Be me, live in small town (population 500+ people) in a mobile home on 3.3 Acres of land. Small town is roughly 30 miles outside of Phoenix, AZ (population 1.6 mil).
Small town has larger towns on both sides, both of which serve primarily as havens for commuters that work in Phoenix but want more affordable housing.
My property is surrounded half by 3.5 acre lots with mobile homes and half by farmland. Recently I was notified 1,800+ acres of said farmland directly across my street will be replaced with a major housing development.
Most people I’ve spoken to have suggested that this housing project will only increase my home value. However, admittedly none of them have any real real estate experience.
The houses/commercial properties won’t begin being built until 2024. Should I sell before then or is there a good chance this will increase my property value? Or will this have little to no effect on my property?
I know property value is determined by an insane number of factors, but I’m trying to break this down as simple/quickly as possible.