Concerned about selling a home near public transit access? Today’s real estate trends point to a public in love with mass transit, particularly new public transit additions. Transforming the local markets into which they are integrated, such public transit initiatives have home and rental prices on the rise in cities across the nation as residents anticipate their arrival.
Bucking the assumption of crime, these new lines are remaking struggling neighborhoods and sleepy communities into safer, more popular, highly-desirable places to live. What does this mean for sellers? Buyers want an all-access pass, pushing home prices up close to stations. New restaurants, stores, and entertainment further increase area prices, bringing added opportunities and the need for additional homes to be built.
Are We There Yet?
Near one stop on the East Side of New York, real estate trends point to home prices near stops up 11.1% in the last 3 years of construction. Now that the construction mess and hassle are over, those prices are expected to rise even higher and faster. Homeowners who stayed for the long-haul are reaping the rewards of higher property values, with individuals and businesses in the rental market in these areas likewise reaping major rewards as communities are irrevocably transformed.
What Should Sellers Expect In These Areas?
The effect of public transit on housing prices varies dramatically by region, with the cost of single-family homes in California cities and other large metros like Chicago, St. Louis, and Portland rising 2-32%, and condos an additional 2-18%, according to 2008 statistics. Renters experience a much wider range of adjustment, from nothing to a 45% premium, offering amazing opportunities for those purchasing to cater to the renter genre.
Ready for success to arrive? Stay on top of the latest real estate trends, and with the help of Properties Online, you’ll be well on your way! Discover how we can get you there today.