Have you ever wondered how your street got its name? Or if the name even matters? Your street name can be as unique as your home. For many it’s just an afterthought, and ‘Street,’ Drive,’ or ‘Court’ all mean the same, it’s only the house that matters right? Wrong. Your street name can actually say a lot about the immediate area as well as the homes located on the street.
The value of a home is tied to several things, such as the build quality of the home, the appliances, square-footage, finishings, extras, and so on. But the immediate area also carries weight in this equation, adding to or detracting from a home’s valuation, depending on the quality of the nearby homes, school quality, crime presence, and more. While a street name alone is just a name, national data suggests that street names do have a relationship with a home’s valuation.
Here’s a quick and simple breakdown:
- Named streets generally have a higher value than numbered streets.
- Lanes are worth more on average than Streets.
- Rare or unusual names are typically more desirable than average or common ones.
These relationship patterns are evident on a national level, but can vary on a local level. Some local areas see ‘Streets’ valued only slightly lower than ‘Lanes’; other local and metropolitan areas see this difference as great as 20%.
What’s important is that you not only understand what you want in a home, but what you want in your local, immediate area as well. When searching for a new home the local area and location is just as important to a home’s valuation, so during your search remember this and take a look at the local street names.
Buying a new home is exciting but it can be stressful too. If you’re in the market for a new home or are only just considering getting into the market, I would be glad to help you. Today’s market in the Garland, Rowlett and Rockwall areas offers many opportunities for potential buyers as well as those interested in becoming investors. Please give me a call or contact me here.