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First-Time Homebuyers Will Pay a Premium for These Special Features

Wednesday, February 6, 2019   /   by Holly Northup

First-Time Homebuyers Will Pay a Premium for These Special Features

Written by The Bucher Group

Some features in a home are more valuable than others. While this has always been true, it is important to know what these features are – both as sellers and real estate agents. According to a report from RealEstate.com, Zillow discovered that first-time homebuyers are willing to pay more for these oh-so-popular farmhouse and Craftsman-inspired features. How much more? Here's a look at the features, plus how much more a homebuyer is willing to pay (in a percentage):

  • Farmhouse sink – 26 percent

  • Wainscoting – 26 percent

  • Coffered ceiling – 29 percent

  • Claw-foot tubs – 29 percent

  • Barn doors – 23 percent

  • Exposed brick – 23 percent

  • Exposed beam or ceiling – 26 percent

  • Mid-century – 28 percent

  • Solar panels – 40 percent

  • Tankless water heaters – 24 percent

  • In-law – 28 percent

  • Landscape/path/outdoor/deck lighting – 26 percent

  • Fire pit – 25 percent

  • Central vacuum – 25 percent

  • Pergola – 25 percent

  • Mudroom – 24 percent

  • Playroom – 23 percent

  • Heated floor/radiant heat – 23 percent

  • Quartz – 23 percent

  • Home theater – 23 percent

  • Shaker cabinets – 23 percent

  • Gas furnace – 23 percent

  • Outdoor kitchen – 23 percent

  • Hardwood – 22 percent

  • Jacuzzi tub – 21 percent

  • Outdoor fireplace or pit – 21 percent

  • Picket fence – 21 percent

  • Butcher block – 20 percent

By analyzing listing descriptions from millions of entry-level homes (homes within the bottom third of the market), RealEstate.com determined that listings with the above hot-button words sold for increased value.

While these are highly desirable features, it turns out they only pay off in entry-level homes for first-time homebuyers. For example, barn doors in a top tier home only have a six percent premium. With that in mind, it is essential to know who your audience is and how to appeal to that particular segment of the population. Also, keep this in mind; millennials make up a large percentage of the entire housing market – 42 percent of all homebuyers and 71 percent of first-time homebuyers. Sellers should take note of these percentages and recognize the preferences when it comes time to sell and write a listing description. Of course, this is only the case if your home falls in entry-level home status.

Have questions? Thinking about selling your Austin home? Reach out anytime. We are always available to help!
The Bucher Group | Austin Portfolio Real Estate
Kathleen Bucher
1801 S Mopac Drive Expy, Ste. 100
Austin, TX 78746
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Based on information from the Austin Board of REALTORS (alternatively, from ACTRIS) for the period through 2020.® IDX information is provided exclusively for consumers' personal, non-commercial use. It may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information provided is deemed reliable but is not guaranteed and should be independently verified. The Austin Board of REALTORS®, ACTRIS and their affiliates provide the MLS and all content therein "AS IS" and without any warranty, express or implied. Data last updated: January 19, 2020 Texas law requires all real estate licensees to provide this link to Information About Brokerage Services:www.trec.state.tx.us/pdf/contracts/op-k.pdf