Walkable Neighborhoods May Increase Your Home Value

For the last few years I have spent a fair amount of time complaining about the commercial development that is spreading around my neighborhood. I love the trees and always feel sad for all the deer, raccoons, squirrels and, yes, skunks who have to find new homes because their former homes were being cut down.

First there was the new department store, then the car dealership, then the pharmacy, the huge new shopping/entertainment center, the new grocery store and now a fast food restaurant. Each development meant that the trees got cut down and, unfortunately, that the skunks would be threatening to spray my beloved dog as they tried to move on to his turf.

As of this week, I will complain less because those same developments are now known to me as amenities which could increase the resale value of my home.

According to a recent study for CEOs for Cities, a national network of civic, business, academic and philanthropic leaders working to improve cities, homes located in more walkable neighborhoods – those with a mix of common daily shopping and social destinations within a short distance – command a price premium over otherwise similar homes in less walkable areas.

The group analyzed data from 94,000 real estate transactions in 15 major markets and found that in 13 of the 15 markets, neighborhoods that were more walkable had higher home values. According to the study, “Walking the Walk,” a mix of common daily shopping and social destinations within a short distance added from $4,000 to $34,000 to home values.

Not only does the idea of continuing to increase the value of my home appeal to me but, as the study so handily pointed out, it may also improve the quality of my life by getting me exercising more and socializing with the people in my neighborhood as I walk by. It will also be a great way to spend more time with my kids and an opportunity to set a great, more healthful example for them.

Of course, there could be a small issue with safety between my home and these locations. While there are sidewalks in some of the areas, there is also the issue of crossing some incredibly busy intersections. Here are a few tips that apply no matter where you live:

• Be a Pedestrian-friendly driver. Set an example for other drivers and slow down when you come across walkers.

• Face oncoming traffic. If you can’t walk on a sidewalk make sure you are walking in the direction of oncoming traffic.

• Dress to be seen. Make sure you wear reflective clothing or wear light-colored clothing.

• Work with your property owners association or city government to get new or better sidewalks built.

Last but not least, if you are walking in my neck of the woods I suggest you watch for those skunks. Sadly, they’re looking for a home.

To view the CEOS for Cities study, “Walking the Walk,” readers may visit http://www.ceosforcities.org/. For more information on your Arkansas Realtors® Association and how Arkansas Realtors® are working hard for Arkansans every day visit http://www.arkansasrealtors.com/.

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House to House is written by Amy Glover Bryant, APR and

distributed weekly by the Arkansas Realtors Association.