HOW ADDITIONAL CAR SPACE CAN AFFECT HOME PRICES

car space and home prices

Apparently, when it comes to buying a house, there’s no such thing as free parking. At least, realtor.com believes this theory which it detailed in a recent story in the Wall Street Journal.

In an analysis based on median listing prices per-square-foot, the website looked at all single-family homes listed between January 1 and October 31 to find out how much more home sellers ask per parking spot. While prices rise with each added space, as might be expected, the jumps are greater at a couple of points.

The first sharp rise is for three-car homes, which were priced more than 11 percent higher than those with a single spot. It seems most homes have two-car garages as they made up almost 64 percent of listings. But, three-car homes tend to be larger and higher-end, bumping up prices in the process.

Interestingly enough, homes with two-car garages came in 2.71 percent less expensive than homes that fit a single car. According to Javier Vivas, realtor.com’s economic researcher, single-car homes are more likely to be smaller spaces, which gets a premium nationally on a per-square-foot basis.

Following are some interesting statistics based on realtor.com’s study –

  • one parking space/accounted for 21.44 percent of total home listings;
  • two parking spaces/accounted for 63.42 percent of total home listings;
  • three parking spaces/accounted for 12.64 percent of total home listings;
  • four parking spaces/accounted for 1.81 percent of total home listings;
  • five parking spaces/accounted for 0.32 percent of total home listings.

So, what’s the take away for you all? Please be sure that you factor in parking spaces to your budget whether you are buying or selling.

Founded in 2009 during one of the slowest real estate markets in the past half century, First International Title has grown from a handful of offices to 25 offices throughout the state, from Key West to Pensacola, including its company headquarters in Coral Springs. We provide closing services in English, Spanish, German and French. With a combined 1,000 years of experience, our staff has extensive experience closing residential, refinance, reverse mortgage, short sale, REO, deed-in-lieu and commercial transactions. We do not outsource or offshore any portion of our core title services. We employ our own searchers and examiners to ensure quick turn times and accuracy. At First International Title, we put our customers first.

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