How Far Is Starbucks From You?
Lately, stats have proven that your home’s value can be dependent upon your proximity to the local Starbucks, Trader Joe’s or any other local grocery store as well as fast food locations. According to Zillow, things that increase your home’s value are good school districts and neighborhoods, larger square footage, and its closeness to these local retailers.
Recent research shows major increases in value for homes that are “in the thick of things” as opposed to those that are out of the way a bit.
Of course, we’ve heard this our whole life. Location, location, location.
The most recent data we’ve found shows that homes within a quarter-mile of Starbucks had value appreciations nearly double that of homes that are further away. Meanwhile, in Detroit, homes near a brand-new opening of a Whole Foods have nearly DOUBLED in price!
A RealtyTrac study showed that homes in the same zip code as a Trader Joe’s went up by an amazing 40% during a period when the average growth for the nation was only 34%.
In all fairness, what happens in other areas around the nation doesn’t necessarily apply here in our area all the time, but it certainly makes sense when buying the next home to start thinking more about location!
There’s a definite connection between property values and it’s closeness to these new or popular retail locations around the country.
There are many factors that go into what you are looking for when considering a possible move. First and foremost is always about finding the perfect home for your family’s needs. However, a very important second factor to consider is a location to popular retail locations even if it’s not establishments that you would frequent yourself. You have to keep resale value in mind anytime you are buying a home for your family, or for investment purposes. If you have questions about any of these thoughts, just give me a quick call here. I’m always happy to speak with you!