Summer is over next Wednesday, but there’s still time for you to buy a home with a swimming pool. Twelve new listings have just hit the market, and they all have the pools that will make your backyard a place you will cherish.
Take a new at the newest listings of homes with swim pools, is there one that’s perfect for you?
Homes For Sale With Swim Pools
Recently Listed Homes For Sale With Swimming Pools
Value Of Existing Homes With Swim Pools
Our first graph plots the average value (measured in price per square foot of heated and cooled space) of homes with a swim pool.
The average value of homes with pools is plotted in blue and measured on the left vertical axis, while the annual appreciation rate of pool homes is plotted in red and recorded on the right vertical axis.
This year, homes with a swim pool have appreciated nearly 12% through the writing of this report, suggesting they are on track to finish the year up around 17%. If you have been thinking about buying a home with a swim pool, you better hurry before they are priced out of reach!
What Is A Swim Pool Worth?
The final graph in today’s post shows the estimated value increase one should expect to find in a home with a pool (versus a similar one without it).
To prepare this graph, we took 18 years of sales data from the Tallahassee MLS and specifically chose homes that were fairly comparable by omitting ones that had features that would greatly impact the value.
We omitted new construction, lakefront homes, and homes on the golf course. Finally, we segmented the sales to homes with a swim pool and homes without a pool to compare the average sales price.
This graph is very useful when buying or selling a home with a pool, and it has been used to correct appraisals where the appraiser had undervalued the swim pool as a component of the home. Here’s how to use the graph:
Right now, in September 2021, the additional value that a swimming pool adds to a home is averaging about $45K. So if you are involved in a transaction with a pool, you need to be able to apply this to the home in question.
First, you need to compare the home with the “average” home in Tallahassee. Right now, the average single-family detached home price is $316K, so if the home in question is near that price, then the pool should be valued at around $45K. If it is significantly higher, the pool should be valued above $45K. If the home is significantly lower, the pool should be valued at less than $45K. Make sure to check the appraisal to insure that the appraiser has made the appropriate adjustments to all homes without pools.
With today’s low mortgage interest rates, this is likely the cheapest you will be able to buy a home with a pool at any time for the rest of your life. Go get your swim pool!
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