need in a home.”


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