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What factors can affect property values?

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Some of the features that increase property values are obvious-like a remodeled bathroom, a modern kitchen, or a sought-after neighborhood. But here are a few features and circumstances you may not have realized can affect property values.

  1. The neighbors: Not every neighborhood or community has an HOA that can keep the neighbors from going overboard with decorations or neglecting to care for their home. Homes adjacent to crazy neighbors can potentially be undervalued.
  2. Trendy groceries and coffee: Recent statistics suggest that if your home is a short walk from popular grocery stores like Whole Foods or coffee chains like Starbucks, it can actually appreciate faster than the national average.
  3. Mature trees: A big beautiful tree in the front yard is enviable, and it's not something that can be easily added to any home. Homes with mature trees tend to get a little boost in value.
  4. Parking: This isn't too much of an issue if you live in the suburbs or in a rural area, but residents in dense cities can have real problems with parking, and homeowners might need to rent a spot just to guarantee a place to park each night. That's why having guaranteed parking in urban areas will raise property values.
  5. The front entrance: First impressions matter to buyers-many will cross a home off their list within 10 seconds of stepping through the front door. An appealing front door, a friendly entryway, and a functioning doorbell are all necessities for getting top dollar.
As with any home purchase, that negative, or positive, affect can't be exactly measured.  Everyone will have their own thoughts on what price adjustment needs to be made.  This is clearly obvious if you talk to buyers and sellers who have conflicting rmotives  Emotion plays a part in this as well.  A Realtor can help by providing comparable sale information that can help quantify the affect of a negative attribute.

If you would like to discuss this, or any other aspect of buying or selling a home, please feel free to contact me.

Adam Tarr PC
Realty ONE Group
480-236-7374
adam@WeAreAZRealEstate.com

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