Curb your enthusiasm: Homes with spruced-up outsides sell at premium

Properties can fetch as much as 14% more in buyer’s markets

TRD NATIONAL /
Jan.January 24, 2020 02:15 PM
Keeping lawns freshly cut and outdoor spaces in tip-top shape could result in greater rewards for sellers. (Credit: iStock, IMDB)

Keeping lawns freshly cut and outdoor spaces in tip-top shape could result in greater rewards for sellers. (Credit: iStock, IMDB)

Inner beauty is something we all strive for. But when it comes to selling homes, that may not be enough.

Keeping lawns freshly cut and outdoor spaces in tip-top shape could result in greater rewards for sellers. A new analysis of Google Street View and data from nearly 90,000 home sales found that, on average, a property with strong curb appeal sells at a 7 percent premium to a comparable home in the same neighborhood with less curb game. In buyer’s markets, that premium shot up as high as 14 percent.

The findings from the study conducted by University of Texas at Arlington professor Sriram Villupuram and the University of Alabama’s Erik Johnson and Alan Tidwell were published in the Journal of Real Estate Finance and Economics and reported by the Wall Street Journal. The study gauged curb appeal by factors such as lawns and landscaping, and used machine learning to assign values to the dataset of homes in the greater Denver area.

Current appraisals generally bake in factors such as number of bedrooms and bathrooms, square footage and any home improvements. Villupuram told the Journal that the findings could help large-scale real estate investors and lenders make better estimates about property values. [WSJ] — TRD Staff


Related Articles

arrow_forward_ios
Gov. Andrew Cuomo has given the go-ahead to reopen schools for in-person learning statewide (Getty; iStock)

School’s back on. Will the NYC resi market follow suit?

School’s back on. Will the NYC resi market follow suit?
New York’s real estate market is becoming two different stories: Manhattan, where deals are falling — and the suburbs, where demand is spiking. (iStock, Unsplash)

Manhattan is cold, the suburbs and Brooklyn are hot: Here’s what the resi market looked like in July

Manhattan is cold, the suburbs and Brooklyn are hot: Here’s what the resi market looked like in July
Home sale price declines are expected for July, after a recent bump, according to a CoreLogic report. (iStock)

Home sale prices got a bump, but a drop is coming: Report

Home sale prices got a bump, but a drop is coming: Report
(Images courtesy of Victor Group)

The Getty condo chops prices up to 53%

The Getty condo chops prices up to 53%
442 Union Street and 257 Berry Street (Google Maps)

Brooklyn’s luxury market reaches new pandemic high

Brooklyn’s luxury market reaches new pandemic high
(iStock)

Here’s where resi prices fell the most in Miami in Q2

Here’s where resi prices fell the most in Miami in Q2
Marwan Kheireddine (inset), Jennifer Lawrence and 400 East 67th Street (Getty, Compass, BDL Accelerate)

Jennifer Lawrence’s Upper East Side PH sold at 37% loss

Jennifer Lawrence’s Upper East Side PH sold at 37% loss
Senate Minority Leader Chuck Schumer and Senate Majority Leader Mitch McConnell (Schumer by Tasos Katopodis/Getty Images; McConnell by Ting Shen/Xinhua via Getty)

Schumer v. McConnell on SALT: Who’s gonna give?

Schumer v. McConnell on SALT: Who’s gonna give?
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...