In my experience I have found that most buyers are looking for a 3 or 4 bedroom home. They usually want 4 and often end up with 3. At the same time in working with sellers, I have found that a large proportion of the homes I list are 3 bedrooms. Does the number of bedrooms make a difference in the price you pay or receive?
I looked at sales of single family homes throughout the city of Seattle for the past 30 days and here’s what I found.
The 333 three-bedroom homes sold on average for $793,070 while the 192 four-bedroom homes sold for just over $1.1 million. I have to tell you while I expected there to be a difference, I did not expect to see a $300,000 difference.
For sellers, having or adding a 4th bedroom makes a huge difference. I listed a Phinney Ridge home last summer that was a 3 bedroom home. However, it had a fully finished room in the basement with large windows and heat. What it didn’t have was a closet. My clients spent a little money to create a closet, and now we had a 4 bedroom home. The room was staged as a guest room and looked great. (In most jurisdictions, the criteria to call a room a bedroom are: large window or exterior door for egress, a heat source, and a closet.)
If you’ve got a finished room that meets not all of the criteria for a bedroom, it might be worth a little money to make it a legal bedroom. Closets and heat are usually pretty easy to address. However, egress is not, so if there’s not a large window or the window is too high, this might not work for you.
For more information or to discuss the real estate market, give me a call at 206-790-0081 or email Jamie@JamieFlaxman.com.