More than ever, buyers are concerned with the location of a home. A recent report from Realtor.com found that certain neighborhood factors, like a nearby graveyard or hospital, can actually reduce the listing price.
For homeowners in good neighborhoods, boasting assets like excellent schools and safety, this is great news. For everyone else? It's another challenge to overcome in your sale. To help you navigate these obstacles, we've outlined the three of biggest ways location impacts your listing:
1. School district. A chunk of buyers are looking for homes in good school districts because they either already have children or are moving because they need more space to have them. Realtor.com's report found that a bad school district could reduce average home price by 22.2 percent – the biggest impact on its list. However, if you have a home in a good school district, it can actually help your sale. For sellers and buyers in Indianapolis, some of the best school districts in the area include Hamilton Southeastern, Carmel Clay, Center Grove and Zionsville.
2. Public transit/Walkability. According to a post by U.S. News & World Report, more buyers are looking for neighborhood that allow them to live car-free.
"I think walkability has become more important in many markets, especially amongst millennials," Ken Wilson, the president of the Appraisal Institute, told U.S. News & World Report. "You're also finding empty nesters that are looking into properties that have walkability."
For sellers in Indianapolis, you're in luck – the city can boast a variety of walkable neighborhoods. Walkscore.com ranks Downtown, Broad Ripple and Near Northside as some of the best areas for walking. To give your car-free prospective buyers more information, check out this walking tour of Indianapolis created by Amanda Doyle, a local editor for the travel guide site Where.
3. Safety. Realtor.com reported that a nearby power plant could decrease average home prices in a neighborhood by 5.3 percent, while a shooting range could drag down prices by 3.7 percent. Buyers are always looking for safety in a neighborhood. According to Jonathan Smoke, the chief economist for Realtor.com, safety is one of the top concerns for millennial buyers.
If your neighborhood is lacking the right qualities, don't be discouraged. There are still plenty of ways to market a home in a less-than-desirable community. With a Realtor, you can discuss the best strategy to get the price you want.