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How do I know my neighborhood is improving?
April 25th, 2013 3:15 PM

With all the talk of the market on a rebound, there are still many who are playing the role of spectator right now.  In fact, the Mac Arthur Foundation conducted a survey which showed that 77% of homeowners are still doubtful.  Which leaves many questioning; how do I really know if my own neighborhood is improving? 

Well, without monopolizing a realtor’s time, there are 7 simple tells to determine if your neighborhood is on the mend.

1.       You see more for sale signs going up.  More for sale signs means there are more listings, and in a typical market when listings rise, buyers tend to follow.

2.      You see more remodeling and curb appeal being done.  Updated curb appeal can sometimes be the 1st sign that someone may be thinking of selling their home… or they just like to have a freshly landscaped property.

3.      You begin to see large amounts of traffic for open houses in the area.

4.      You have new neighbors!  That one is give away.  In an area with higher vacancy even renters can be a good sign.  The main thing to focus on with renters is that the property is occupied, functional, and contributing to cities taxes, as opposed sitting vacant.  I

5.      High enrollment or wait listings, at local schools is a great way to know if your neighborhood is popular one to raise a family.  Low enrollment can be a sign that families have either left the area or there are many homeowners without children in your subdivision.

6.      An increase of contractors, home inspectors, exterminators, and moving vans are other indications that someone is looking at improving, buying or selling their property.  (this is popular for the nosey neighbor.)

7.      If you hear of homes in your area that are selling for more than the original asking price.  This is usually the indication of multiple offers and a competitive submarket.

Therefore, if you are entertaining the thought of buying or selling, just curious, or still a skeptic, these are some simple ways to do your own research and find out for yourself. 

Posted in:General
Posted by Michael Hobbs on April 25th, 2013 3:15 PMPost a Comment

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