Best of Luck,
Kind regards ~ Andrea Wince ~ RE eBroker Inc. ~ Lic. 01439761
Yes, you will get a better resale value compared to other similar homes.
However, if you are backing up to a busy road, or an industrial area, it will not help.
There are many items to consider when selling your home...in the future. Condition of home, upgrades made, ease of access for potential buyers, external market conditions, to name a few. Your specific location is one more you can add to your list.
Alain Pinel Realtors
Sheryl Arndt, Broker â€“ Loan Officer
If you sell in a NORMAL market and there are 1-2 other units in the same complex at the same time, then yours â€“ because of the view and location â€“ may sell first. In reality, it probably wonâ€™t sell for more than the other units, it will just sell faster. Although the view from your unit may be nicer than other units, itâ€™s not the type of view that really generates significant extra value: you are not looking at the ocean, a spectacular vista of some kind or a city skyline â€“ itâ€™s not a â€œglamourâ€ view. Hereâ€™s the ironic part: after your unit sells in a normal market, then your sales price will be the new bar for the development, regardless of where the other units are located. Your unit may sell first, but itâ€™s possible the other units may sell for more, even if they donâ€™t have as nice a view. In this case, interior amenities are going to matter a whole lot more than a â€œview.â€
If you sell in a BUYERâ€™S market, your unit may be the only one that actually sells. Again, the level of interior amenities is going to be critical. You may have a better view, but if another unit is upgraded significantly more than yours, then the other unit will sell â€“ not yours. A buyerâ€™s market is the only market where buyers spend a lot of time reviewing not only the price of previous comps, but the condition and amenities as well. In reality, because they are in the driverâ€™s seat, they have more time to do a much more detailed analysis to ensure they donâ€™t pay too much. In a normal or sellerâ€™s market, buyers tend to spend less time analyzing past sales because they are afraid they may lose the unit they want if they donâ€™t get on it.
If you sell in a SELLERâ€™S market such as the one we are currently in, then your view will make almost no difference at all. We are currently in a sellerâ€™s market because of lack of inventory. Therefore, when a nice unit goes on the market, it gets multiple offers over asking price and over the previous comps in the development regardless of its view, condition, etc. (Again, this is based on the view you state you have, not a â€œglamourâ€ view, such as oceanfront property, a view of the bay, Golden Gate Bridge, etc.) And, as soon as a new unit comes on the market, it will sell for more than yours just did, regardless of location in the complex. Ironically, this is even true in part of the complex faces a busy street. Whereas street-front units have a hard time selling in a buyerâ€™s market, they get snapped up in a sellerâ€™s market.
As to the WHY of selling, if you need to sell in a hurry, then location wonâ€™t be the determining factor, it will be price. Thatâ€™s why short sales are usually priced under market, regardless of their location, amenities, etc. If you donâ€™t need to sell and you set your price higher because of the view, you may sit on the market a long time, which will, in turn de-value your home.
The bottom line: if you like the view, GREAT! You are the one who will be living there. Donâ€™t, however, expect to cash in big when you sell â€“ the view you have, although nice and better than interior units, will likely not, in my opinion, fetch you a lot extra when you sell.
As you've discovered not all locations within a neighborhood are equal, thouh in the case of townhomes these differences tend to be much smaller. Interior improvements you may make (updating fixtures, floor coverings, kitchen and bath) over time will likely have more impact but you need to be prudent and not over improve for the development.
These can be very important options to some people. To others, it won't matter. It certainly doesn't HURT your resale value, but it probably won't help it a whole lot. But if all things are equal, it may be the deciding factor for someone.
When it comes to new construction, "outside" units will always be more expensive. If they are telling you it is for the view, don't believe it. It is just standard pricing practices. Negotiate with them and see if you can get the price down a bit.
Best of luck on your new home!
B&B Realty Group
Keller Williams Elite Dallas TX
As the others said, a better view and privacy certainly increases the fair market value of your property on resale.
Charles Butterfield MBA
Real Estate Broker/REALTOR
Cell Phone: (408)509-6218
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