What’s A Neighborhood Got to Do With It?Wednesday, January 21st, 2009
Buying a house is an investment in a neighborhood as well as the house. The character of the neighborhood is a reflection on house values; the more desirable a neighborhood – the more expensive the homes.
When looking to buy a home research recent sales and find out if the market is slow and what homes are going for. In today’s real estate market you should look at what homes are listed for and if they are listed above past sales. This will give you an idea of just what the prices are doing in that particular area. Historical data of recent closed sales use to be the best indicator of a neighborhood’s potential for appreciation. In this market the home prices are slipping downward. This is favorable for buyers at this time.
School scores and school district boundaries are important since the closest school may not be in your district. School scores reveal if a neighborhood is invested in the school’s success.
Investigate hard facts regarding crime or any other problems in the neighborhood, and also look at demographics and growth patterns. The location of a neighborhood to public schools, shopping areas, parks, theaters, convenient commuting options, and conditions of surrounding homes, are key factors to look into before buying a home.
For further information on neighborhoods, please contact me.