Unexpected Influences on Palm Beach County Home Prices
When it comes time to sell your home, you know most of the factors that determine Palm Beach County home prices. The number of bedrooms, condition of the yard, updating (or not) of the kitchen and bathrooms: they all influence final home prices in West Palm Beach.
But what are some of the lesser-known factors that can drive up Palm Beach County home prices?
Some of them are truly surprising—
The words “Boulevard” or “Avenue” sound somewhat more prestigious than the humble “Street,” so you may not be totally surprised to learn that home sales for properties with these address suffixes are higher. According to a massive (10,000 sales) Trulia study, houses located on a “Boulevard” sold for an average price per square foot of $117, while those on a “Street” sold for only $86. The difference is a breathtaking 36%. Other expensive-sounding address suffixes were “Place” at $110 per square foot, and “Way” at $107. It’s enough to make someone want to go out and paint over the corner street sign…
Politicians have made smoking an ever-more-expensive habit. Now we can add on its effect on home prices. A Canadian survey conducted by Event One found that homes with at least one regular smoker may result in a predictably lower price. Forty-four percent of the agents surveyed thought that there was at least some effect on home prices, with two-thirds of them placing the amount between 10%-30. A “whopping” 88% said it’s more difficult to sell homes with resident smokers. Cigarette smoke is not the only odoriferous culprit: I would have to agree that dampness, pet and cooking smells can all have an effect on Palm Beach County home sales.
Homes within easy walking distance of schools, shopping, parks and other amenities will draw higher prices. A recent survey “Walking the walk: How walkability raises housing values in US cities” looked at 94,000 real estate transactions in 15 different markets. Homes were rated on a walkability scale of 0 to 100. A score of 70 meant you could get by without needing a car. It was found that (at least in metropolitan areas) a single point increase in the score correlated with a rise in home prices of $500-$3,000.
If you are about to sell your Palm Beach County home, you won’t be able change the address suffix or make it more walkable (odor control is another matter). But be it Street, Avenue, or Boulevard, I’d love to provide a no-obligation property valuation for you. Let’s make this spring’s selling season one that fetches your home the right price!
Questions, Comments or For more information you can email Christian Penner at TheMortgageTeam@ChristianPenner.com or visit us online at www.ChristianPenner.com or you can call us directly at: 561-316-6800
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