I was recently reading an article and it discussed the cost of living and the transportation woes we are getting as a society. While those are problems that we can work to resolve todays buyer is already taking measures to see that their
housing investment will pay off. Here are three things post recession homebuyers are focusing on in a way that was never done before.
Access to alternative transportation.
I was recently talking to a friend who said once they got home they were tired of going anywhere and just wanted to stay. If they did have to go out for food or groceries they did not want to drive far and or be able to ride a bike there.
I’ve since heard this repeated from other individuals. The days of driving for 10 minutes to get groceries are over.
- And walking (see below)
According to Walk Score, a company that’s developed an algorithm
to calculate the “walkability” of cities, neighborhoods and
properties, every additional point in a home’s Walk Score adds $500 to $3000 to its value.
With gas prices expected to remain high, today’s buyers are voting
for both walkability and access to public transportation with their
Sustainability of home values.
Buyers aren’t stupid and they realize they are buying into a declining market. If the homes value is still dropping then they could be buying a property that will be worth less than what they paid for it just a few short years ago. Most are coming into the market to take advantage of low bargain basement prices and the lowest interest rates we have ever seen.
The buyers want to know what large employers will be around and will there be a demand for housing in the future. On a local level one area that is maintaining value as noted by the daily press is the 23606 zip code in Newport news. The reason jobs in city center and the demand for housing via CNU. For a purchaser looking in different areas they are looking to see if how hard your area was hit in the current recession and if it will make it back the harder it was hit
the longer it could take to swing back.
Ability to grow old in your home
Growing older in your home can create value, even with home health care if needed, rather than moving to an institution or assisted-living community can save you 10′s of thousands of dollars. Aging in place can benefit individuals, families and communities, and has even been shown to increase longevity and be significantly less expensive than institutionalized care (assisted living can run anywhere from $34,000 to $70,000 a year).
However, not every home is well-suited to having a senior live there over the long term. Many Americans who plan to grow old in their own homes — or foresee the possibility that an aging parent might move in with them — are looking for homes with suitable features such as:
- ground-floor master suites;
- stairs and hallways wide enough to
accommodate scooters, wheelchairs and lifts; and
- level-in entries (meaning there are no stairs to get to the
If you’re buying, and not already factoring these things in, consider whether and how they fit into your own priority list. And if you’re selling, these features might be worth touting in your home’s marketing; touch base with your agent to collaborate on highlighting these newly important features to prospective buyers.