News & Updates
10 Year Homes vs Nearly Identical a Few Blocks Away Vary in Price By $10,000 – Why?
How can two 10 year homes with the same square footage, nearly identical floor plans and only a few blocks from each other vary in price by more than $10,000?
Forgetting, for a moment, the interior improvements that set one home apart from another, there are exterior factors that influence price. For instance, homes on primary ingress and egress streets (that is, the main streets that lead in and out of a tract) generally appreciate more slowly than those within the tract that are not on primary streets. Primary ingress/egress streets generate more traffic and are less desirable. So they lower prices.
Within a tract, a home on a cul-de-sac may generate a higher price for the same reason – less traffic. Cul-de-sacs are frequently like a maze, and they discourage drive-throughs, which is, of course, a definite benefit to Elhart County residents.
Even properties on one side of a street can be worth more than a similar property across from it. Why? Certain communities, because of their name, are more prestigous than others. Beverly Hills, Californnia, of course, is one. It is known worldwide for its high end shopping, expensive housing and impeccable name. In sections where Beverly Hills is divided from other cities and/or communites by a street, the homes on the Beverly Hills side of the avenue command a higher price than those on the non-Beverly Hills side across from it.
Existing homes may differ radically in price for another reason – one homeowner wants to sell, and the other has to sell. The latter, of course, is going to provide the better buy for consumers, since the owner must get out because of a job change or some other factor. The former is going to be tougher, because he does not have to sell. Buyers, with the help of their local Evelyn Johnston, (Elkhart County Subdivisions, LLC) can usually determine who “wants” to sell and who “has” to sell. Find the one that “has” to and the difference in price can mean tens of thousands of dollars.
Some other factors that influence price: What commercial developments are adjacent to the tract? How (un)desirable are they? And don’t forget supply and demand.
The wise Elkhart County Home Buyer checks one other thing – a community’s master plan. This is a must, expecially if a tract (or home) is surrounded by vacant land. Most communities have one. It is usually drawn up by planners within the city or county and approved by a local planning commission. Find out what is going to be built nearby and determine how it might impact the value of the tract. Your local Elkhart County Expert Evelyn Johnston can frequently be of assistance in this area, too.
All this, of course, takes time and homework. But is is well worth it, expecially when you consider that the purchase of a home is usually going to be the largest single financial investment you make in your life. Call Evelyn today at 574-304-7148 to determine the future plans of Elkhart County in the area you are interested in moving to.