Most people know that a few factors can have a strong influence on a home’s value like comparable sales, location and condition, but what are other things that play a part in determining price? According to HouseCanary, this platform for real estate data analytics has recently analyzed over 1,500 counties to decipher the top 5 hidden factors that play a part in home values. Here are some points they noted:
Backyard views – This has to do with the view of scenery in the backyard from 0 degrees to 180 and how much in between includes scenery or nature. The study showed these homes to be valued higher “showing that buyers in those areas put a premium value on their backyard views.”
Frontage – This is the length of measurement in feet of the street facing side of the property. A longer length was tied to higher home values. Specifically, the study showed home values were higher in nearly 80% of the counties that were analyzed.
Backyard privacy – This measured how easily neighbors could see into a home or a backyard. The more private the better the home’s 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.”
Total privacy – The study included the slope of the yard, proximity to neighbor’s home, home density and similar features to arrive at a privacy score. The more private, the more desirable the property.
Backyard slope – The study indicated that a slope of the backyard can affect the property value. Those with downhill-slopes were more desirable than uphill slopes. In 640 of the 1,836 counties analyzed, the study found a negative relationship between home value and backyard uphill slopes.