We can see some interesting trends in year over year appreciation for 2 and 3 bedroom homes when we separate out homes with 1 bathroom from those with 2 bathrooms. Using the median sales price per square footage ($/SF), we see strong appreciation of +10-14% for 3 bedroom homes with 2 baths and two bedroom homes with 1 or 2 baths. However, 3 bedroom homes with 1 bath lag significantly behind, with prices that have increased a negligible +0.5% compared to the first five months of 2019. How can we use this information?
- As sellers of 3 bed/1 bath homes, adding a second bathroom can make a significant difference in sales price and can create net value over the cost of adding the second bathroom.
- As buyers, by expanding the search to include 1 bedroom homes we can find better deals with less competition. Furthermore, there is an opportunity to quickly build equity by adding a second bathroom.
- How easily a second bathroom can be added depends upon the layout of the home in relation to the drain stack and water supply.
Please contact me if you have any questions at 513-830-8227 or
beppert@pivotrealty.com. I would be happy to discuss further.
