|
Neighborhood Considerations
|
|
Home >>
Seller Services >>
Neighborhood Considerations |
An old real estate maxim says that three criteria
determine market value: Location, location and location.
The same boards and brick may be used to build two
houses, yet one house will bring a price thousands of
dollars higher than the other – simply because of its
location.
The concept of neighborhood is not as precise as a
county or city. Some people consider the boundaries to
be the district around an elementary school. Others
consider it to be walking distance, which is more or
less within a half-mile radius. Wherever you draw the
line, a neighborhood is the immediate area around your
home.
Obviously location is important to the buyer. But it's
also important to you as a seller. That's because your
neighborhood has a lot to do with how fast your home
will sell – and how much you'll get for it. Selling a
home located in a desirable neighborhood will net you a
much higher price than selling one in a
less-than-optimal one. If your home is located in a
"hot" neighborhood, that may increase your chances for a
sale. You're likely to have more prospective buyers
interested in your home, simply because of its location.
A desirable neighborhood usually exhibits these
characteristics:
High or increasing property values
Reasonable commute and close proximity to employers,
schools, hospitals, shopping and public facilities, like
parks and community centers.
Low crime rate.
Well-planned traffic infrastructure.
Well-maintained properties.
Higher percentage of owner-occupants.
Well-regarded school district
If your neighborhood is stagnant or in a popularity
decline, take heart. There's probably a buyer out there
who is a perfect match for what your home has to offer.
Be sure to maximize your home's appeal and keep in mind
that you may have to compromise a bit on your asking
price.
Let me be your next agent for your property. Please call
Diane Hunter at (312) 446-8300 or
contact me online! |
