While curb appeal, structural integrity and a brand new set of appliances can impact a home’s value, there is one factor that seems to reign supreme.
Homeownership is one of the most solid long-term investments one can make, but it’s important to recognize just how much the location of a home can impact the value.
Consider these startling facts from a recent report: the national average listing price of a four-bedroom, two-bathroom home is $302,632, but all of the top 100 affordable markets in the country have an average listing price under $135,000. Meanwhile, all of the top 25 most expensive markets are $1 million or more. The price difference between the most expensive community in California and the most affordable in Ohio is $2.2 million.
So what accounts for this major value discrepancy in similar-sized homes? Here are several ways in which “where” matters most.
Local Industry
Job opportunities available in a given sector can have a huge impact on the market. For example, the continued tech sector growth in Silicon Valley is one of the factors making it one of those most expensive communities in the country.
Revitalization
Over time, revitalization efforts can make certain communities more attractive to buyers. When a city or region sees an economic and cultural renaissance this influences the market. Buyers value related factors like safety, a walkable main street, public transit options and green spaces.
Schools
You may not have children, but it’s still important to investigate the quality of local schools. This factor can have a major impact on every homeowner.
Region
Regional factors can have a huge effect on a given locality’s pricing. These can include year-round weather patterns, proximity to natural beauty like beaches and mountains for outdoor activities like skiing and surfing, and commuting outlook.
Buying or selling a home is a very emotional process. Whether you’re listing your home or thinking of moving, take location into consideration. Doing so can help you determine your lifestyle priorities and place an appropriate value on a particular property.
Originally posted at: Lafayette Real Estate News
Comments(1)