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2018-11-17 04:12:59
The Retail Store Effect - How It Affects Home Property Value

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The Retail Store Effect - How It Affects Home Property Value

Whether you’re buying, selling, or investing in real estate, you have to know the retail store effect and how it affects the value of home properties. Believe it or not, one retail store can change the cost of a neighborhood.

Part of the reason how retail stores affect home property value is -- location. If a neighborhood is close to a general retail store, this won’t blow the price off the roof. But if it’s a popular one, say, for example, Starbucks, it’s basically gold mine. According to Zillow’s research, from 1997 to 2013, home property value within a quarter mile of Starbucks rose to 96 percent.

The same story can be said when Whole Foods went to Detroit in 2013 -- increasing from $19,000 in 2009 to $80,000 by 2015.

To conclude, the retail store effect is caused by demand from people. When the demand is high, the price is also high -- it’s economics 101. But, of course, we’re just scratching the surface here. There are a ton of factors when it comes to home property value but now you know what’s the very obvious one.

 
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