Kitchens: Most Valuable Room for Real Estate
A great kitchen can help sell a home, and real estate professionals are spotlighting it in their marketing.
Thinking of renovating your kitchen? Here is another powerful reason to go ahead with that project. The rewards can be both personal and financial.
“Americans are spending more waking hours in the kitchen—cooking, eating, and socializing—than ever before.”, says Yuqing Pan in a recently publish essay.
Of all the homes listed for sale on realtor.com, 69 percent of the listing descriptions highlight the kitchen as a selling point. Forty-nine percent mentioned the bedrooms and 35 percent highlighted the garage, the next two most popular.
Remarkably, homes that exhibit a “killer kitchen” or “luxury kitchen” in their descriptions sell 8 percent faster than a similar-sized home in the same ZIP code, realtor.com’s research finds.
So which kitchen features could possibly add the most value to a home? Realtor.com’s research team pinpointed the following:
- Custom cabinetry: 41% (the price premium: the difference between homes with the feature and homes without in the same ZIP code)
- Kitchen island: 30%
- Creative lighting: 21%
- Granite counters: 18%
- Large pantry: 14%
- Stainless-steel appliances: 12%
- Tile backsplash: 7%
- Breakfast bar: 6%
The research team also found growing demand for the “chef’s kitchen.” About 4.7 percent of homes on the market describe the kitchen as a “chef’s kitchen” or “gourmet kitchen,” which is up from 3.3 percent three years ago. Homes with such labels have a median list price of $589,900.
Some of the most common features associated with a chef’s kitchen: Oversized fridge, dual commercial-quality ovens, six-burner stovetop and a butler’s pantry. Other popular features include a wet bar and wine fridge.
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