Walking Distance

In a recent article by Phoebe Chongchua for www.realtytimes.com, the ‘walkability ‘ of a home's neighborhood is now in high demand for prospective buyers. Market trends change constantly, and Houston Realtors have noticed that first time buyers and baby boomers have quite a bit in common with this new buying movement.

Many of us have heard the location argument over and over when it comes to real estate. Generally location means proximity to good schools, a good job market, and amenities. However, as buyer's demands change, location now takes on a newer, more specific meaning for a small but growing percentage of first time and repeat home buyers. That's right; the newest trend among buyers is walking! Being able to walk to your desired locale is now up on the list of must haves for a growing population of prospective buyers.

What Buyers Want

Does this means more buyers are looking to move to the city? Not necessarily, so long as there are walking distance amenities, buyers are just as happy to be in the suburbs. According to Chongchua, a study of 90,000 homes in the US, concluded that being able to walk to nearby attractions is appealing and (according to the study) could increase the value of a home by as much as $3000! With unstable oil prices and traffic congestion increasing, Americans are seeking residences close enough to desirable locations so they may leave the car keys at home.

Selling Your Neighborhood

Sellers have a tool available to them such as http://www.walkscore.com/, that can determine just how ‘walkable' their neighborhood is. This tool can help sellers adjust marketing techniques and focus or downplay the right features for potential buyers. Sellers should be specific about the type of walking their neighborhoods allow as well. "Topography is a vital influence in determining if people will actually walk in a particular neighborhood. If there are 4 lanes of traffic and lots of congestion, even though the distance is short to a store, many will opt to drive" (Chongchua). An online marketing campaign in particular should be specific as to what type of walking your neighborhood allows.

Selling your home is only part of the picture. Neighborhood, area attractions and their proximity play into a home's marketability as well. How does your neighborhood rank on a walking scale?