What is the Starbucks Effect?
I recently came across an interesting article on Zillow that was talking about the strange effect that Starbucks was having on home values across the country.
The article basically stated that if you lived within a quarter mile of Starbucks that your home value would’ve appreciated by 96% from 1997 to 2014. This is compared to a 65% appreciation rate if your home wasn’t located near a Starbucks. My only idea of why this could be happening is because often times there is development happening around Starbucks, and that could increase the value of your home.
While I still don’t know exactly what’s happening with Starbucks, I do know that supply is low and demand is high in Salt Lake City, which means that it’s a perfect time to put your home on the market. If it’s priced correctly and marketed to the right audience, there’s no reason why you shouldn’t be getting top dollar.
If you’re interested in buying or selling real estate in Salt Lake City this spring, please feel free to contact me. I’d love to help you out!