It’s no surprise that the housing market is currently hot, meaning that the prices of homes are being driven up due to limitability and strong competition. This is allowing home owners to sell their homes at values that are sure to please, considering nothing is wrong with the home.

Although the market is hot for homeowners at the moment, there is one important factor that should be considered and that is location. Agents and seller preach this aspect of the home price, but this can also negatively impact the value of a home.

Whether you’re in the market or not for a new home, you can agree that the location of the home is an important aspect of the sale price. So, what are some factors that affect the value of a location? Let’s take a look:

Convenience

For many homebuyers, convenience is a major contributor in the decision-making process. Have a short commute to work, shop, and play is a great way to be close to the things that interest you most. Usually, buyers want to be near the commercial districts. The closer you are to the best part of a city, the better the location. In beach communities, the closer to the beach, the more valuable the property will be.

Public access

In more densely populated areas, the closer you live to types of mass transit, the more valuable your home will be. A good location will mean that you aren’t very far and have easy access to things such as buses or trains.

The good and the bad

Other factors that can affect the value to your home can be things such as having your backyard facing a major highway or freeway. No matter where you live, this type of factor isn’t desirable. The plus is that you have a backyard, the negative is that you’re next to a busy intersection.

Another give and take is your proximity to public authorities such as a fire station, police department, or hospital. To be close to when needed, is a good thing; however, experiencing a fire alarm from the station at 2AM is not so good.

Schools

Living in a desirable school district will be important no matter your location. Whether you have kids or not, as a seller you should remember that young families will be buying their first or possibly second or third homes. These families are going to seek areas that are based on school districts for their kids. Better the school, better the home value.

Crime

This can be tricky, but remember crime has a lot to do with the safety of a location. Of course, there are various crimes, some more serious than others. For instance, reports of multiple DUI offenses or breaking and entering type of crimes are not going to go over smoothly with new homebuyers. A great way to become familiar with the area is to conduct a great deal of research, consider renting for a short amount of time, and execute your plan for homebuying if you’re enjoying the location.

There are plenty of factors that affect a home’s value; however, it can be said that the location is among one of the most important factors to consider. Be sure to do your due diligence and become familiar before setting your listing price. Reach out to a local agent and possibly even considered getting your home appraised. These are simple and affordable ways to sell the house at a price that is accurate with the value. It can also be a time where you can consider minor renovations to assist in bringing that value up as well.