Who isn’t ready for summer? One group that’s clearly already there is this spring’s sellers: everyone whose home listings in Brooklyn are already racking up page views. For them and everyone contemplating taking advantage of the busy spring selling season, an interesting fact has come to light. It puts numbers on something that most of us feel intuitively.
It was the Wall Street Journal that recently called attention to it. They uncovered a study from BYU showing that when home listings including swimming pools go into contract in the summer, their selling price is an average 0.22 percentage points higher than the baseline price for the rest of the year.
This was a huge study that sampled more than four million housing transactions from 1998 to 2008 in 27 states. For a $500,000 home listing, that difference translates into a roughly $2,000 premium — just for selling a home when the thermometer’s popping!
It does stand to reason: think of how inviting that cool blue water looks after a hot day of house hunting. Prospects have probably been driving from house to house in a car that’s had to have the AC cranked up. Then compare with January, when a look at a backyard swimming pool is more apt to summon up thoughts of trying to stabilize chlorine levels than of enjoying a plunge into chilly water.
So how does this reflect on home listings in Brooklyn this spring? If you own a home with a pool and are putting off a decision to sell, the lesson seems to be that seasonal functionality is real — and working in your favor. The professors at BYU reported that, generally speaking, early spring is a good time to snag late summer buyers. I have to agree: when the weather is nice, my clients set a scene making it easy for potential buyers to picture themselves enjoying that pool. They bring out the deck chairs and the fluffy towels!
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