What is it in a Street’s Name? Details of Real Estate Matter
Buyers take into
consideration a side spectrum of influences while choosing their next
home. The amount of natural light inside of a given room, don’t have two
sinks inside of the master bathroom, or, in the rarest of admitted
cases, the name of the street the home is on is just not right. It is by
far not a primary selling or buying point, but new data suggests more
weight placed in the name of a street than previously thought.
BozemanMontanaRealEstate.net
“Real-estate website Trulia recently examined
the correlation between the price of a home and its address suffix
(i.e. – “avenue,” “boulevard,” “court,” etc.). The company found that
homes on boulevards are generally the most expensive, with a median
price of $117 per square foot. Homes on plain old “street” were found to
be the cheapest, at $86 a square foot. That’s a difference of 36%.”
This
must be taken with a healthy amount of skepticism. Avenue, blvd, and
court are oftentimes affiliated with apartments and new development
eliciting an obvious rationale for the tendency to be higher priced.
There
are other irrational stigmas attached to street names. These are much
more difficult to tract since concerns grounded in suspicion are rarely
vocalized to realtors. The advice to realtors is that an uncountable
number of influences inform a buyer on whether or not they will put in
an offer on a home. If not on the forefront of your mind, details as
seemingly minute such as the street name ultimately do matter.
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