Myth: The New Mall is coming in my neighborhood and my home value will go up!!

Myth: The New Mall is coming in my neighborhood and my home value will go up!!

A new mall is coming and my home prices are going to go up. Is that Myth true? Welcome to today's episode of Myth vs. the Truth.

So we're hearing a lot about this new mall that's coming to the Miami Lakes area. It's going to be off of I-75 and the Turnpike. And all you keep hearing is the new mall is going to increase my home value. Increase my home value.

Let's really sit and discuss what brings home value up. Right. What will increase your home value? Now, my opinion is if they add a new highway to that area that brings great value. It is going to shorten your commute and get you to your final destination in a shorter period of time. Another great reason is a development that would increase your property and that is just that, a new home development, a new construction. A new property is going to increase the value of your home. 

So another example will be a hospital. If there is a new hospital close to the area, absolutely will increase the value of your home. Reason why? How much money doctors make, how much money nurses make. So that will be people who can afford high prices in your neighborhood. If you have a top-rated A school as well, that will also increase the price of your property. The reason why it will attract families with kids. So your home can be sold better to a family. If you're living in a family neighborhood or you're living on a Bachelor's path, what would this be the best for your home? Absolutely, the family. So good schools, and hospitals, also will increase the value of your home.

Bottom line here is anything comes into the neighborhood and brings value to the neighborhood. Now, my question to you, my friend, when a mall comes, you got to think what value they're going to bring to the neighborhood. Now, I'm going to leave that question to you and of course, Sadie and Chantale are going to discuss it a little bit on that. So all the examples they gave right now, everything is bringing more value, and more opportunity to your neighborhood.

There is some other stuff also, other things can happen to the neighborhood also. But these are just four examples. Now, let's discuss when this new mall comes into the area. All I think about is the amount of traffic that we're going to have. The more that they market it, the more people you call to the area and the more traffic that you're going to inherit. Just think about leaving your home and going to Publix. So turn into 30 minutes, 40 minutes drive. That is just going to be a total nightmare. 

So let's talk facts. We have other malls. We have Dolphin Mall, we have Sawgrass Mills. We all love to go there. I will leave you some homework today. Why you don't check the price of the neighborhood around those malls are very close to see if the existence of those malls have made changed the price at any point. And those malls have been there for a long time. So you can see the progress or you can see the downfall. 

Now, my friend, the question is if you are thinking of selling and you know the market right now, I don't have to tell you. Do you want to wait on that mall or take advantage now to sell your home? Hopefully this information you found very useful in your next time you're thinking of selling your home. See you next week in another episode of Myth vs the Truth.