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Monday, March 24, 2008

Calculate Resale Value Before You Buy

Walking everywhere is good. Walking everywhere does not cost $3.50 a gallon. Walking everywhere does not melt polar ice caps (unless perhaps you are walking directly on a polar ice cap while wearing heated boots).

This is why we predict that houses in neighborhoods within walking distance of everyday destinations—such as libraries, schools, parks and liquor stores—are going to appreciate in value far faster than others during the next few years.

Before you buy, calculate a house's walk score on a scale of 1 to 100. At, you can type in an address and learn, even if you're not familiar with the area you're considering, if the neighborhood is one where you can walk to do most of your errands. A walkable neighborhood, as defined by the site, has "a discernable center, whether it's a shopping district, a main street, or a public space and ... dense enough for local businesses to flourish and for public transportation to be cost effective."