The importance of pricing your home correctly simply cannot be overstated. The problem for many sellers, though, in getting the price right lies in the surprising things that can affect a home’s value. Being aware of these things will help you price to sell and wind up with more money in your pocket for your next real estate investment!
Have a look at these 5 things that will have a surprising impact on the value of your home in Boston.
1. Numbers in the Address
One of the utterly surprising things that can impact on the value of your home in Boston is the house number or street address. Buyers actually prefer certain numbers and avoid others.
Take our office address, for example – 100 A Street, # 100, Boston MA 02127
Has a solid ring to it, right? We didn’t plan it that way, but we did get lucky. And we throw our address around all the time because it’s so easy to remember. 100 – A – STREET – # 100.
But did you know that buyers from certain ethnic groups prefer specific street numbers?
Typically, if your address contains 6, 8, or 9, you’re in good shape when it comes to selling and the value of your home. These numbers are considered extremely auspicious for Chinese buyers. They are more than willing to pay a premium or go into a bidding war to buy these properties that are believed to bring good fortune in the future. Specifically, the number 8 is considered the luckiest digit, and you may see real estate agents taking this opportunity to use them in listing prices, phone numbers, and promotional materials.
2. Age of the Trees
The value of your Boston home will also be impacted by the age of the trees both in the yard and on the street. Buyers prefer mature trees, and having them in your property (or at least nearby) can increase the value of your home by thousands of dollars.
Buyers want to see mature trees for a couple of reasons:
- Quite simply the aesthetic appeal.
- Mature trees can significantly cut heating and cooling costs because they provide a windbreak and shade.
- Mature trees provide privacy.
Drive around a neighborhood in the spring or summer and look at the foliage. With mature trees, you can usually count on a higher sale price and less time on the market.
3. Proximity to Grocery Stores
In addition, proximity to grocery stores will also impact the value of your home in Boston. Buyers want the ease and convenience of nearby grocery shopping. And, typically, buyers prefer a home that is close to the specific stores that they patronize.
If you’re looking at real estate in an upscale neighborhood or town, you can be assured that the listing will mention how close the property is to the nearest Whole Foods or Trader Joe’s if indeed it is close. When it comes to the proximity of grocery stores and the value of your home, if you have any upscale or trendy close by, typically within a mile, your property stands a better chance at appreciating at a higher rate than if you don’t.
4. Gas Prices
Gas prices are another important factor impacting home values, especially whether they are trending up or down in the area. For everyone, especially those with a hefty commute, is affected by gas prices. Gas prices actually affect the whole economy, including everything from the cost of groceries to real estate prices.
You might not think that a few cents per gallon matters, but not only do those pennies add up, but the psychology of driving around and seeing gas prices emblazoned on gas station signs has an effect on your mindset.
An increase in the price of gas is often followed by a fairly predictable corresponding change in home prices. In addition, homes farther away from city centers, which means much more driving for owners, typically fetch lower prices. We still need to determine the long-term effects on prices due to COVID, since remote work de-prioritizes gas prices as a limiting factor. If people are filling up their vehicles less because they are working remotely more often, they might be more willing to move farther from a center of commerce.
5. Legalization of Recreational Cannabis
Believe it or not, recreational cannabis can affect home values. Homes in areas where recreational cannabis has been legalized often sell for higher prices.
The value of your home and legalized recreational cannabis works down like this – from 2014 to 2019, cities that legalized retail recreational cannabis dispensaries saw home values increase more than $22,000 than cities where recreational cannabis was illegal. However, this positive impact on home values did not carry over to cities and states where only medical cannabis is legalized: these areas saw home values increase on pace with cities where recreational cannabis was illegal. The states that legalize recreational cannabis saw an immediate increase in home values, even before dispensaries opened up.
Our Role at NextHome Titletown Real Estate
Still, the value of your home in Boston and what you can ask for it depend on more than the things we’ve detailed above. Your home is likely unique and local market conditions vary widely, especially in our post-COVID world.
And that’s why, if you want to sell your home for the best price possible, you need a qualified local real estate agent. At NextHome Titletown Real Estate, we understand the local market and will be able to help you maximize the value of your home. So consider one of your experienced agents. Just give us a call at (617) 657-9811 or send us a message today!
Boston and Beyond – Just Hit the Market!
The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein.