What You Should Know About Buying A Home With A Swimming Pool
I won't be surprised when you call us wanting to see homes for sale with swimming pools.
After all, it's March. It's Tallahassee, and things are heating up.
Soon it will be hot. Why not have an oasis in your own back yard?
Swimming Pools And Home Prices
I have studied how swimming pools impact home prices for many years, and what I have found is that market cycles have an impact on the difference between homes with pools and those that have no swimming pools.
For example, take a look at the graph below. The brown area shows the average sales price of homes with no pools, while the blue area shows the average price of homes with swimming pools each year going back to 2004.
When the market started crashing in 2006, the difference in the price of a pool home versus the rest of the market tightened. Buyers were cautious and typically pursued "size" as the most important element of a home. They were more concerned about resale than they were about the amenities that came with the home.
What Home Sellers Can Get For Their Pool Home
The real question I always want to know is how much value does a pool add to a home?
It's not so easy to determine, and the answer won't be a simple number. When we graph the average price per square foot of homes (brown for those without pools, blue for those with swimming pools), we see the value difference appears to be greater now than it did during the rise of the housing market bubble.
But what does this really tell us about the value of a swimming pool when it comes time to sell a home?
If we consider the information in the real estate graph above to be valid, then we can say that right now, swimming pool homes appear to be selling for about $11 per square foot (square footage of heated and cooled space in the home). This suggests that the larger the home, the more valuable the pool. This of course makes perfect sense, as larger homes are likely to have larger and more lavish pools built.
But the better answer is that you need to have your real estate agent do this type of analysis for homes comparable to yours. If you live in a large neighborhood, compare the different values over time of homes with and without pools. Too often, I think homeowners and real estate agents omit consideration for swimming pools, and that is why many home sellers do not hit the market with the optimal asking price.
Swimming Pool Homes Currently For Sale In Tallahassee
Where every day is a holiday
I hope you have found our report on homes with swimming pools to be informational. If you have further questions not covered in this article, feel free to drop me a note anytime and we'll endeavor to get back to you with a swift and accurate answer.