Is Your Neighborhood Affecting Your Property Value?
It is no great real estate secret that a home in the most popular location or inside the boundaries of the best school district are going to sell for a higher price. Location is a huge facter in what sells homes for premium prices. So what location factors can bring down the value of a home? What is it is about a neighborhood that causes homes to sell for less money?
Realtor.com has put together a list of neighborhood features that bring down property value. Along with the list, they also provided a percentage of just how much each feature negatively effects the value of a home. They came up with this number by looking at home prices next to facilities known to bring down home value and compared them to the median home price for that city. They polled the 100 largest metropolitan areas across the country.
Here are the results that Realtor.com found
Brings Down Value 22.2%
Young families looking for homes are going to look for homes zoned for the best schools. Homes zoned for schools with low ratings are not highly sought after. Living inside the boundaries of a poorly performing school brings down property value more than other factors. The median home price of homes inside zip codes with schools rated 1 to 3 out of 10 according to great schools is $155,000.
Brings Down Value 14.7%
This one seems to be expected on this list. Very few people would want to live near an adult themed club, especially a young family. Places like these usually have loud music blaring...