SEATTLE, May 6, 2021 /PRNewswire/ -- Shopping for a
home can be a challenging and emotional journey, and when kids are
involved, finding the right home and moving becomes all the more
complicated. New Zillow research highlights the hottest
kid-friendly features that are attracting home shopping families,
and shows why families should be prepared to pay a premium and move
quickly for them.
Highlighting outdoor family-friendly features help homes sell
more quickly than indoor ones, showing the high demand families
place on outdoor space. Listings mentioning a backyard sold 5.2
days faster than expected, and homes featuring a sandbox (4.5 days
quicker) and playground (2.5 days) also sold more quickly. Not only
are outdoor features prompting faster sales, they are also
associated with a higher sale price. The feature with the highest
price premium is "treehouse," which contributed to a home selling
for 2.2% more than expected. Other backyard features selling for a
premium include Jacuzzi (1.6%), swing set (0.8%), and pool
(0.5%).
"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," says Zillow economic data
analyst Nicole Bachaud. "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."
Families also are prioritizing community amenities that make the
neighborhood fun for kids. Keywords indicating nearby parks, cul de
sac and community pools highlight common areas where kids can make
new friends and play outside. These features also are associated
with homes that sell between two and five days quicker than
expected. Additionally, homes in a "walkable" neighborhood are
going 3.9 days faster, meaning families want these amenities to be
close by and accessible.
"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," says George Laughton, Founder of The Laughton Team in
Phoenix, Ariz. "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."
Homes featuring "finished basements" and "bonus space" – spaces
excellent to separate out work from play to give parents some peace
and quiet – are selling for 0.7% more than expected.
In today's market, home shopping can feel like another full-time
job next to parenting and working. In a competitive market,
securing pre-approval will speed up the process when the time comes
to make an offer and snag the home with a swing set. Buyers can
utilize real estate technology, such as 3D home tours, to virtually
tour homes ahead of time so they can act quickly when they find one
that fits their needs.
Top 10 Kid-Friendly Features Associated with Homes Selling
for More Than Expected
Feature
|
Price
Premium
|
Treehouse
|
2.2%
|
Shed,
garage
|
2.2%
|
hot tub, in-ground
spa/jacuzzi
|
1.6%
|
Central heating,
cooling
|
1.0%
|
Hardwood
|
0.9%
|
Swing set
|
0.8%
|
Finished
basement
|
0.7%
|
Bonus
space
|
0.7%
|
Walkable
|
0.5%
|
Pool
|
0.5%
|
Top 10 Kid-Friendly Features Associated with a Faster than
Expected Sale
Feature
|
Days on Market
Shorter than Expected
|
Back yard
|
5.2
|
Central heating,
cooling
|
4.6
|
Nearby
park(s)
|
4.5
|
Sandbox
|
4.5
|
One
level/story
|
4.4
|
Walkable
|
3.9
|
Cul de sac
|
3.4
|
Fenced
(back)yard
|
3.0
|
Playground
|
2.5
|
Community
pool
|
2.3
|
Methodology:
Approximately 1.4 million home sales
from 2020 were analyzed. In each case, the listing description on
Zillow was flagged for whether it contained any variation of each
of 254 common expressions of interest. The logged final sale price
(or days on Zillow) was regressed against the logged pre-listing
Zestimate, which represented Zillow's best guess of how much it
would sell for when listed, as well as (simultaneously) the
presence or absence of every one of these 254 listing description
features. Only results for features that are considered
'kid-friendly' and with a statistically significant coefficient and
which appeared in at least 100 listing descriptions are reported
here. This research does not measure return on investment on these
features.
About Zillow Group:
Zillow Group, Inc. (NASDAQ: Z and
ZG) is reimagining real estate to make it easier to unlock life's
next chapter.
As the most-visited real estate website in the United States, Zillow® and its affiliates
offer customers an on-demand experience for selling, buying,
renting or financing with transparency and nearly seamless
end-to-end service. Zillow Offers® buys and sells homes directly in
dozens of markets across the country, allowing sellers control over
their timeline. Zillow Home Loans™, our affiliate lender, provides
our customers with an easy option to get pre-approved and secure
financing for their next home purchase. Zillow recently launched
Zillow Homes, Inc., a licensed brokerage entity, to streamline
Zillow Offers transactions.
Zillow Group's brands, affiliates and subsidiaries include
Zillow®, Zillow Offers®, Zillow Premier Agent®, Zillow Home Loans™,
Zillow Closing Services™, Zillow Homes, Inc., Trulia®, Out East®,
StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal
Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
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SOURCE Zillow