Price is Just One Factor
When assessing the value of a property, there are many factors beyond price and price history that should be weighed into the equation. Here are some you may want to consider when working with buyers, and in this list may lie some messaging you as a sellers agent could provide to prospective buyers:
- Is the neighborhood trending up or down? Do you see other renovations, new construction coming?
- Is the neighborhood looking really tired and worn out? If so could it be re-invigorated in the future, Miami-south-beach-style?
- What are the crime statistics? Heading up or down? Stable?
- Quality of schools.
- Access to public transportation.
- How long does it take to get to daily conveniences? Even Weekend house buyers are asking for walkability to a local coffee shop and are buying in towns rather than being far removed.
- What does the vegetation look like? A beautiful tree-lined street will have eternal charms. Any plans to plant/landscape the public areas of the area?
- Is the neighborhood designated a historical landmark? Restricting what can be built may have longterm value.
- What are the zoning restrictions? Restricting height and size could limit future supply.
- Are there esthetic restrictions? Think Nantucket….they have a very uniform architectural code that keeps a uniformity to the entire island…..values keep soaring.
- Neighborhood quality of life: what is it like to live in this area? What is the quality and quantity of retail?
- Food. Good food – whether a superb food market or restaurant – can change an entire neighborhood.
- Demographic studies: who is moving in and who is moving out and why?
- What cultural attractions are there in the area? Sometimes a theatre or movie theatre can transform a neighborhood. Multiple cultural attractions are even better.
- What is the quality of the infrastructure? The roads, bridges, sidewalks, lighting, access points?
- Transportation: is it easy and simple? Is it safe? Are there public transportation options? Is there sufficient parking?
- Government: how restrictive is government and how difficult do they make it to build, renovate, do business?
- Taxation: what sort of local taxes exist? What is the local debt? How prudent is the government on spending? What is the money being spent on? If taxes are high, what exactly do they deliver?
- Economics: What is the strength of the local economy? How diversified is the economy? Is it reliant on one big employer (risky)? What are the unemployment numbers and how consistent are they?
- How much open land exists? Are there many opportunities to build more?
- How attractive is the area to younger people? Is it attractive to all generations or just one.
Do you have questions? We have answers.
Written by me, for you.
Goal: Providing my clients, friends, and colleagues with timely, intelligent and actionable advice. I am always available to answer your questions. Text, call or email 818-395-5517 | Robert@WestLALiving.com
Professionally Speaking: In my 8 years as a licensed sales agent, I have climbed the ranks of the LA residential sales industry, distinguishing myself both locally and nationally. I am closing in on sales upwards of 200 properties throughout the LA area and in a variety of neighborhoods with a wide range of property types. I have successfully sold complex Estates, land, income property, single family, luxury leases and condos. I have widely been recognized by both colleagues and clients as a respected professional whose reliability, dedication, and expertise is second to none.