While road names should be logical and simple to help people navigate a city or town, they can certainly impact a home’s value. Road names are descriptive enough that their connotation can affect home values. If anyone was interested in buying the Muffin Man’s home on Drewry Lane, by all means sign on the dotted line however, doesn’t Dew Lane sound a little nicer? Or maybe something flowery, like Rosebud Way?
With new construction as one of the main contributors to the housing market, it’s interesting to know where streets get their name. The inspiration comes, seemingly, from everywhere - from astronauts to presidents. Or maybe the university in town is on College Way, the street named for the predominant businesses in the area. Developers are known for thematic naming as well, giving streets names like trees or numbering them. First Street is the second most common street name in eight states, for example.
Street names seem permanent, etched into maps and memories alike. But for the residents of an address like 32 Butt Round Road in Idaho, there’s little allure to the permanence of that street name. There’s hope for those unfortunate residents though, because changing a street name is possible. And if those residents happen to be your client, you’ll want to know how to help them change their street name to improve the value of their home - even though the process is seldom approved.
Street name changes aren’t approved often because of the number of people they affect. Businesses would need to change their letterheads and stationery among other things. When pursuing a street name change, the individual needs to get at least 75% of the signatures of the people who own businesses or live on the street in contention. The petition is then raised to the community board, and then if they approve the name change, it will be then raised to the city’s legislative body. With City Council approval, the street name can change - and typically, within the next six months, the corresponding street sign will too.
Road names can impact the deal and make or break a sale if you, as a broker or real estate professional, aren’t careful. Data shows that descriptive road names increase the value of homes on those streets and they have higher chances of selling quicker, for more money, and easier than homes on roads named after, for example, a Confederate general. The connotation of road names is important, which is why it’s equally important to help inform builders and community planners of the importance of road names in new construction. A name can be an advantage.
