Wouldn’t you just love to be able to predict which way housing prices in your real estate market were going? This would give you an idea of when to list your house on the Coral Springs homes for sale with the highest possible price tag or when to find the best deals for your next home purchase when looking at buying Coral Springs real estate.
Although there are no crystal balls when it comes to real estate, there are some market indicators that can help you determine which way housing prices are going. A recent Realtor.com article identified 8 inside-track insights that might provide you with some ideas on whether your local housing market prices are heading up or down, whether it’s the Coral Springs real estate market you are hoping to buy or sell in.
Gas prices: When gas prices fall, the price of homes start to go up. A study by Longwood University and Florida Atlantic University found when gasoline prices fall, the price of homes goes up. The correlation is every dollar drop in gas prices means the price of homes goes up by approximately $4,000.
Trader Joe’s vs. Whole Foods: If one of these healthy, gourmet grocery stores moves in to a neighborhood, such as the Coral Springs real estate market, then you can expect your home value’s to increase.
Homes with a Whole Foods nearby appreciated 34% on average, which is equal to the national average, while residential properties with a Trader Joe’s in the area appreciated 40%. According to RealtyTrac, homes for sale in Coral Springs, Port St. Lucie homes for sale, or any other real estate property around the country with a Trader Joe’s close by are worth 5% more than homes in the neighborhood with a Whole Foods.
Sports facilities: Moving a residential housing unit one mile closer to a professional sports facility increases its value by $793. But the effect disappears after four miles, according to researchers at the College of William and Mary and University of Alberta, who extracted property data within 5 miles of every NFL, NBA, MLB, and NHL facility in the U.S.
Marijuana: Statewide drug policies for both Colorado and Washington state passed in 2012. Both states started selling the drug as a commercial item in 2014 and since that time, there have been some interesting changes in real estate values. Most notably, Colorado home prices appreciated 20.4% since 2014. This surpasses the national average of 15.2% that was measured over the same period of time.
It is hard to definitively correlate the legalization of marijuana and the change in home prices. This is particularly true because Washington state did not experience the same results. The state’s housing prices have risen by 7.3% since it legalized marijuana.
Rising Temperatures: Home prices and warming temperatures were examined by the National Association of Realtors® (NAR), who wanted to see if global warming was having an effect on housing prices. Its research over the past four years found a negative correlation between the prices of houses and the rise in temperatures.
Real estate prices for 82 markets studied by NAR found the highest gains were those that had the smallest increases in temperatures, not more than 2 degrees Fahrenheit.
Real estate markets that experienced a rise in temperature of more than 3 degrees did not experience significant gains in home prices.
On the other hand, housing prices did increase if the temperature rose only 1 to 2 degrees, such as in Atlanta, GA where housing price went up 78% with an increase of temperature that registered only 1 degree.
Those areas of the country, like Florida with Coral Springs homes for sale, were not affected by this sense the temperatures remained relatively temperate, at least at the moment.
Other factors:
- Casinos seem to negatively impact home values;
- Highways depends on how close you are; and
- Trees on the street gives home owners an average of $7,130 more for their homes than those on treeless streets.
