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What Can Drive Up Your Sales Price?… Parking

Parking is a hot commodity. According to a recent analysis of listing ads performed by Zillow, the properties that reference parking tend to sell for more money.

Nationwide, about 23 percent of homes for sale reference parking. In some metro areas, parking isn’t viewed as an amenity but as an expectation, even if it is not mentioned in the listing ad. Many of the metro areas with the largest increases in sales prices due to parking are those that are attracting suburbanites and “empty nesters” who are used to having a car.

Of course, if the sellers are parking in the street (because their garage is filled with other stuff), it will create the appearance of a inadequate parking and the home is less likely to earn a price premium for having parking.