When it comes to buying and selling a home, there are pieces of information that you'll hear time and time again. It is this concrete knowledge of how to handle the real estate market that has not changed in years.
In reference to the above, examples would be when selling a home it is necessary to look at the comps in the neighborhood to help justify the sale price and for homebuyers; it is always wise to consult with a licensed inspector to ensure the home you're purchasing is a solid one.
However, there are many other insights into buying and selling that are less known, which have proven to be more useful for a successful real estate transaction.
According to a post by NY Post here are some surprising things about buying and selling a home:
Properties nearest to a Starbucks location had a higher value than those that were further away.
According to the Post, in 2012 "the average US home appreciated 65 percent to $168,000, but the property next to Starbucks skyrockets 96 percent to $269,000."
Not all renovations will payoff big with return on investment. A mid-range bathroom remodel that costs $3,000 will provide a $1.71 for every dollar spent. A kitchen remodel that can cost well over $20,000 will only get you back $0.51 for every dollar spent.
Particular lingo in the home description when selling plays a big role. Words such as "unique", "TLC" and "investment" could lower a sale price by nearly 7 percent. With words like "luxurious" and "captivating", sale prices can increase by 8.2 percent.
The thought that price outweighs time of year in home buying is not necessarily true. People are more likely to purchase a home mid-spring than in the dead of winter. In New York, the worst time to sell is the second week of December.
Sale prices with a nine in the thousands digit is much more appealing. An example of this would be $449,000 vs $450,000. Studies have indicated homes to be sold from four days to a week faster than those without the nine.