The HustleIssue #163Sunday, June 13, 2021Why is lumber is so expensive right now?An illustrated explainer of the factors driving up the market.BY ZACHARY CROCKETTNOTE: Thie week, we&rsquo
How to Research the Right Neighborhood
Dated: March 2 2021
When it comes to selecting a neighborhood, there are lots of factors to consider. All cities will have hot neighborhoods with skyrocketing home values, and they’re also going to have the up-and-coming areas that buyers try to get in before they can’t afford it anymore. Regardless of where you buy, when it comes time for you to purchase your new home, there are five factors you should consider when selecting your new neighborhood.
The price of real estate is always about location, right? Things to consider within the city and neighborhood include traffic congestion, commute times, and schools. Occasionally, it may be worth spending a little more money to be closer to your job, as opposed to sitting in traffic all day to get to and from work.
If the area you’re considering moving to doesn’t have much room for growth and expansion, the supply and demand will be higher, which will drive the price of houses upward.
The school district is also a big factor when it comes to picking the right location. Parents want to send their kids to top-rated schools, and houses within neighborhoods that feed into these top schools tend to sell faster and for more money.
As we continue to live through a sellers’ market, some tell signs that someone may be getting ready to sell their home. If there is a neighborhood that you’re dying to live in, drive it regularly. Look for signs of home renovations taking place; often, this will tell you that the homeowner is preparing to update before listing the home on the real estate market.
If you are looking to build a new construction home, watch for big-name builders, architects, and investors in the area. When investors and builders are willing to take a chance on a neighborhood or city, it’s because they know they can push the inventory.
Do you love shopping? Then being close to a retail area will be important to you.
Are you a foodie? Having popular restaurants and eateries close by is a must.
Do you enjoy spending time outdoors? Then parks and trails will be a priority.
As you begin your home buying process, not only is it important for you to decide what wants and needs you have within the home, but the amenities close by, as well. From restaurants and shopping to schools and daycare, recreation and public transportation, these are all things that should be considered before buying a house.
Before selecting a neighborhood, take the time to research the stats. What is the average home price, and how does it compare to the city overall? Has the neighborhood recently seen a bump in property value or a decline? How is the crime in the neighborhood, and where do the schools rank? The more information you can get regarding the neighborhood, the easier it’ll be to make the decision regarding the area you decide to live in.
Did you know that a great way to search out the up-and-coming neighborhoods is to watch what retailers are moving into the area? According to a report by Owner.com, major retail chains, such as Starbucks or Home Depot, are always a great indicator of up-and-coming neighborhoods because they take the time to research the potential customer base before opening in the community.
Now that you know how to start researching the right community to live in let’s get started on your new home search. Be sure to contact me to help, and I’ll guide you along the way!
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