What comes to mind when you think of features that increase the value of a home? School district? Pool access? Garage? Recent market surveys have shown that what people now look for is walkability.
An area with high walkability is one that has access to amenities, public transportation, and is overall pedestrian friendly. The up and coming home-buying class is attracted to trendy areas with excitement and buzz. These homes with high walkability are not only extremely desired but they are very rare. While it is easy to assume areas with high walkability would sell, we wanted to know how much economical value it actually adds.
To measure walkability, listings are given a “walk score”. The scale is from 0-100, 0 being car dependent and 100 being a walker’s paradise. You can find the walk score of your area here. A recent study done by Redfin looked at over 1 million home’s sale prices and walk scores. The study proved that a high walkability score can increase a home’s price by almost $4,000.
So how do you apply this to the home you’re trying to sell? Make sure buyers know all about the convenience of your home’s location! Include it in the description, mention it at open houses and include it in the MLS. People are looking for proximity to metro stations, restaurants and bars, parks, and any other points of interest. So capitalize on the popularity of your area and you could earn some extra cash on your home!
Still have questions about how to increase the value of your home? Contact a Door agent today!
(Image via Yuya Tamai, flickr)