I get asked that question a lot.
Believe it or not, most of the things we worry about don’t really have all that much effect on the value of a house….so no need to rush out of the neighborhood when there is a big change coming.
A friend of mine was upset because the city made part of his huge backyard into a retention basin to solve flooding issues. He was worried that it would make his house worth less.
I told him that his backyard is so big, losing this space didn’t have any impact on how he or future buyers would use it. There was still plenty of room for a pool, swing set, firepit or any outdoor thing people want in their backyard. I told him that about the only person who might not buy his house now would be somebody who wanted to build a huge garage in that space.
I think part of what is hard for owners to realize is that the person buying your house when you sell won’t have the “Before” picture in their head of how it used to be. Only the current owner will know what the good old days were like.
I had a friend say that Ball Homes building on the opposite side of the fairway from Greenbrier would hurt the property values. I told her that while the view of a wooded hillside was preferable to seeing a new neighborhood, it was still nice to have a beautiful fairway to separate them, so it would not have any impact on value. Only the current owners who remember the wooded hillside will ever know the difference. The next buyers will say “Wow, look how pretty the golf course is” and how nice it is to have so much space behind your house in Lexington.
Then there are threats of new development. Andover Hills and Andover Forest residents are afraid that if the foreclosed golf course fell into the hands of developers that their property values would plummet. The residents of Squire Oak are concerned what several houses, townhouses and 3 story apartment buildings on the property along Armstrong Mill owned by Overbrook Farms would do to them.
There is no need to consider selling if you live in those neighborhoods. Sure, it would be nicer to have less traffic, fewer homes, not lose the green space if you are lucky enough to back up to it…..but it will not have much impact, if any, on property values. Plus, Lexington is only going to become more dense. We should all get used to it. I often see houses with terrible lots sell for practically the same amount as houses with average lots. There are several houses that back to New Circle Road, the interstate, a shopping center, a light industrial area. They usually sell for within 1-2% of what the houses with average lots do.
This might be the time to discuss the difference between property values and desirability. A house that used to back to a farm and now backs to a 3 story apartment complex had a prime lot and now has a below average lot. The value might not change much at all, especially in a sellers market. What it does do is make the house less desirable. That just means it might take more showings before catching a buyer in a slower market. Corner lots or houses on the main drag through their neighborhood experience this already but nobody notices.
Want to know something funny? YOU have the most control over your own property value. A clean, updated house that is move in ready will always sell for top dollar regardless of the market and what is around it.