Moving property is hard enough in this recovering market, and the burden turns up tenfold when the property in question is in an undesirable area. There are the “biggies” that most everyone knows to look out for that will lower the asking price, but there are also some harder to spot issues that can arise that make a property more difficult to sell.
Even just one foreclosed home in a neighborhood is enough to drive down the property value of the rest of the homes in the area. Foreclosed properties are rarely maintained efficiently and suffer from neglect which becomes an eyesore to the community.
Inconsiderate neighbors drive down the property value of the surrounding community as well. Home owners who do not take care of their property are no better than a foreclosed property in the eyes of potential buyers. This problem can be compounded if the people themselves or their pets are loud and obnoxious.
Small mom-and-pop shops can increase the value of properties, but large commercial buildings have the opposite effect. Factories pollute the air around them with chemicals and any large business is going to have a steady flow of traffic and trucks which adds to the noise and air quality pollution.
A perfectly suited neighborhood that is well maintained can still suffer from property value loss if a registered sex offender lives nearby. The Longwood University found evidence of this in a study where researchers found that the property value of homes located within 600ft of a registered sex offender suffered an average loss of 9% and took 10% longer to sell than comparable homes that were not near a sex offender.
An in depth knowledge of the community will help you to recognize and address these types of deterrents when it comes to selling a home. Simply being aware of them will put you in a better situation when selling your home. While not much can be down about these outlying factors, you can overcompensate by boosting the appearance of the property.