Realtor.com® has announced a new feature that equips this spring’s homebuyers with a deeper understanding of their buying power by providing a tool that allows them to add or subtract the cost of specific home features. Price Perfect helps home buyers to configure their ideal home, within a desired price range, in their neighborhood of choice—the first-of-its-kind in the digital real estate industry, according to the company.
“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.”
After entering a basic search of bedrooms, bathrooms and location, buyers are able to view how much adding or subtracting specific features would impact the price of their home and adjust their search accordingly. For example, when searching for a three-bedroom, two-bathroom home in Madison, Wis., the cost of expanding the search to include another bedroom would add $62,500 and another bathroom $24,045 to the median listing price of $369,900. Subtracting a bathroom could save a buyer $10,000 and considering a condo instead of a single-family home could save another $5,000 off the median listing price.
Once the buyer decides on their desired features, they are shown the monthly payment for the median-priced home broken down by mortgage, property taxes and insurance. With a quick click of the “See Homes” button, they can view all the homes on realtor.com that meet all their specific search criteria.
Price Perfect assigns costs to individual home features based on an algorithm of listing prices and characteristics of homes currently on the market in a specific neighborhood. This ensures all costs reflect market conditions in real-time, making these insights incredibly relevant to buyers currently in the market.
Homebuyers are able to access Price Perfect on realtor.com. To access Price Perfect from the realtor.com homepage, simply click “Mortgage” and select “Find My Buying Power.”
Realtor.com’s Price Perfect feature is available on mobile web and the realtor.com website, and will be expanding to the company’s iOS and Android app.
For more information, please visit www.realtor.com.
