Almost everyone, from real estate professionals to the most casual of consumers, knows the old adage: There are three rules of real estate. Location. Location. Location. And yes, the number one determining factor of what price a home can fetch is still largely guided by where it’s located. But there are certainly other determining factors.
And now thanks to a recent nationwide survey from Realtor.com and this infographic combined and designed by the team at the California Association of Realtors, we have more clear insight into what drives the highest prices and shortest amount of days on the market.
One surprising finding is that Spanish style homes are hot hot hot. And not just here in California and the greater Southwest, where tiled roofs, arched windows and colorful tiles are design mainstays. While Spanish style homes only make up one percent of nationwide sales, they spend an average of only 47 days on the market. That’s good enough for an impressive half of the national average.
If you only read a handful of real estate listings it doesn’t take long to notice that even a hint of a view is touted as a major selling point. But does it matter what that view is looking out on? You might think that natural vistas would be a major selling point, but in fact homes with skyline city views sold the fastest of view-friendly homes, averaging out at only 83 days on the market.
Of course what a home looks like on the outside is only part of its selling point. The right interior setup and design are still a major selling point for any home and lead to a much faster closing time. Perhaps the most important room in any home is the kitchen. Remodeled kitchens with luxury appliances add value, where a dated kitchen can leave an otherwise desirable home lingering on the market for months. Specifically, stainless steel appliances are still an absolute must have for buyers. Homes with stainless steel appliances sell 15% faster than homes without them.
Lastly, what exactly do we mean by location, location, location? Beyond what city of neighborhood your home is in, the highest specific location dependent selling point is a good school district. Homes in highly rated school districts spend, on average, only 76 days on the market.
What about negative location correlations? You might think proximity to an airport or power plant would rank as the most undesirable place to live. In fact, homes near major medical centers not only command the lowest prices and receive the fewest views, but they also stay on the market the longest.
If you’re interested in buying or selling a Luxury Home in Los Angeles, please contact us now at 323-829-8811 or email Susan Andrews at susan@luxurylahomes.com.
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