How Does Location Affect Your Home’s Sale Price? How Does Location Affect Your Home’s Sale Price?

How Does Location Affect Your Home’s Sale Price?

Monday, January 07, 2019

When a home is placed on the real estate market there are several factors that contribute to its sale price. One element that contributes greatly is the location of the property. In fact, this one thing can be even more important than the home’s overall condition. Let’s take a closer look at how the location affects a home’s sale price and what you should think about if you are in the market for a new home in Miami.

1. Proximity to Local Amenities

You will notice that homes close to downtown and near many local amenities such as shopping, movie theaters, restaurants, etc., will be priced significantly higher than those several miles outside of town. It is because many individuals want homes with very little commute times, near essentials such as grocery stores, gas stations, and more.

2. Quality of Local Schools

When your home is appraised, the quality of the local schools is taken under careful consideration. The quality of the education a child receives is important to families with small children and teenagers and buyers will often pay more for homes where their children can go to a highly-rated school.

3. Crime Rate

No matter if you live in Miami or another city in the United States, there are neighborhoods with higher crime rates than others. However, neighborhoods, no matter what city, with lower crime rates will have higher property values. This is because individuals will pay more to live in safer communities. Although, not all crime is going to affect your home’s value. For example, according to a 2010 study by Florida State University, local robbery and aggravated assault crimes had the biggest impact on a neighborhood’s housing market.

4. The Condition of Your Neighborhood

Not only should you worry about the condition of your own property when selling your home, but the condition of the neighborhood as well. When neighbors take little pride in their home and clutter the outside of their house, it can affect your own home’s sale price. If you are in the market to purchase a new home, you want to carefully look at the neighborhood. Spend time in the area both during the day and the evening hours.

If you have any questions about how your current home’s location can affect your sale price or if you are looking for the perfect neighborhood for your Miami home, contact Carla at Global Life Realty.

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