The Impact of Location on Home Prices
Location is truly one of the biggest factors in a home’s price. As an experienced real estate agent, I constantly witness how location plays a pivotal role in determining home prices and the amount of offers that sellers receive. The geographical surroundings of a home or neighborhood hold an influence on property value for many reasons. In this blog, I will help expose you to the many reasons why location has such a crucial impact on both buyers and sellers in real estate.
When a neighborhood has many amenities, such as parks, pools, and a clubhouse, buyers are more willing to pay a premium to live somewhere that they can enjoy close by to their new home. Buyers are willing to invest in a home that offers convenience, accessibility, and gives a higher quality of life.
One of the first things that buyers should do is find the neighborhood they want to live in. Buyers always heavily consider safety when choosing the location they want to settle down in. A low crime rate and high neighborhood or home security can improve a home’s property value. If a buyer has children, they also may consider proximity to high-traffic roads to keep their children safe.
Accessibility and Transportation
If you are selling in a city, proximity to public transportation is a big factor for buyers. If you live outside the city, buyers may look for proximity to highways and other modes of transportation, such as airports and train stations. Buyers want to make their commute easier, not harder. Buyers may be willing to pay a premium for a convenient commute.
If you are selling a home with many bedrooms, you may want to highlight the school district or schools that your home is zoned for. Families heavily consider school zones when purchasing a property.
Picture Perfect Views
If you are selling a home with views of mountains, cityscapes, or bodies of water, buyers will flock to your home! Everyone always dreams about owning a home with a spectacular view. This typically means that the value of the home is much higher compared to those without a beautiful view.
If you are selling property in an up-and-coming area, home values will typically be higher than normal. Cities or towns that experience an exponential increase in population may have a shortage of property which leads to price increases in homes.
As neighborhoods begin to grow or evolve, buyers will be drawn to the up-and-coming area. Buyers also realize that purchasing now may be a smart move because there is a potential that their home value will appreciate if the area’s development grows.
When neighborhoods have had a history of property value appreciation, buyers may be attracted to the area for the potential continued price growth.
Location may be one of the biggest factors in deciding a home’s value. As an experienced real estate agent, I want my clients to consider this factor when buying and selling a property. If you are a home seller, location will heavily reflect on your home’s price and the demand for your home. For potential home buyers, understanding the location and why it impacts a home’s property value will be beneficial. In order to be prepared to hit the market, you need to understand the balance of location and home value. One of the best ways to understand this is by contacting a local real estate agent that knows the area well.
We hope that this blog post has provided valuable insights on learning how location can impact the value of homes. If you are ready to buy or sell in the CSRA, contact our team today!
The Bradley Sikes Group
Meybohm Real Estate