Most of the Homes Near Schools, Sports Parks, Golf Courses and Libraries Hold Their Value Better
In places like California, homeowners watched average home prices fall over 20% and in some areas like Riverside County by 25% or more. Of course, Las Vegas, Detroit, Phoenix and Southern Florida took huge hits also and indeed, home prices are still falling in these markets. Much of it is about supply and demand with inventories rising and homebuyers trying their luck with low-ball offers, and with each one accepted that causes the average prices to fall further. Still, we must be careful when discussing average home prices because some homes are much more desirable than others. Some neighborhoods and condos that are close to shopping districts, schools, civic arts plaza, sports parks or libraries do much better. ...
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