New data from Zillow and Thumbtack shows
sellers can boost interest among buyers with these relatively
affordable upgrades
SAN
FRANCISCO, July 23, 2024 /PRNewswire/ -- Today,
Thumbtack and Zillow® are revealing the top no-demo renovation home
projects that can result in more attention from buyers. Many
homeowners are not able to take on the stress or the cost of large
renovations, especially with inflation and the cost of
homeownership at an all-time high. Fortunately, certain features
that are proven to be highly desirable in today's market don't
require knocking down walls or a big budget. Thumbtack data finds
these projects cost less than $5,000
on average nationwide.
This research combines an average nationwide cost analysis based
on millions of projects on Thumbtack with Zillow data on home
features that boost daily saves and shares on the real estate
platform. A strong indicator of how excited buyers are about a home
is how frequently they save a home on Zillow or share it with a
shopping partner. More saves and shares signal that a home is in
high demand. The top 10 list also indicates how much more popular
some of these projects have become among homeowners on Thumbtack
compared to a year ago.
Top 10 no-demo reno projects of 2024
- Window box: This rectangular container for flowers,
plants or herbs is installed outside, just below the window sill,
adding color and curb appeal to a home. Homes with a window box can
get 48% more saves and 52% more shares per day on Zillow compared
to similar homes without this feature. The average national cost is
$100–$150 for professional installation and $15–$900 for materials,
depending on the types purchased.
- Open shelving: Open shelving allows homeowners to
display meaningful and beautiful objects without introducing bulky
furniture. Homes with open shelving can get an additional 37% more
saves and 45% more shares per day on Zillow. The average national
cost is $275 for professional
installation, without the cost of shelves. According to Thumbtack
data, closet system and shelving installations are up 31.5% year
over year, indicating that homeowners are leaning into this
trend.
- Painted brick: Homes with painted brick can get 31% more
saves and 39% more shares per day on Zillow compared to similar
homes. The average national cost is typically around $1.85–$3.03 per square foot, and the national
average for the entire job is $4,600–$7,600, including labor, material and
equipment.
- Vintage touches and finishes: Homes with vintage
features not only have charm and character, but they can get 28%
more saves and 31% more shares per day on Zillow compared to
similar homes. The pricing for vintage decor and features varies
dramatically, but homeowners can find great vintage pieces and
accessories for less than $100. One
example is vintage crown molding, which costs $2–$50 per linear
foot, depending on the material, and can make your ceilings look
higher while adding architectural interest. It can also conceal
imperfections at the junctions of walls and ceilings.
- Outdoor TV: One of summer's hottest features, homes with
an outdoor TV can receive 28% more saves and 26% more shares per
day than expected on Zillow. The average national cost is
$175–$300, though costs could increase depending on electrical
capabilities and weatherproofing. Outdoor TV installations are up
12.7% year over year, according to Thumbtack data.
- Picket fence: A white picket fence is a classic feature
that buyers never tire of. Homes that have one can get 27% more
saves and 31% more shares per day on Zillow compared to homes that
don't. The average national cost to install a picket fence is
$7–$45 per linear foot. Recently, a Thumbtack study found that more
than one-third (39%) of homeowners said their dream yard would have
a fenced-in space for pets.
- Pergola: As people spend more time in their yards and
temperatures hit record highs, buyers are prioritizing solutions
that offer shade. Pergolas are structures either freestanding or
attached to a home that create shaded outdoor living space. Homes
with a pergola can get 20% more saves and 24% more shares per day
on Zillow compared to similar homes. The average national cost is
$3,600 for a 10-by-10-foot pergola,
including labor and materials.
- Fire pit: Summer nights filled with s'mores and
stargazing require a fire pit. Homes that have one can get 19% more
saves and 23% more shares per day on Zillow. The average national
cost is a couple hundred dollars depending on the kit purchased.
This is a DIY-friendly project, as materials are accessible at any
local hardware store.
- Outdoor sound system: Homes with an outdoor sound system
can get 18% more saves and 19% more shares per day on Zillow
compared to similar homes. The average national cost is
$500–$2,000, depending on the type and quality of the system.
Thumbtack recommends bundling this project with the installation of
an outdoor TV to save some time and money, as the same pro will be
able to set up your outdoor sound system in tandem with the
TV.
- Smart lighting: Smart-home installations are up 21.8%
year over year, according to Thumbtack data, and smart lighting is
a huge part of this increase. Plus, homes with smart lighting can
get 18% more saves and 23% more shares per day on Zillow. The
average national cost is $308 for
installation.
"Certain low-lift projects can deliver a high payoff because
they elevate a home in the mind of a buyer," said Amanda Pendleton, Zillow's home trends expert.
"These features bring a wow factor to a home or they serve as a
signal that a home is up-to-date, well-maintained or move-in ready.
When it's time to sell, these features may ultimately help a home
sell faster or for more money, because there will likely be more
competition for that home among buyers."
"This data can reassure homeowners that they don't need to
undergo a massive renovation to make a big impact on a home and
increase buyer appeal," said Morgan
Olsen, Thumbtack's design expert. "Whether it's a DIY
project or pro-worthy, these small changes can make a significant
transformation."
Methodology:
The analysis used listing data from 3.9 million homes listed
for sale on Zillow between June 2023
and May 2024 for which complete data
was available. Economists then looked for the presence or absence
of 265 features mentioned in the listing descriptions. This
analysis used multiple regression, comparing home views, saves and
shares during their active listing period against their home type,
region, listing month, pre-listing Zestimate®, price per
square foot and ratio of list price to Zestimate. For more
information on methodology, please contact
press@zillow.com.
No-demo renovation projects are low-budget projects (less
than $5,000) that can improve your
home without any demolition. All year-over-year comparison data is
based on findings from Thumbtack projects during January 2023–April
2024. Pricing data is based on national average cost
estimates and ranges using data provided either by Thumbtack pros
or from external research; real prices may vary based on city and
supply. Consult a pro for accurate pricing information.
About Zillow Group
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate
to make home a reality for more and more people. As the most
visited real estate website in the United
States, Zillow and its affiliates help people find and get
the home they want by connecting them with digital solutions,
dedicated partners and agents, and easier buying, selling,
financing and renting experiences.
Zillow Group's affiliates, subsidiaries and brands include
Zillow®, Zillow Premier Agent®, Zillow Home Loans℠, Trulia®, Out
East®, StreetEasy®, HotPads®, ShowingTime+℠, Spruce® and Follow Up
Boss®.
All marks herein are owned by MFTB Holdco, Inc., a Zillow
affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS
#10287 (www.nmlsconsumeraccess.org). © 20234 MFTB Holdco, Inc., a
Zillow affiliate.
About Thumbtack
We're Thumbtack, a technology company helping millions of people
confidently care for and improve their homes. Our homeowners get
personalized guidance on what to do and when to do it as well as
who to hire from our growing community of 300,000 local service
businesses. Every day in every county of the U.S., people turn to
Thumbtack to complete small fixes, routine maintenance, and major
improvements. With over 10 million 5-star projects and counting, we
empower homeowners to take control and local businesses to grow.
Accomplish more with Thumbtack.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/top-10-no-demo-renovation-projects-of-2024-302201362.html
SOURCE Zillow Group, Inc.