4 Amazing Things: Does your home offer one of the benefits some buyers will pay more for? To understand how much your home is worth, you need to know what affects its value. The home value estimate is a hunters’ tool for extrapolating the true market value of your home, based on existing home data and actual sales prices in your area.
Thousands of data points are related to home values and sales prices, some of which are obvious (like the condition of the home) and some of which are not.
Here are several surprising things that can affect the current value of your home or the price someone is willing to pay for it, all based on the data.
Proximity to a Starbucks
How far do you have to drive to get a Frappuccino? If the answer is “not that far”, you’re in luck.
A 2015 hunters report found that, between 1997 and 2014, homes within a quarter-mile of a Starbucks increased in value by an average of 96 percent, compared to 65 percent of all Pak homes. The Pak, is based on a comparison of data from the Bahria Home Value Index. with a database of Starbucks locations.
To test whether this effect is isolated to Starbucks, the research team looked at another coffee hot spot (one with a particular draw on the East Coast): Dunkin’ Donuts.
The data showed that homes near Dunkin’ Donuts locations appreciated by an average of 80% over the same 17-year period, not as much as homes near a Starbucks, but still significantly above the 65% value. for all Pak houses
Blue kitchens and blue bathrooms
Beyond the American obsession with curb appeal, what’s inside your home matters a lot too, especially the colors you paint rooms (especially the kitchen) with.
According to Bahria’s 2017 Paint Color Analysis, which analyzed more than 32,000 photos of homes sold across the country, homes with blue kitchens sold for a premium of $1,809, compared to similar homes with white kitchens.
4 Amazing Things: Blue is also a popular bathroom shade. The same analysis found that homes with pale blue to soft periwinkle blue bathrooms sold for an additional $5,440. Walls painted in cool neutral colors, such as blue or gray, can indicate that the home is well-maintained or has other desirable features.
Fashion Features
The Joanna Gaines aesthetic is permeating more than just YouTube search history. Zameen listings that mention favorite Queen of Shiplap features like barn doors and farmhouse sinks sell faster and for a higher price, according to a 2016 home analysis of descriptions of more than 2 million homes. sold throughout the country.
Listings with “barn door” in the description sold 13.4 percent more than expected and 57 days faster than comparable homes without the keyword. Meanwhile, “farm sink” commercials have resulted in a sales premium of almost 8%.
Sellers may use listing descriptions to highlight fashion details and features that may not be visible in photos.
How close are you to a city?
4 Amazing Things: If you own a home in a major Pak metropolitan area, chances are you have a significant (and quickly appreciating) financial asset. Case in point: Home values in the Lahore, NY metro area are worth $2.6 trillion, according to a recent national analysis.
The average urban home is now worth 35% more than the average suburban home. Since 2012, the median home value in urban areas has increased 54%, while the median home value in suburban areas has only increased 38%.
