8 Interesting Real Estate Statistics
Mar 26, 2015
Searching for a new home? According to some surprising real estate statistics, the most valuable homes are located near a Starbucks, on a “Way” rather than a “Street,” with only one “7” in their address.
Spencer Rascoff, CEO of Zillow.com, recently collected statistics from the database’s 110 million homes to find trends in real-estate pricing. Here are some of his findings:
- In 1997, an average home located near a Starbucks would have sold for roughly $137,000, while an identical home without a Starbucks nearby would have sold for only $102,000. More than 15 years later, the value of the home without a Starbucks has appreciated 65% to $168,000; however, the value of the property next to Starbucks has skyrocketed 96% to $269,000!
- The greatest return on investment for your home is a bathroom remodel: a $3,000 job that returns, on average, $1.71 for every dollar spent. The worst home improvements for value are kitchen remodeling and finishing a basement. A top-of-the-line kitchen renovation can cost you upwards of $22,000, and you’ll only get back about half of what you invest in it.
- Avoid using words like “unique,” “TLC,” “investment” and “potential” in a real estate listings. These little words could lower sale prices by as much as 7%. Using words like “luxurious” and “captivating” could add 8.2% to your home’s value. Longer, more-detailed listings often sell at a higher price.
- In some areas, the worst time to sell a home is the second week in December, when homes sell for 2.8% less than average, according to Rascoff’s statistics. The best time to sell a home is in March, when homes reportedly sell faster and for 2% more.
- When it comes to real estate, seven is actually an unlucky number – at least when it comes in threes. Homes with “777” in the address sell for 2.1% less than their estimated value; house numbers that include 777 somewhere in the number (e.g. 2777), sell for 1.8% less. Strangely enough, houses with just one “7” as their number sell for 1.8% more than the estimated sale price.
- Listings with a”9″ in the thousand digit ($350,000 vs. $349,000) sell 4-7 days faster!
- Female agents tend to sell homes faster and for higher prices.
- Homes located on named streets tend to be 2% more valuable than numbered ones. However, “Main Street” homes sell for 4% less than America’s median home value. Street names with “Lake” or “Sunset” often sell for 16% more. Avoid addresses with “Street,” which has the lowest home value ($183,120 nationally) and find a “Way,” which has the highest average home value ($312,000).