Pandemic Has Significantly Increased The Perceived Value Of Pools & Hot Tubs!
MARCH 30, 2021
Real Estate Agents Rethink Decades of Advice on Pools
Pandemic-era demand has risen for pools and hot tubs. Zillow says “pool” was last year’s most common search term, and pool homes tend to get about 1% more than expected.
NEW YORK – Last year, Zillow’s most frequently searched keyword was “pool,” which tends to be particularly common in the second home market. In addition to pools, some areas are seeing rising demand for hot tubs.
Properties that mention pools in their listings sell for 1% more than expected, and properties with hot tubs for 2.7% more, Zillow adds. However, they also tend to sit on the market for a few days longer.
Roughly 94,000 new in-ground residential pools were built in 2020, based on permit data through September, according to Janay Rickwalder at the Pool & Hot Tub Alliance – a 21% increase from 2019, with some states such as Florida, Texas and Arizona seeing permits rise by 30%.
Kelly McKelvey, a spokesperson at Northeast Spa & Pool Association, says homeowners have “refocused themselves on creating a vacation spot in their backyard.”
Traditionally, buyers weigh negatives over the positives when they take into account pool maintenance and monthly costs, such as heating and cleaning. However that’s changing, in particular among those who rent their homes through Airbnb or VRBO. This bucks decades of real estate advice about pools: “Don’t do it to increase your home’s value – do it because you enjoy it.”
“Traditionally, our data has suggested that pools are polarizing for buyers, which is why they command a relatively small sale premium of 1% and can contribute to homes staying on the market nearly five days longer than expected,” says Amanda Pendleton, a Zillow Home Trends expert.
Source: MarketWatch (03/27/21) Tai, Chloe
© Copyright 2021 INFORMATION INC., Bethesda, MD (301) 215-4688