Home Selling in 14043>Question Details

Bonnie, Other/Just Looking in Depew, NY

Will the opening of Walmart improve home values?

Asked by Bonnie, Depew, NY Sun Sep 19, 2010

i bought my house in 2005 for $113K. I planned on putting in on the market, and the realtor said it was only worth $90K. I guess I am hoping the new walmart will help home values come back up. A home is supposed to be an investment. I couldnt believe it when the realtor told me that was what she would list my home for. Any ideas?

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Many factors come into play when determing value--location, condition, size, upgrades, etc. The best way to determine value, is to be aware of recently sold similar properties in the immediate area--review the data and see what it suggests as to a fair listing price--keep in mind that a home is worth what someone is willing to pay for it, not what the seller needs or potential buyer can afford to spend, market conditions do matter--if you need to sell, competitive pricing and marketing that maximizes your exposure are paramount.
1 vote Thank Flag Link Sun Sep 19, 2010
A study of over a million housing transactions located near 159 Walmarts between 2000 - 2006 by Devin G. Pope of Univ. of Chicago and Jarwn C. Pope of Brigham Young concludes that there is an increase of housing prices. You can find their paper on line. It's title is "When Walmart comes to town : Always low housing prices ? Always ? "
0 votes Thank Flag Link Tue Sep 25, 2012
Yeah. it says they went up 1% to 2% during a time when average home prices were increasing 5%
Flag Sat May 2, 2015

Get more than one Realtor to give you an idea of the market value. As to Walmart adding value, that would depend, will it back up to your house?? If so I would bet not!!
But if you do not have shopping close to your neighborhood, within 15 min, then it just might add value. This is something an experienced Realtor would be able to help you with.
Condition and upgrades add value as well and it doesn't have to cost you an arm and a leg to upgrade. Ask your Realtor to check on the most common upgrades in your neighborhood and add them if you can. Your neighborhood maybe going through a slump right now, like so many others, it may just be that you need to wait awhile longer to get what you need out of the house.
0 votes Thank Flag Link Mon Mar 28, 2011
It could affect the value of your home, but the best way to find out is to ask a local realtor to kindly work up a comparative market analysis for you. By the way, thats not a bad drop considering how in other areas, homeowners are dealing with price drops of over 50-100 thousand. A home is an investment, have you not been enjoying the mortgage write off? What would you have if you had been paying rent? Plus the enjoyment of putting the key in the lock and knowing, its yours....
Thanks Bonnie.
0 votes Thank Flag Link Mon Mar 28, 2011
I would look for a second or even third opinion, Bonnie. WNY home prices haven't really dropped at all over the past few years in most neighborhoods, Depew included. Unless you overpaid and had to finance 100% or more of the home including sellers concessions or a second mortgage, you should be able to get out what you paid into it.

It's a slow market now and buyers are looking for deals. Ask another realtor or two to come see your house and to bring comps in the area to see how they compare to yours.

Good luck!
0 votes Thank Flag Link Mon Mar 28, 2011
Sure it does.
In general in values are expected to go up when things like Walmart opens in any area.
0 votes Thank Flag Link Sun Sep 19, 2010
Home values are impacted by many factors and without knowing more like exact location, changes you made, condition of home, it is not possible to ansewer. First off I would suggest you get a 2nd opinion how did agent justify pricing are there other homes that have gone down in value? I am very surprised by that difference and would be happy to provide my market evaluation at no obligation or costs. Feel free to call me or email me 864-7863 or c21jerry@gmail.com
Web Reference: http://c21jerry.com
0 votes Thank Flag Link Sun Sep 19, 2010
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