What is the impact of new construction nearby on my value?
By Bob Millaway, South Jersey Community Expert & REALTOR®
New construction nearby can have both positive and negative effects on your home's value. New homes and developments can increase neighborhood desirability, bringing new amenities, shops, and infrastructure. However, if new homes are priced significantly lower or constructed cheaply, they can set lower comparables. Construction noise and traffic are temporary. In most cases, new development increases overall area values over time.
Why It Matters
New construction changes the character of your neighborhood and directly affects your home's comparable sales. Understanding the impact helps you anticipate value changes.
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