What is a built-in pool worth? I get asked this question all the time. Well, let’s look at some fresh stats to help show why there isn’t a one-size-fits-all answer.
New Pool Stats: I pulled some stats and I’m excited to share these. If you aren’t local, does your market look similar regarding pools? Also, what other property features besides pools could we look at this way?
– There are more pools at higher prices
– There are less pools at lower prices
– The percentage of pools differs greatly by location
– Some areas have tiny lots, so there are less pools
– The market expects a pool in some price ranges
THE HUGE VALUE POINT:
It’s easy to get stuck giving the same value adjustment every time we see a pool, but the market doesn’t pay the same amount for a pool everywhere because buyers have different expectations based on location and price range. So a pool probably isn’t worth anything in Antarctica while it’s worth way more in Arizona. As local stats show, in some areas like Granite Bay, buyers hands-down expect a pool to be present while in other places pools are extremely rare. Of course just because a pool is not common doesn’t mean it doesn’t add value. I’m just saying this gives us pause to consider the value of a pool might not be the same everywhere.
SORRY: I know I didn’t answer the question in my blog title, but that’s on my purpose. My goal is to give us something to think about rather than a bogus adjustment that isn’t going to apply everywhere. But if you do want to find out what a pool is worth, start comparing homes with and without pools to see if you can discern a price difference.
MARKET UPDATE VIDEO: Here’s a market update I did a few weeks ago. It’s about 40 minutes. Enjoy below (or here) if you wish.
I hope this was interesting or helpful.
Questions: What stands out to you about the data above? What is the most or least value you’ve ever seen for a built-in pool? Anything to add?