Real estate data providers such as Home Junction can provide much more than just facts and figures.
They can also tie all that data into something that touches home buyers emotionally (and owners looking to sell).
We’re talking about neighborhood amenities.
As a successful real estate agent, you need hyper-local real estate market data such as the number of homes sales, and pricing trends.
However, what about how local amenities can raise the value of a home? A quick study of your area can help you get an idea of pricing according to the types of businesses and other features in that area. Work with real estate providers that can supply you with this key information and help you display it visually.
These five types of local amenities have been proven to cause an increase in the value of properties.
Real estate data providers need to show value of amenities
It may seem hard to believe, but according to a recent University of Chicago study, living within half a mile to one mile of a Walmart Supercenter can raise the value of a home by 1% to 3%.
Other stores which offer the convenience and selection desired by the population might include brands such as Target and Whole Foods Market.
A nice brand new kitchen is always marketable. But if that’s not the case, the next best thing is a nice supermarket nearby. Most buyers prefer to be able to meet their shopping needs as close to home as possible, driving up prices in these desirable areas.
Walkability is a big one when it comes to house values. If you can walk to your favorite park, store, restaurant, or school from your home, your property value could be $4,000-$34,000 higher than average.
However, since walkable areas like this are typically in downtown/urban neighborhoods, you do have to take that into account when looking at property values, as these areas are already going to be more expensive.
“Bikeability” is a similar factor as more Americans than ever are riding their bikes around town. More and more cities are investing millions in improving their bicycle infrastructure and building safe bike lanes.
To give you one example, in one area an average house price in a walkable area is $230,000. While an average house price 15 minutes away by car is $160,000.
This information is crucial for sellers who want top dollar for their property. Information from a reliable real estate data provider can help you justify the prices they desire.
Parks and natural areas boost value
Parks, green spaces, and other outdoor oases can raise property values by as much as 20%. House Logic cited a study of over 16,000 property sales in Portland, Oregon that proximity to a golf course raised prices by over $8,000, while proximity to specialty parks and natural areas raised prices by $5,000-$10,000.
A report from the University of Washington indicated that a home adjacent to a park could realize a 20% increase in values. Within a quarter-mile, add 10%.
The human mind and body naturally thrive best outside of the concrete jungle, and many families with children see parks and green spaces as a big draw. So it’s no surprise that these amenities raise nearby property values by such a margin.
Sporting arenas in your city, especially for professional teams, can do a lot of great things for the health, vibrancy, and economy of the area – including boosting the value of homes nearby.
In fact, homes within a couple miles of a professional athletic stadium tend to increase in value by over $2,000. Construction of a new stadium can be a double-edged sword, however: the noise and traffic restrictions can cause values to go down temporarily until all is complete.
The amenity boasting the biggest effect on your property value might be in your own backyard: an additional building. This could include a mother-in-law apartment, a guest house, a pool house, or something similar.
In some of the more popular and desirable parts of the country, one of these additional buildings can raise your property value by a whopping 40% or more.
Buyers should consider the fact that an additional building could provide a built-in stream of income by renting it out, as well as massive resale value down the road.
Bonus feature: mature trees
The presence of trees may seem like such a small detail, but when you dig into the numbers you may be surprised to see just how much of an impact they can have on the value of a house.
Having mature trees in the backyard can increase the house value by 2%, while having them in the front can cause a 3%-5%. If the house is in a desirable, higher-income neighborhood, this could even increase to 10% to 15%.
Past, present, and future house values are important for you to know as you help guide buyers and sellers through this process.
With the latest real estate market data, agents can show how these amenities are affecting values in any neighhorhood.
Real estate mapping tools integrate amenities with listings
If your listing has great amenities, show them off. Experienced real estate data providers such as Home Junction also provide real estate mapping tools that can tie in MLS listings with local amenities.
Don’t just tell buyers there’s a great shopping center down the street or a 40-acre park. Show them. Using geo-coding technology from Home Junction that can display a list of amenities near a property.
Or, with its SpatialMatch plugin and real estate mapping tools, an agent can actually show the listing on a map and then point out the amenities on that same map as well.
Imagine how a golfer’s eyes will light up when they see Ye Old Duffer’s Club just a mile away. Or how a coffee aficionado will start to salivate when they see a Starbucks right around the corner.
Amenities boost values.
Find real estate data providers with real estate mapping tools and property data who can help you walk a client through a pricing discussion based on proximity to amenities such as shopping, restaurants, schools, and yes, even Mother Nature.