Commonwealth Standard knows that there are a few main factors can have a strong influence on a home’s value like comparable sales, location and condition. However, what are some of the other things that play a part in price? According to HouseCanary, a platform for real estate data analytics, they recently analyzed over 1,500 counties to discover the top 5 hidden factors that play a part in home values. Here are some points that they noted:
Backyard views – This includes the overall view of scenery in the backyard from 0 degrees to 180 and how much in between includes scenery or nature. The study indicated that the homes with views to have a value higher “showing that buyers in those areas put a premium value on their backyard views.”
Backyard privacy – This measured how easily neighbors can see into the home or the back yard. The more private meant the better the value. According to the study, “This was especially clear in the Northeast, which seems to place more importance on limiting backyard exposure than other parts of the country—in Rochester, N.Y., or Boston, homes with less backyard exposure were more highly valued, and in some parts of the country, like Buffalo, Wyoming, and just south of Spokane, Washington, homes with more backyard exposure to neighbors actually [had] higher values.”
Frontage – This is the actual length of measurement in feet of the street facing side of the property. Longer length was tied to increased values. Home values were higher in nearly 80% of the counties that were analyzed.
Total privacy – The study included the slope of the yard, proximity to neighbors, home density and similar features to determine an overall “privacy score.” The more private, the more desirable the home is meaning a higher value.
Backyard slope – The study indicated that a slope of the back can affect the value. Homes with downhill-slopes were more desirable than those with uphill slopes. In 640 of the 1,836 counties analyzed, researchers found a negative relationship between home value and backyard uphill slopes.