10 Surprising Factors that Affect Property Value
Location, neighborhood, amenities—there are a few timeless factors that influence property values. But, what about the unusual factors? Here are ten unexpected things that impact property prices:
1| Proximity to sports venues
Moving a home one mile closer to a major sports complex increases its value by $793 on average.
2| Gas prices
When gas prices fall, home prices fluctuate. In some studies, higher gas prices mean higher property values for homes near city centers, but lower property values for outer suburb dwellings.
Cities warming up a few degrees due to climate change also experience a slight uptick in property prices.
Properties conveniently close to highways are always valuable, but homes too near highways (and the resulting environmental noise) can see their values adversely affected.
Properties on streets with trees fetch more than $7,000, on average, than their treeless neighboring homes.
6| Name of your street
Buyers prefer streets with names instead of numbers, and favor suffixes like Boulevard (most expensive) over Street (least expensive).
7| Messy kids
Studies suggest messy kids’ bedrooms can knock almost ten grand off a property price.
8| A nice grocery store
Trendy, upscale nightlife or a nice supermarket can add 12% to a property value worldwide.
A Duke study found that homeowners who used groundwater for drinking lost up to 24% of their property value if they lived within 1.25 miles of a shale gas well used for fracking.
10| Nearby foreclosures
If you’re surrounded by foreclosure signs, you could see a $7,200 price decline.
Wondering what influences the value of your property? Let’s chat! Cheng Real Estate Group’s agents have the market knowledge and tools to help you figure out what your house is worth.