Goldie Sommer has been an attorney for over thirty years and a real estate agent for over fifteen years. She has a lot of experience in real estate industry.
There are multiple factors that have an impact on the price of residential real estate in an area.
Changes in a community itself or nearby communities can influence the value of real estate. For example, a neighboring town may be building a new office building that will bring a lot of jobs to the area. This means that the area will get a lot of new residents that will need housing.
People that move because of their jobs are likely to have kids. This is why they will be looking for homes located in neighborhoods with highly rated schools, parks, and entertainment options for families with children. All these factors will have an impact on both rents and sales figures.
If your area is getting an influx of senior citizens, homes located close to hospitals and other medical facilities, entertainment, and restaurants will start growing in price. The United States Census Bureau has a free website that offers all kinds of information about all zip codes in the United States, including age, income, family size, gender, ethnicity, population change rate, education levels, and much more.
Most people living in an area are not happy when the area starts to have a population boom. Roads become congested, schools become overcrowded, and the quality of life starts to suffer. Existing population then uses the local government to protect the area from explosive growth. This usually results in significant increases in land development and construction prices which, in turn, lead to soaring prices of existing real estate. This is something that Goldie Sommer saw happen in the Greater New York area many times.