New Tool Shows Price Options for Buyers Seeking Home Features
March 28, 2019
Home shoppers can now put more emphasis on their most desired home features and can find them within their price range when using a new home search tool. Realtor.com®’s newly released Price Perfect tool allows buyers to configure their ideal home within a desired price range and in their neighborhood of choice, as well as subtracting the cost of specific home features to find better homes within their budget.
To use, buyers enter a basic search of bedrooms, bathrooms, and location. They can then view how much specific features could add or subtract from the price tag of their home. For example, a buyer searching for a three-bedroom, two-bathroom home in Madison, Wis., may find the cost of expanding the search to include another bedroom would add $62,500 to their cost, or another bathroom could add $24,045. But subtracting one bathroom could save the buyer $10,000 on the cost of the home.
Once buyers decide on their most desired features, they are then shown a monthly payment for the median-priced home broken down by mortgage, property taxes, and insurance. They’ll also view all the homes that meet their specific search criteria.
“Our research shows ‘how much can I afford’ is one of the biggest pain points for home shoppers,” says Brad Sivert, general manager and head of mortgage for realtor.com®. “With Price Perfect, buyers have more insight into their spending power by showing them the impact of adding or subtracting specific home features, such as an extra bedroom, bathroom, or adding a garage. It empowers them to find the right home that is both affordable and has the features that are most important to them.”
Realtor.com®’s Price Perfect tool assigns costs to individual home features based on an algorithm of listing prices and characteristics of homes that are currently for sale on the market.
Updated: August 07, 2020