10 SURPRISING FACTORS THAT AFFECT PROPERTY VALUE

Location, neighborhood, amenities—there are a few timeless factors that affect 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.

3| WEATHER

Cities warming up a few degrees due to climate change also experience a slight uptick in property prices.

4| HIGHWAYS

Properties conveniently close to highways are always valuable, but homes too near highways (and the resulting environmental noise) can see their values adversely affected.

5| TREES

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.

9| FRACKING

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 factors influence 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.