The importance of pricing your home correctly simply cannot be overstated. The problem for many sellers, though, in getting the price right lies in the surprising things that can affect a home’s value. Being aware of these things will help you price to sell and wind up with more money in your pocket. So take a look at these 5 things that will have a surprising impact on the value of your home in Newark, Irvington, Orange, and East Orange.
1. Numbers in the Address
One of the utterly surprising things that can impact on the value of your home in Newark, Irvington, Orange, and East Orange is the house number or street address. Buyers actually prefer certain numbers and avoid others.
It has been well documented that buyers from certain ethnic groups prefer specific street numbers. Typically, if your address contains 6, 8, or 9, you’re in good shape when it comes to selling and the value of your home. “These numbers are considered extremely auspicious for Chinese buyers . . .They are more than willing to pay a premium or go into a bidding war to buy these properties that are believed to bring good fortune in the future . . . Specifically, 8 is considered the luckiest digit, and you may see real estate agents taking this opportunity to use them in listing prices, phone numbers, and promotional materials/”
As an example, a home in Bel Air, California, with the address number 10888 sold for 36% above the average price for comparable homes in the area.
2. Age of the Trees
The value of your Newark, Irvington, Orange, and East Orange home will also be impacted by the age of the trees both in the yard and on the street. Buyers prefer mature trees, and having them in your property (or at least nearby) can increase the value of your home by thousands of dollars.
Buyers want to see mature trees for a couple of reasons. First is a simple but important aesthetic appeal. And plenty of mature trees can significantly cut heating and cooling costs because they provide a windbreak and shade. So with mature trees, you can usually count on a higher sale price and less time on the market.
3. Proximity to Grocery Stores
In addition, proximity to grocery stores will also impact the value of your home in Newark, Irvington, Orange, and East Orange. Buyers want the ease and convenience of nearby grocery shopping. And, typically, buyers prefer a home that is close to some specific stores, such as a Whole Foods, a Trader Joe’s, or a Walmart.
When it comes to the proximity of grocery stores and the value of your home, here’s what industry experts say: “If you have any of those establishments close by, typically within a mile, up goes your property’s value. Homes near Trader Joe’s have increased in value by an average of 40% since purchased . . . Nearby Starbucks and Whole Foods Markets also enjoyed double-digit gains on home value.”
4. Trends in Gas Prices
Gas prices are another important factor impacting home values, especially whether they are trending up or down in the area. For everyone, especially those with a hefty commute, is affected by gas prices. Gas prices actually affect the whole economy, including everything from the cost of groceries to real estate prices.
An increase in the price of gas is usually followed by a fairly predictable corresponding change in home prices. In addition, homes farther away from city centers, which means much more driving for owners, typically fetch lower prices.
5. Legalization of Marijuana
And, believe it or not, marijuana can affect home values. Homes in areas where recreational marijuana has been legalized often sell for higher prices.
The value of your home and legalized marijuana breaks down like this: “From 2014 to 2019, cities that legalized retail marijuana dispensaries saw home values increase more than $22,000 than cities where marijuana is illegal. However, this positive impact on home values did not carry over to cities and states where only medical marijuana is legalized: these areas saw home values increase on pace with cities where marijuana is illegal. The states that legalize recreational marijuana see an immediate increase in home values, even before dispensaries open up.”
Your Agent’s Role
Still, the value of your home in Newark, Irvington, Orange, and East Orange and what you can ask for it depend on more than the things we’ve detailed above. Your home is likely unique and local market conditions vary widely.
And that’s why, if you want to sell your home for the best price possible, you need a qualified local real estate agent. Your Newark, Irvington, Orange, and East Orange agent will understand the local market and will be able to help you maximize the value of your home. Although nothing in life is guaranteed, a local agent can typically help you sell for more and more quickly. So consider one of your experienced agents. Just give us a call at 201-341-6590 or send us a message today!