We recently learned some interesting facts about up-and-coming areas and their correlation to increasing home values from this video posted on Fox Business. Location is undoubtedly one of the most important factors in the real estate world. It’s something about a home you can’t really change, but the area of town your home is in plays a huge factor in its value.
We recently read a few studies from Zillow, and wanted to share the results with you. They’re very interesting, and useful if you’re thinking of buying or selling a home.
Zillow took a look at the hot areas in a few cities, and found that the rates of appreciation are actually faster in the up-and-coming areas of town, the “future hot spots.” To find these spots, keep an eye out for Starbucks.
According to a study by Zillow, if you lived within a quarter mile of Starbucks, your home value would have appreciated by 96% from 1997 to 2014. This is compared to a 65% appreciation rate if your home wasn’t located near a Starbucks.
This is an interesting statistic, and proves that Starbucks does a great job at identifying up-and-coming areas, and subsequently building in those areas.
One more thing to note about the location of your home: If your home is on a Court, Lane, or Way, as opposed to a Street or Boulevard, your home could be worth 2-3% more.
We just thought this was some interesting information that we should share with you. Whether you’re thinking about selling now or in 10 years, it’s always good to pay attention to trends like this.
If you have any questions for us at all, or if you’re looking to buy or sell, give us a call or send us an email. We’d love to help out!
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