CAN A NEIGHBORHOOD REALLY AFFECT PROPERTY VALUES?

Can a neighborhood really affect property values?

Yes and when buying a home it is critical to evaluate not only the homes’ condition and value but it is also important to evaluate the neighborhood as a whole.  You won’t need a crystal ball to evaluate a neighborhoods, direction.

Neighborhoods that tend to hold their value are neighborhoods that meet two very important criteria; they have access to jobs and to amenities.  This criterion and a few other details can be indicators of a neighborhoods future value.  By far the single most important determinate of real estate value in an area is employment opportunities and how convenient is this to the neighborhood. a few ways to tell if an area has long term job opportunities are:

• Low unemployment

• High-household income

• Creative industries – music, television, design, publishing or advertising

• Prominent colleges and universities

Some good resources to assist you in your research are the Bureau of Labor Statistics, the local unemployment statistics and the local real estate community.

The second critical criteria to determine if a neighborhood will appreciate or decline in value is amenities within the neighborhood. Some examples of desirable real estate amenities:

• Low crime rates

• Good public schools

• Parks

• Pleasing views

• Distinctive architecture

• Retail stores

Actually driving through a neighborhood is a great way to get a feel for where a neighborhood is now and where it may be headed.  As you drive through a neighborhood look at the neighbors lawns, the exterior visible maintenance of the home; is there pride in the neighborhood?  If there is a pattern of neglect it can mean the neighborhood property values may be headed toward a decline in value.  One thing to remember when driving a neighborhood is to go at different times of the day and week and always, always drive through at night.

If you are considering selling or purchasing a home you should always use the services of a full-time, professional Realtor.  Your real estate professionals will be able to answer many of your questions about an area and guide you to additional resources that will assist you in your decision making process.  I would love to be your Realtor, give me a call at 713-822-8555 or email anytime Pamela@SellingHomesInHouston.com.

Pamela Efferson, REALTOR
ASR, CSR, GRI, HRC, SRES
Member HAR, NAR, TAR, WCR

2009 Featured REALTOR in Real Estate Executive Magazine
2010 Houston Association of Realtors Top Producer
2010 Better Homes and Gardens Real Estate Masters Award Winner
2011 FIVE STAR™ Real Estate Agent Texas Monthly Magazine

Better Homes & Garden Real Estate Anderson Properties
Phone: (713) 822-8555
Pamela@SellingHomesInHouston.com

Blog: https://blogs.har.com/Efferson
Web: https://www.SellingHomesInHouston.com