Skip to main content

Trails and Parks: Do They "Upgrade" Your Home?



I have a vested interest in the community where I work and live. When hearing about plans for a park or trail, I listen. Not only do I use them, I have seen the positive impact public outdoor space can have  in local communities. Honest.

Work experience influences how I think parks and walking trails affect a community. A deeper dive into the historical data complements my opinion. 

Being in the real estate business, I'm often (almost always) thinking about home values.

There are many items that affect market value.

Negatives may include:

Deferred or neglected maintenance
Shoddy workmanship
Outdated kitchens and bathrooms
Crime rate

Proven positives:

Smart home improvements
Updated kitchens and bathrooms
Professional landscaping
Parks and trails

Speaking of crime, the National Association of Realtors reports: " ....recent studies have confirmed living near trails and greenways will likely raise your property value an average of 3-5% and sometimes even as high as 15%. There is also not correlation that trails increase crime in their surrounding areas."

Does this mean that if a new trail goes by your home, your home's value goes up by 15% the next day? Probably not, but it is a factor.  And my opinion is that adjacent or nearby parks and trails *do* add value to homes.

It's important to note that as of this writing (March 2023) the market for sellers is very good. People are buying homes with outdated kitchens. Almost all homes are selling quickly. However, there is still is a value discrepancy between homes with added features and those without. Those features may be an updated or timeless kitchen. It could also be proximity to a safe, easy walk in the woods.

Concern and pushback from the local residents is common when plans for public recreation are announced. I'd be most concerned if no one cared to ask questions. Listening to the community is one of the most important steps when planning outdoor public space. There is opportunity to learn from neighbors and then adjust or even scrap a plan. There is also opportunity to educate neighbors so they will better understand how a park or trail may affect their lives.

____________________

Steve Voorhees is a Realtor with:
Re/Max 1st Advantage (717-591-5555)
6375 Mercury Drive - Mechanicsburg, PA

Sources:

Economic Development Journal, Jan. 1, 2020
National Association of Realtors (www.nar.realtor)
Pennsylvania Association of Realtors (May 2013)
Bright MLS
American Trails, Sep. 2000
Governing.com, Nov. 4, 2021


Popular posts from this blog

The Reluctant Real Estate Recruiter: Me?

The phone rings and it is the daughter of a friend. Or maybe an old highschool acquaintance. Neighbor. Past client. They are interested in doing what I do. Full of energy. Almost all of them tell me they watch most of the HGTV house buying/selling/flipping/designing shows. They love looking at houses.  I have to pause and remember what I promised myself a few years ago. When I first got into this business it wasn't long until my old brokerage asked me to mentor new real estate agents. The same demeanor that helps me form successful working relationships with clients today led to a thought that I would be a great ambassador for new Realtors 20+ years ago. Think again. The National Association of Realtors (NAR) announced that in 2023 they lost over 26,000* members. How does that happen? While there are some other factors (ie, selling real estate without being under the NAR umbrella, retirement, etc .. ) a reasonable assumption is an overwhelming majority of Realtors left the business

92 Months

It has been 92+ months in a row that the median price of homes in the 717 area code have increased. The difference in median sales price from just one year ago is +8%. On the flipside, buyers in the 717 area do have *more* choices than they did last year. There are more homes available. Prices going up, but more homes available. This is not the same in other areas in the Mid-Atlantic region. What does all this mean? I started helping people buy and sell real estate over 20 years ago. There have been highs and lows for buyers and sellers - but generally speaking they haven't been as high or low in Central Pennsylvania as they are in many other parts of the country and even within our own state. Make a move when you want to, not when the talking heads on the TV tell you it is time. *statistics courtesy of BrightMLS report Nov 13, 2023