While there are certain home improvements you can add to your home to boost its resale value, there are also many external factors that can devalue your greatest investment. This is why the real estate cliché saying “location, location, location” will never be debunked or even grow old. Many of the things that can dampen your home's value can actually be found in your neighborhood.
These factors are already outside the homeowner’s control and what appraisers refer to as external obsolescence. Understanding how these external factors can influence the long-term value of your home is paramount because decreasing property value can pose a challenge when it’s time to sell your home. In the worst-case scenario, you may have to sell it for less than what you purchased it for, causing you to lose money on the table.
Bad Schools
Proximity to good quality schools is one of the most desirable factors for most home buyers. It is because neighborhoods near top-quality school districts almost always benefit when it comes to property values. However, the disastrous opposite of this is living in a bad school where there is a slim graduation rate.
Neighborhoods near low-ranking schools are less attractive to many buyers and have lower property values. According to realtor.com, the median home price of areas with schools that received a 1 to 3 GreatSchools.org Summary Rating is only $155,000. Repeatedly, there will always be a better demand for homes in good school districts.
Disruptive Neighbors
Don't be surprised if noisy and disruptive neighbors can significantly reduce nearby home values. According to The Appraisal Institute, the nation’s largest professional association of real estate appraisers, a home’s proximity to a bad neighbor can impact the rate of potential decline in property value. Those “bad neighbors” include homeowners with unkempt yards, homes with unpleasant odors and poorly maintained exteriors, or own annoying dogs that are barking at night. Living near a troublesome neighbor can devalue your home by as much as 5-10%. If you’re a home buyer, it’s important to learn what is going on in the neighborhood before you sign the dotted line.
Excessive noise pollution—especially if your home is near an airport, train tracks, or highway
Ah, noise pollution. While you can learn to live with it, it is not a desirable factor for most buyers. If you live near an airport, train tracks, a highway, a loud factory, or near an industrial area where there is constant noise and you need to endure it every day, it can be a negative factor when it’s time for you to sell your property. The louder the noise and the more inconvenient it is, the more negative its impact could be on your home’s resale value.
If your home is located next to train tracks, it can deter buyers from purchasing it because they have to deal with the noise at various hours of the day. You will have the same scenario if your property is located on top of a freeway. While it is ideal to live near commuting routes, homes located adjacent to major highways have lower values compared to identical homes far from freeways. Ask your local real estate agent how much of an impact those nearby transportation facilities have on reducing your home’s market value.
Proximity to power lines and power plants
Having a power plant in the neighborhood is generally associated with lower property prices because of safety concerns. Likewise, having power lines near your home is also not a good thing. They are vital, yes, because they bring much-needed electricity that helps us live our modern life. But they are also unattractive and imposing. The perceived negative health effects of living near power lines can also make people worry so they may not purchase a home near one.
However, if you’re still planning on buying a home near power lines, it’s best to consult with your local real estate agent to know how much impact it will have on your home’s market value. There may be a reason for the low price so think carefully if it will be a good bargain.
Proximity to a cemetery
A graveyard next door can make many people uncomfortable. Some may even find the prospect of living near a cemetery downright terrifying. It isn’t surprising since cemeteries represent mortality so living next to one may not be ideal to many. And while there are certain pros and cons of living in proximity to those graves (just think how quiet your neighbors are), not all people can accept that. Research by realtor.com that used a list of federal and state cemeteries operated by the Department of Veterans Affairs, they found out that the median home price in ZIP codes with a cemetery is about 12% lower than similar homes in other neighboring areas without a graveyard. Many people also find it disturbing to witness a handful of funerals each year and see the road being lined up with cars of mourners.
Near a shooting range
While having a gun range nearby can be beneficial to some people because they can take part in such a hobby, a shooting range right next door can actually drag down your home’s value by 3.7%. If you’re looking to buy a home, think twice about purchasing one near shooting ranges. The noise of gunfire, especially from outdoor gun ranges, can be loud and disturbing. There are also environmental and safety concerns since the lead that leached out of spent shells might poison the soil and water. If you’re considering a home near a gun range, research the shooting schedule of the place and figure out whether you can tolerate hearing gunshots now and then.
Billboard/s near the home
Studies have shown that billboards also impact real estate prices. In urban areas where billboards stood near residential homes, the closer the billboard is to your home, the more it can lower its value. This is why many communities are implementing a no-billboard policy or enforcing strict billboard controls to protect home values and promote higher median incomes and lower home-vacancy rates.
Multiple foreclosures in the area
Multiple foreclosures in your neighborhood can also affect the resale value of your home. Foreclosures imply that something is wrong with the area, so they can be eyesores that can easily drag down the average home values. And since a bank-owned home is less likely to be properly maintained, they can also translate to unsightly yards with stubborn weeds taking over the lawn and poorly maintained exteriors prone to vandalism and deterioration.
According to studies have shown that living within a quarter-mile radius of a foreclosed home can cause a 4% decline in property values. A report by The Alliance for a Just Society also found that aside from a significant decline in the value of surrounding properties, areas with foreclosures also experienced an increase in property taxes.

