Many buyers consider high-speed internet as essential as electricity – if a home doesn’t have it, they won’t buy it, Realtor.com reports.
More real estate professionals have noticed that broadband internet connection is a deciding factor, like extra bathrooms or a pool. On average, fiber-optic internet connection can add $5,437 to the price of a $175,000 home, which researchers at the University of Colorado and Carnegie Mellon University say is “about as much as a fireplace, or half the value of a bathroom.”
The impact high-speed connectivity has on home prices and sales is more pronounced in areas farther away from urban centers. “As of 2013, 92 percent of urban areas had high speed Internet,” Realtor.com reports, compared to 47 percent in rural areas.
Advertisement
Related Stories
Sales
Sales and Texting? Know the Rules
Texting your sales prospects en masse can be an efficient way to get your message through if you follow these best practices
Affordability
Will NAR's Landmark Commissions Settlement Lower Housing Costs?
The $418 million deal changes long-standing rules—written and unwritten—that consumers claim inflated sales commissions for home sellers, including new-home builders
Market Data + Trends
January's Mortgage Rate Dip Prompts Some Thawing of the Housing Market
A drop in mortgage rates from recent peaks nudged more homebuyers and sellers into the market, signaling the start of greater supply and demand