When you are selling your Markham home, it is imperative that you price your home correctly. However, there are many factors you must consider to find the right sale price for your home, and location is one of them. Let’s take a look at several ways that location can make a difference in your home’s sale price.
Homes that are close to many of the amenities in town are going to cost more than homes that are several miles outside of town. For example, a condo located in the downtown area will usually cost more than a rural home five miles outside of town, even though that home may be larger and in better condition. Amenities such as shopping, proximity to main roads, restaurants, parks, etc., can all increase a home’s sale price.
For young families, homes that are located in excellent school districts are going to be at the top of their list. In fact, according to a survey of 1,000 home buyers, 91% of potential home buyers said that school boundaries were important to them as they looked for a new home. The survey also found that one out of five home buyers would choose a smaller home and give up a bedroom or even a garage if they could live in a better school district.
If a neighborhood has a high crime rate, the price of homes in that area will drastically decrease. Nobody wants to live in a neighborhood where they don’t feel safe and they won’t pay a large amount of money to live there either. Furthermore, the overall condition of the neighborhood will affect sale prices as well. If the exterior of houses and landscaping in the neighborhood could use some TLC, this will drive away potential buyers, hurting home prices as well.
The crime rate in a neighborhood isn’t the only thing that can diminish home prices. The actual location of a home can make a big difference. For example, if a home is located on a busy street, its sale price will be lower than a similar one that is two blocks away in a quiet neighborhood. Additionally, you can expect homes that are located next to large apartment complexes or noisy parts of town to also cost less.
Pricing your home for sale can be a challenge. There are many factors to consider and what your neighbor’s home sold for and your property’s current condition are not the only factors to consider. If you have questions about pricing your home or are ready to place your home on the market, talk to a local real estate agent to begin the selling process.