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Counseling Session Activities
- Prepare the buyer for executing a buyer representation agreement
- Explain agency relationships to the buyer and get state required legal consent to represent, if needed
- Inform the buyer of working relationship based on state law, the REALTORS® Code of Ethics, and the broker’s business policies
Building a Relationship
- Learn the buyer’s wants and non-negotiable needs
- Understand the buyer’s budget and what will be needed financially
- Help the buyer understand what property their chosen budget will buy
- Consider having the buyer fill out a homebuyer’s checklist
- Assist the buyer in examining how much they can afford to spend
- Provide quality lender resources
- Partner with the buyer to locate suitable properties for consideration
- Match the buyer’s needs with available property
- Constantly re-evaluate buyer’s needs and refocus property showings to fit those needs
- After ensuring the buyer understands what is done for them, how it is done,and the benefit to them, obtain signatures on the buyer representation agreement
- Explain how compensation is paid, who pays it, and what the buyer’s options are for paying it
Educating the Buyer
- Communicate the working relationship based on state law, the REALTORS® Code of Ethics, and the broker’s business policies
- Explain Federal and State Fair Housing laws
- Explain what to look for in applicable property disclosures
- Reassure the buyer that their personal information will remain confidential
- Inform the buyer that you will always disclose all known material defects
- In accordance with state law, provide information on checking the sex-offender registry and crime statistics for the neighborhood
- Discuss available resources that the buyer can check to learn more about prospective neighborhoods

Preparing the Buyer
- Explain the timeline for house hunting, mortgage approval, and closing
- Explain the local market and how it impacts the buyer
- Show statistics on what percentage of list price sellers in the area are currentlyreceiving
- Inform the buyer on what home features are popular
- Identify current average days on market
- Share the dangers of using the price per square foot to figure home values
- Explain the concept of absorption rate and how it impacts the buying process
- Indicate current listing months of market inventory
- Share estimated potential out-of-pocket costs to complete the transaction
- Assist the buyer in analyzing the loan estimates
- Qualify the buyer for financial ability to purchase
- Help the buyer account for the complete costs of homeownership
- Prepare lender for listing agent calls
- Assist in comparing different financing options
- Help the buyer select for viewing only those homes that fit their needs
- Proceed in showing homes that fit the buyer’s must-haves
- Caution the buyer on posting information to social media
- Review the sample sales contract so the buyer is prepared when it comes time to make an offer
Showing Properties
- Schedule showings and provide access to all listed properties as soon as they become available in their local MLS broker marketplaces
- Educate the buyer on the immediacy of new listings appearing in their local MLS broker marketplaces and the lag time for them to appear on some websites
- Collaborate with the buyer on properties they may have learned about through their sphere contacts
- Research and assist on all unlisted properties the buyer wishes to see
- Preview properties prior to showing if needed
- Network with other agents to source properties not yet in their local MLS broker marketplaces
- Contact homeowners in focus areas to see if they are considering selling
- Set up an automated email alert system through their local MLS broker marketplaces that immediately notifies the buyer of properties that fit discussed requirements
- Arrange a tour of areas, schools, and key points of interest
- Provide resources containing neighborhood information on municipal services,schools, etc.
- Inform the buyer of negative aspects like nearby venues or operations that may result in issues that could impact value
- Collect and share any other vital information on available homes, remembering to follow all fair housing laws at all times
- Check applicable zoning and building restrictions
- Help the buyer decipher public property and tax information
- Collect and share pertinent data on values, taxes, utility costs, etc.
- Compare each property shown to the buyer’s wants and needs list and remind them of what they were looking for
- Help the buyer narrow the search until the buyer identifies top choices
Negotiating Offers
- Assist the buyer in getting the best property at the best price
- Suggest that the buyer learn more about the neighborhood prior to makingan offer
- Prepare a comparative market analysis (CMA) in advance of making an offer
- Prepare the buyer to have the most attractive offer in the current marketplace
- Explain common contract contingencies and include approved protective clauses in the purchase offer
- Ensure that the buyer receives and understands all state and federally-required disclosure forms
- Prioritize contract negotiation goals with the buyer
- Help create a negotiating strategy
- Use strategies such as an escalation clause to maintain a competitive offer
- Prepare the buyer for a multiple offer situation and develop negotiation strategies
- Write an offer that has a reasonable chance of being accepted
- Recommend optional contingencies and explain the pros and cons of using them
- Provide information on purchasing incentives that may be available
- Discuss financing alternatives
- Negotiate the buyer’s offers to arrive at the best price and terms
- Utilize hyperlocal expertise and strong communication skills to assist the buyer in being the successful offer

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