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