When house hunting for the perfect Oviedo real estate property, you should think about what grocery stores lie nearby. This is not only so that your sojourns to pick up milk, bread or ice cream isn’t too far of a drive, but because it can significantly increase your home’s value.
New analysis by Zillow show that living close to a Whole Foods Market or Trader Joe’s will increase your Oviedo real estate property resale price. Although Whole Foods Market or Trader Joe’s hasn’t made it to the Oviedo real estate just yet, if it ever does, you can expect that the nearby homes for sale in Oviedo will increase in value seemingly overnight.
Grocery Store Impact on Oviedo Real Estate
Local housing markets are interdependent on the local grocery market, but it does need to be a valued name like Whole Foods Market or Trader Joe’s.
According to the Zillow report, which examined home values between the years of 1997 and 2014, homes near one of these two grocery store chains were found to be worth more than the U.S. median home price and the difference was significant. At the end of the research, homes that were located a mile of less from either a Whole Foods Market or Trader Joe’s were more than double in value than the median home worth identified for the rest of the country.
What This Means About Properties
The same house located 5 miles away from Whole Foods Market and Trader Joe’s versus 1 mile away, can draw a significantly price when it is listed for sale and it doesn’t have anything to do with the property.
Real estate analysts say it has to do with the lifestyle that people are wanting to live. Today’s generations are looking for neighborhoods that are part of the new urbanism. Known as a design movement, the new urbanism promotes environmentally friendly habits that brings housing and neighborhoods close to jobs and shopping.
The New Urbanism Community
This new community type is can be a single building or an entire community. It is ideal to many of the millennial types who are searching for a way of living that places most things within a 10-minute walk from home.
Typically, these types of neighborhood area are a mix of shops, offices, apartments, and homes on site. There is a celebration of diversity in the people who are living there, including varying ages, income levels, cultures, and races. Because of the living arrangement and lifestyle, there may be less traffic congestion and definitely less driving for the individuals actually choosing to live there, which equates to a healthier lifestyle overall.
Appreciating Home Values
The new urbanism is part of what Whole Foods Market and Trader Joe’s are looking to move into when selecting their business locations. Like a self-fulfilling prophecy, when one of these grocery stores chooses a location it is a signal to the area that the neighborhood is desirable and possibly up-and-coming, which seems to drive home prices.
