I think we all know that a home that is in good shape, has a manicured garden and looks cared for will be easier to sell than a run down home with an overgrown garden. With that said, 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
That 7 percent figure also factors in the state of the home across the street, which accounted for roughly a third of the overall premium.
Low-appeal properties had blemishes like broken pavement and overgrown grass, while high-appeal properties were characterized by features like well-kept lawns and nice landscaping.
The researchers used these scored images to assign curb-appeal values.
Comparing sales prices of homes with good curb appeal to those with bad curb appeal (and controlling for factors like neighborhood, time of sale, and house size and features) they arrived at their finding of a premium of 7 percent.
Let's keep our homes and gardens manicured and cared for. It's like going to the dentist...preventive maintenance pays off in the long run!
Source: The Real Deal