Home Remodeling

NEW YORK — Even as home prices keep going up and properties become less affordable, homebuyers are willing to pay more to own a remodeled home, according to Zillow.

Nationwide, buyers pay roughly $13,200 more than expected — about 4% of the median price — for renovated homes, researchers at Zillow found.

In the company’s analysis last year, buyers were willing to pay less than 1% more.

“Buyers looking for a turnkey home should be prepared for increased competition from other buyers,” Amanda Pendleton, Zillow’s home trends expert, said in a statement. “For sellers, if you have made renovations, flaunt them in your listing description.”

Zillow analyzed 359 key words in the listings of more than 2 million homes that hit the market in 2024. Of those key words, the term remodeled more than any other spurred buyers to pay more.

Listings on Zillow with this key word are more often saved and shared. Almost 30% of Zillow’s listings for homes for sale are described as renovated, which the company attributes to a pandemic-era boom in renovations.

Before the pandemic, the company found that home listings that included such terms as fixer, TLC, needs work or good bones saw more demand and were more likely to sell.

Now, across the country, a home listing that uses the term fixer-upper sells for about 7% less than expected — the largest discount in three years, according to Zillow. And home listings with the terms needs work or TLC sell for about 8% less.

link to full article:Buyers Want Remodeled Homes | Florida Realtors