Monday, March 09, 2015

Does street name make a difference when it comes to selling your house?

Main Street a Minus

By Zillow's estimate a home on Main Street loses 44 percent of its value just by dint of the mailing address. As Rascoff noted, common names in general suffer this fate, and Main Street is one of the most common a town can have.

Occupiers everywhere will be pleased to know that Wall Street, while fairly common, tends to have homes worth about 60 percent of the norm. (In fact, after several random searches, it's surprisingly hard not to have property values worth less than normal. One wonders if there's a cluster of gloriously titled neighborhoods out there with their thumbs on the scale.)
So where's all this property value going? Well, it turns out that every developer who named his sun-blasted subdivision "Shady Acres" was actually on to something. Descriptive names like "Lake Front" and "Sunset" often are indicators of high value, as are unusual names and "Ways," "Drives" and "Boulevards."

Homes located on Sunset Way, for example, tend to be about 76 percent more expensive than average while Lake Forest Drive gets an 11 percent bump. Idiosyncratic history buffs can also take heart: homes on Verdun Avenue cost 123 percent more than the national average.

Mark Walker

NMLS#:
Phone: 314-862-0123
Email: everyonebigbend@mimutual.com
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