We all know how popcorn ceiling, smoke filled walls, new granite counter tops, manicured lawns, and sparkling pools can hinder or help the home values, but what about the surrounding area? Will your creepy neighbor next door be able to sell his home for more money because he is two feet further away from the highway? Is your more attractive to purchase because you can walk to Trader Joe’s? There are some outside factors that affect the price of your home, here’s the top 8.
Things That Affect Home Values: #1 Rubbing Elbows
You probably already know the “ritzy part of town” – every city and state have one. But, do you know how far your house is from that area? As a general rule of thumb, the closer you are to the posh municipality, the better your home value.
#2 Corner Lots
There are certain locations that tend to sell a lot faster than other. Corner lots, for example, are highly sought after. They tend to have streets on two sides, making the lot feel larger (ah, elbow room). To truly capitalize on this feature, make sure the exterior of your home is in top shape. Buyers won’t be able to help but flock to your house.
#3 Roads or Parks?
Just as corner lots are desirable, homes near high-traffic roads are not. Homes that face or backup to major neighborhoods streets tend to be listed longer than those without. The same can be said for homes near freeways – the closer you are, the slower home values are likely to rise. However, if your home face or backs up to a school or park, your home values is likely to increase over time. Buyers like the idea of picnics in the park, bike rides, and spirited games of kickball, even if they never quite get there.
#4 School District
Is your home near a great school or close to a high-ranking school district? If so, give your home value a tick in the positive direction. Buyers with kids and buyer looking to having kids soon want the very best their budget can afford. That means they’ll start their home search in the neighborhoods with the best schools. Don’t live in a great school district? Don’t sweat it. Many charter and private schools are popping up all over, meaning your home could have access to one of these top choice.
Yes, in the age of Uber it seems odd that people want to walk, but it’s true. Millennials and Baby Boomers want to live in neighborhoods within walking distance of local eateries, grocery stores, and other fun shops. Even better if your neighborhood has good walking paths as well as close proximity to public accouterments.
Where is the closest park to your home? How about a pool? Gym? Many new neighborhood developments are including these conveniences, making these neighborhoods extremely attractive to buyers. If you have an older home, don’t sweat, buyers are still interested in the location of these resources. If your home is only a short drive, or even better, within walking distance, it will do great things to your home value.
#7 Trader Joe’s, anyone?
Earlier this year, Zillow published a report exclaiming that home values increased if they were within 1 mile of a Trader Joe’s or Whole Foods Grocery Store. “stores have become an amenity in their own right – a signal to the home-buying public that the neighborhood they’re located in is desirable, perhaps up-and-coming, and definitely improving,” said Zillow Group Chief Economist Stan Humphries. “Like a self-fulfilling prophecy, the stores may actually drive home prices. Even if they open in neighborhoods where home prices have lagged those in the wider city, they start to outperform the city overall once the stores arrive.”
City Dumps and Powerplants
Business Insider recently published an article stating that home near city dumps and power plants saw drops in their home values. “When researchers looked at five municipal landfills on residential property in Cleveland, Ohio, they found the stench was enough to drag down property values by 5.5 to 7.3%…Likewise, the University of California at Berkeley found homes within two miles of a power plant saw values drop 4 to 7%,” the report said.
So, how far is your home from the nearest dump? If you can’t answer that, then you’re like most Americans. You’re too busy running your life to spend time worry about your home’s proximity to the coolest amenities. That’s why we’re here.
At CENTURY 21 Northwest, we know how to identify the top selling attributes of your home. We also know how to help you get top dollar for your place and then help you find your dream home. Search our list of agents today to find someone with whom you want to work!