Causes of Neighborhood Fluxes in Real Estate

Published by julia | Filed under Buyer / Seller Tips, Miscellaneous, Pinellas County Homes, Real Estate

The value of a neighborhood is very important in the real estate business.  There are a lot of different factors that one should look at when determining the value of the neighborhood for real estate resale.  While the value of a neighborhood may be high for those living in that neighborhood, the true value can be very different.  It is unfortunate, but many neighborhoods have experienced a decline of value.  There have been a few neighborhoods that have actually gone up in value as well though.  These neighborhoods have managed to not only avoid the loss of value that many neighborhoods have seen, but rather have surpassed the expectations and thrived.  Understanding why these neighborhoods have lost real estate value is fundamental to bringing neighborhoods up in value.

A neighborhood of primarily single family homes is typically of a higher value than homes that are primarily apartment homes.  This is because the single family home tends to provide more stability to the neighborhood than the apartments do.  In addition, it is perceived that these neighborhoods are safer and quieter, and therefore people are more willing to move into these neighborhoods.  Some neighborhoods have seen the single family homes broken up to flats and duplex homes.  This tends to lower the value of the neighborhood.  While a small number of apartments does not typically affect the neighborhood values, when the number apartments start to increase, the value of the neighborhood decreases.

Vacant homes can also decrease the value of the neighborhood.  A vacant home often catches the eyes of squatters and can also become a hiding place for crimes.  This can bring unwanted people to the neighborhood.  The longer the home stays vacant, the lower the chances of selling that home become.  It is beneficial to the neighborhood that the house stays vacant for the shortest amount of time possible.
Landscaping and home appearances can have quite an impact on the value of the neighborhood.  If the landscaping is kept up on the properties in the neighborhood, the appearance is that the neighborhood is doing well.  If the homes in the neighborhood are in good repair, they can all command more money during a sale.  A blighted home can lower the value of the neighboring homes as its property value declines.  This blighted home can turn people away from the neighborhood and therefore make it harder to sell property that is in good repair.

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