Why do Lakewood house prices different from Bellflower house prices? Is it because of the population or something? BE SPECIFIC!
PLEASE GIVE ME AN ARTICLE OR SOMETHING TO SEE IT. THANKS!
2007-02-06 14:30:13 · 4 answers · asked by J.A. 2 in Education & Reference ➔ Homework Help
ever hear "Location! Location! Location!"
Real estate prices differ base on the quality of the housing to the local scenery. For instance, wouldn't you consider paying more for a house on the beach than one next to a nuclear power plant?
Also, the commute to work plays a factor. Even universities can increase the price of real estate in the local area. People don't want to drive. The type of industry can drive prices up --- factory workers aren't going to be able to afford as much as say engineers (think Silicon Valley real estate) or actors (think Beverly Hills).
Other than location, obviously the features pays a part. Wouldn't you pay more for a 4 car garage than a one car? Wouldn't you pay more for 3000 sq ft instead of 1200 sq ft?
Even elementary schools can effect it. A school with a good reputation will lead family oriented buyers closer to be within the district.
The ability to rent will drive prices up. Again, a beach home can serve as a vacation or rental home which increases the purchase price.
Some states/cities have better economies so people in those cities/states can better afford more prices. Supply and demand drives prices up in big cities. How much would you be willing to pay for water? How much would you be willing to pay for a bottle of water at an amusement park? How much would you be willing to pay for a bottle of water in the Mojave Desert and you were miles from civilization? And how much would you pay for that bottle of water if it was the ONLY bottle of water?
Crime in the area will drive the prices down and low crime will drive prices up.
Nuclear power plant, factories (especially ones that smell), landfills, houses by airports/train tracks, etc will drive prices lower as well.
I'm sure I've missed other factors.
2007-02-06 14:38:46 · answer #1 · answered by Eric L 5 · 0⤊ 0⤋
Housing prices are determined by a variety of factors.
The desirability of the neighborhood or city for example.
Crime rate, quality of the schools, proximity of services, cultural aspects of the community and more all play a role.
2007-02-06 22:42:14 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Location and economy of the state will affect real estate prices.
2007-02-06 22:38:41 · answer #3 · answered by Carlene W 5 · 0⤊ 0⤋
land prices vary and property taxes do as well, makes a big difference on realistate
2007-02-06 22:37:22 · answer #4 · answered by whateverbabe 6 · 0⤊ 1⤋