Walkability is an emerging vital Factor in property valuation and real estate business. Property valuation is so important to the real estate business. Every property owner wishes to see their property appreciated for a considerable time. But unfortunately, we never can tell a considerable extent how a property would increase in value. Work with a real estate agent to assess this information.
The good news is that there are some factors that when considered play a huge role in boosting the value of an asset or property. One factor that helps to boost valuation is the location of the asset. Of course, this is an easy decision as you would expect this, but shockingly there is another factor you might not be too familiar with Walkability.
What is it about?
Walkability is defined as a measure of the ease of walking about a property based on the walking routes associated with the social amenities of that location. The idea is shrouded in the thought that more physical activities like walking can help to reduce private car use within a community which in turn improves the quality of life of the individual.
Walkability aims to make the street more usable. This would help to maximize living spaces within the community. Walkability is assessed using an assessment tool called walk score, walk.
The new Trend in Real Estate
There has been a new emerging trend that is already shaping the Real Estate Industry Worldwide. It is all about Walkability. Since the 2000s there has been increased focus on Walkability in American cities with public transit, especially among millennials who have recently in a study shown to favor less use of cars. This has shifted the focus of millennials from location and access to social amenities-based criteria.
Now attention is shifting to Walkability as millennials are increasingly focusing on boosting physical activities. Not left out is the younger generation of Gen Z and co who are also pandering towards the line Walkability as increased how people incorporate physical activities like walking into daily life.
What is the impact on real estate and property valuation?
Already we see the impact of walkability on housing and real estate business as more people, especially the younger generation, pay more attention to it. This impact is evident in a report posted by Redfin in the year 2016, the report showed the impact of various housing scores on the prices of houses in major US cities.
The report concluded that the higher the housing score the more expensive or valued a property is. For example, houses nearer and within trekking distance to the workplace and market (Had a work score of 90) were scarce and expensive.
The research showed that more than half of the millennial generation preferred walkable when looking to buy a home in certain communities. Half of baby boomers and older generation were also favorable to walkable communities to improve walkability. From this, it was discovered that the higher the Walkability score of an area the more expensive and scarcer the property. Without any doubt, the impact of Walkability on housing would linger on for many years and have a more serious effect on real estate and property valuation in the years to come.
With Beyond 404 Realty, Anthoney Hanks helps families and individuals in the Dallas-Fort Worth community find their dream home. Anthony specializes in working with first-time homebuyers in Texas and those looking to purchase investment properties in Texas. Anthoney will teach you how to become a homeowner, stop renting, and start buying!
Visit www.beyond404realty.com for more information or visit our YouTube page for short videos on starting the home buying process. We can’t wait to work with you.
