A property’s value is determined by numerous factors, such as square footage, upgrades, its condition, and more. However, one of the biggest aspects that will affect a home’s price isn’t the home at all but where the home is located. Check out our breakdown of how a home’s location can play a role in determining its value.
1. Neighborhood Amenities and Transportation Access
Proximity to parks, shopping centers, restaurants, entertainment, and medical services plays a big role in how valuable a potential buyer deems a home. For some, walkability or access to public transportation is not just a “want” but a “need” on their list. Neighborhoods like Capitol Hill and Queen Anne are desirable to many homeowners due to the incredible variety of surrounding amenities just moments from residents’ front doors.
2. School Districts
For parents with school-age children, being within the range of top-rated school districts is often at the top of their list of considerations. Due to this, a neighborhood with access to quality schools will often drive up demand and then drive up prices. Even if being close to good schools isn’t a consideration for you as you search for homes, keep in mind that it is something that will impact the resale value of the home should you choose to sell down the line.
3. Local Market Trends
Market trends can affect how much location plays into a sales price as well. For example, during the pandemic, many buyers were searching for homes with outdoor spaces, searching outside of major cities and in neighborhoods with more space and bigger yards. Now that many employers are switching from entirely remote schedules to hybrid office/remote schedules, we’re seeing more buyers prioritize locations in cities or within commutable distance of the cities where they work.
To discuss your real estate goals, please reach out to me today. Let’s kick off your home-buying or selling journey.