We all know the usual things that can increase a home’s value, but here are some things you may not have thought of that can do so as well.
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Here are four surprising factors that can increase your home’s value:
1. How close you are to a Starbucks. A 2015 Zillow report found that between 1997 and 2014, being located within a quarter-mile radius of a Starbucks could increase a home’s value by as much as 96%. The next time you’re out looking for a home, see how close it is to the nearest Starbucks.
2. Blue kitchens and blue bathrooms. According to Zillow’s 2017 Paint Color Analysis, which examined more than 32,000 photos from homes sold around the country, homes with blue kitchens sold for $1,809 more on average compared to homes with white kitchens. That same report stated that homes with light-pale blue to soft-periwinkle blue bathrooms sold for $5,440 more on average than homes without those color bathrooms. If your agent tells you bathroom color doesn’t matter, it might be time to look for a new agent.
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3. Trendy features. According to a 2016 Zillow analysis of descriptions of more than two million homes sold nationwide, homes with barn doors or farmhouse sinks sold faster and for a higher premium on average. Homes with “barn door” in their listing description sold for 13.4% more and 57 days faster than comparable homes that didn’t have that term featured.
If your agent tells you bathroom color doesn’t matter, it might be time to look for a new agent.
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4. How close you are to a city. The average urban home is now worth 35% more than the average suburban home. Since 2012, the median value of homes located in urban areas has increased by 54%, while the median value of homes in suburban areas increased only 38%. The closer your home is to a city, the higher your sale price will likely be.
P.S., according to a Redfin study, homes listed on a Wednesday, Thursday, or Friday have a higher chance of selling closer to their asking price and selling in 90 days or less.
If you have any more questions about factors that might increase your home’s value or you’re thinking about buying or selling a home soon, don’t hesitate to reach out to me. I’d be happy to help you.
