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. Some communities and neighborhoods are just more appealing to folks who plan on buying a home to live in and expect to live there for quite a while.
Of course, those looking to steal a home by taking advantage of a distress sale, foreclosure or just low-balling many homes until one pays off, well they are not so interested in the community or what is nearby. Real estate agents and FSBO risk takers should be marketing their listings or homes with this in mind. It is extremely wise if the home is near such a community amenity to make a note of it, because it matters to home buyers and families.
Just like all politics is local, so too are all home prices, they are very local, as in what is just around the block. A park or library will be a big plus when you go to sell, take advantage of it, as it is a prize location. Think on this.
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