Study: Golf Courses Still Drive Up Home Values

REALTORĀ® Magazine Online | Developers have expressed concern that golf courses are losing favor with homeowners in high-end communities, but a new study shows they still boost home values. Researchers at Florida Atlantic University evaluated more than 10,000 home sales in the state’s Palm Beach, Broward, and Miami-Dade counties in 2015. They found that property values for homes adjacent to a golf course increased an average of 8 percent to 12 percent.

“Preliminary results from statistical pricing models suggest that properties receive a pricing boost,” says Ken Johnson, an associate dean of graduate programs and professor at FAU’s College of Business. “Thus, there is strong evidence to conclude that golf courses remain a positive draw to potential property owners.”

Yet the study comes at a time when more than 800 golf courses have closed in the U.S. in the last decade. Some developers and municipalities are seeking to convert underperforming and financially constrained golf courses into other housing developments. “The strong statistical evidence supporting a pricing boost for being adjacent to a golf course should help property owners, developers, and city officials make quicker and more financially fair decisions,” says Ksenija Bogosavljevic, who is working with Johnson on FAU’s study.

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How important are pictures of your home for sale?

That old adage “A picture is worth a thousand words” is especially true in the sale of a home. Most buyers do internet research when they’re looking for a home and they spend over 60% of their time looking at photographs.

Only when they like what they see will they look at a home’s specifications… taxes, room sizes, heating systems, etc… Often the description is even superfluous and overlooked by buyers if they love the pictures.

So, obviously, the pictures better be good and often they are not. I am constantly amazed at the lack of professionalism in the photos I see in the MLS. Poor photo quality, bad staging and choice of what to show (how many pictures of bathroom sinks do you want to see) are some of the mistakes sellers make.

Your house is competing with other homes visually for a home buyer’s attention. If you have poor, badly thought out photos taken in minutes your home cannot compete with the many homes with quality photography.

Out of focus, dark, poor color balance, crooked photos of homes that are not in proper showing condition will be overlooked by potential buyers for your home.

After pricing your home properly, quality real estate photographs are the most important marketing tool you have. And a good photograph is much more than a technical problem of lighting and exposure. It is also a function of proper staging and an understanding of design concepts.

If you are getting your home ready to sell, one of the best things you can do is hire a professional real estate photographer. You’ll get 15-30 quality pictures that show your home to the best possible advantage. For the few hundred dollars it will cost, you could very well realize a much higher selling price.

I’d be more than happy to discuss this further with you and answer any questions you may have. Just give me a call.