Your Street Suffix Could Be Limiting Your Home’s Value

If you were to get your dream home (read: ideal square footage, updated appliances, and outdoor space), but it was on a Lane instead of an Avenue, would you pass it on? It sounds like a nonsensical thought, but according to a recent study by Cinch Home ServicesStreet names, especially the suffixes, can affect a home’s value even more than how the home itself looks. The company analyzed the 500 most populous areas in the United States, along with associated home inventories and the sale price of each property, and found that if the lot is on a boulevard, its value can be up to $343,000 more than if that same home is on a boulevard. a Terrace (the suffix with the lowest average value).

However, Cinch determined that it is not only a Park Avenue address that determines the success of an advertisement, but that it is the image that the street names paint. For example, in California, homes with the word Maple in the location are the most coveted and have the highest value at $8.1 million, while in Florida it is Stewart with an average value of $6.1 million. Unsurprisingly, in coastal areas, street names that may indicate beach views, such as Bayshore, Island, or Ocean, sell higher than listings without those terms.

Knowing that most buyers won’t pick a place based on how easily directions roll off the tongue, planning a bathroom reno or exterior painting with ROI in mind is the best bet for actually controlling your home’s value. . But if you’re a character believer, we won’t blame you for prioritizing this feature on your must-have list over a nice backsplash.

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