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Market Trends To Watch
Mainstreet strives to provide our clients with timely and relevent market information, giving buyers and sellers as much of an advantage as possible when deciding on their next move. With this information, investors can more accurately evaluate and re-assess their real estate portfolio and "catch" the market at the most opportune time.
Below is a frequently updated list of hot market issues affecting buyers, summarized in quick and easy-to-read language. For details of any topic, please feel free to contact us anytime.
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Dec '09"Walkable" Properties Sell
There was a study conducted using using data from Walk Score that found the more "walkable" a property's neighborhood is, the more it sold for, compared to less walkable areas. While this bit of information is far from surprising, the media has jumped on the bandwagaon and has written numerous articles on CNN, WSJ, Newsweek, NY Times, ABC, etc showcasing this new comapny's ratings of cities with walkable scores.
Walkability is determined by a property's proximity to ameneties like, parks, shopping, eating, schools, theaters and also by facilities that support walking, such as sidewalks and scenery of the walk.
The study found these key findings:
- Up to a $34,000 premium was associated with properties located in above-average Walk Scores.
- 13 of 15 market areas studied showed higher home values associated with higher walkability.
- A one-point increase in Walk Score was associated with up to a $3,000 increase in property value.
What sellers should note, is that buyers and renters have also jumped on this bandwagon and have given Walk Score creedence when looking at a purchase or a unit to lease.
If your investment property has it, why not flaunt it? To find out your property's walkability score, and more importantly MARKETABILITY, plug your address into Walk Score. Read more...
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Dec '09California's Immigrants Slowing
News from the state level shows that California's popularity for new immigrants is slowing, as migrants are opting to live in other states, according to a recent Public Policy Institute of California study. Immigrants are increasingly likely to sellte outside the traditional hot-spots of the state, and choosing states with more favorable living standards compared to jobs and wages.
Although CA still has the highest number of immigrants in the nation, the growth has significantly declined over the past decade, with a 7% decline from 1990 levels.
What does this mean for your invesment property? If your tenant base is predominantly from the immigrant population, this might be a trend to monitor. As CA prices (inflation) increase, you could see a smaller pool of tenants to choose from.
For more information on tenant management services, please give us a call or email.
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