4 Factors That Can Impact a Home’s List Price
So you want to purchase a new home. You have decided on your ideal neighborhood. You know the type of home you want to purchase. Heck, you are already secretly shopping for backyard furniture and planning sunset gatherings around the barbecue. Before you get completely carried away dreaming about your new home, it is time to consider whether your desired area is even affordable.
There are a number of factors that can impact the list price of a home; it is not just the number of bedrooms and bathrooms that determine a fair market value. If you hope to purchase your perfect property this year, following are a few factors that a seller and their real estate agent consider when deciding on an optimal list price:
Proximity to Schools
Access to schools can play a huge role in how much a home is listed for. Are there elementary schools within walking distance? Will children be bused to schools in neighboring jurisdictions? Easy access to both elementary and secondary schools allows sellers to request a higher selling price for their home.
Public Transportation
Nearby transit can also impact the final listing price a seller and their agent decide upon. Is there a nearby bus stop? If your desired home is on a public transit route, is there increased noise because of frequent busses? Consider the impact public transportation has on a home’s value to get a better understanding of whether an asking price is reasonable.
Noise Levels
Speaking of noise levels, how loud is the surrounding area in your preferred area? Airport flight paths, busy truck routes, and nearby freeways can all cause a greater level of noise within a neighborhood. If you are not able to enjoy time in your backyard without the incessant nuisance of excess noise, you might want to ask your real estate agent to find you a quieter location.
Local Amenities
Access to amenities can also influence how much a seller asks for their home. Nearby libraries, parks, coffee shops, and grocery stores make a home much more desirable. If you like having amenities within walking distance, chances are other home buyers will too. Be prepared to pay a premium for access to nearby amenities.
These are just a few of the factors that can impact how much a seller decides to ask for their home. Their listing consultation with their agent will include discussions on everything from bedrooms and bathrooms to buses and baristas. Knowing the multiple factors that go into deciding on a fair selling price will give you a better understanding of whether your desired area is an appropriate hunting ground for your new home.
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