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July 15, 2010

WALKING THE NEIGHBORHOOD
In addition to the usual things that buyers look for when purchasing a home, such as the location/area and the school district, they are now interested in finding a home that has amenities, such as grocery stores, shops, restaurants and public transportation that are within easy walking distance from the property.

This new consideration is being driven by a change in demographics, according to those who do urban planning. Baby Boomers are now largely empty-nesters and are nearing retirement, and their children are purchasing their first residence. None of them seem to be interested in living in secluded areas that have limited or no access to shopping, dining, leisure activities or public transportation. Their concerns about the volatility of gasoline prices also make "walkable" neighborhoods attractive.

Those who would like to find a home in a "walkable" neighborhood can find information via many websites such as WalkScore.com. On this site, one can put in an address and be given a score that ranges from zero to one hundred. This range indicates whether the area is automobile dependent or is a so-called walkers' paradise.

The prices of homes are reacting to the new buyer consideration of "walkablility". A recent study discovered that homes that have amenities within walking distance may have their value increased by up to three thousand dollars for every single-point increase in their "walkability" ranking.

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