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If you’re moving to a new city and you’re looking for an affordable home in a nice neighborhood, one great way to get a fantastic home without paying sky-high prices is by choosing a home in an up-and-coming neighborhood. Communities that are starting to gentrify make it easy to find an affordable home, especially if you buy before the prices start to rise.
So how can you spot a neighborhood that’s on the rise? Here’s what you need to know.
Young people, artists, musicians, performers, and other bohemians tend to lead the way when it comes to neighborhood revitalizations. These are the kinds of people who typically don’t have copious amounts of disposable income, so they’re looking for something affordable. But they also want to live in a hip, trendy part of town.
And as the area gains more and more creative types, it starts to take on its own creative personality. That makes it attractive to all manner of buyers, which starts driving more and more sales. So if you want to find an up-and-coming neighborhood, just follow the artists, musicians, and Gen Y buyers.
One great way to find which neighborhoods are the most popular with buyers is to track the average number of days on the market for properties in those neighborhoods. Your real estate agent can help you find this information. If you notice a slow decrease in days on market over time, it’s a good sign that the neighborhood is on the up and up.
Oftentimes, in an up and coming area, the days on market will decrease before prices start to rise – which will help you get a great deal.
You can also tell if an area is up and coming if there’s a lot of renovation activity happening. Visit your municipal government office and see if you can find information on which neighborhoods are seeing more and more building and renovation permits. Lots of construction and renovation activity in an area indicates that it’s a great place to move to.
Finding a great neighborhood is critical to being satisfied with your home purchase. There are lots of things about your home that you can change, but the neighborhood isn’t one of them – so make sure you’re happy with the area before you buy.
Have questions? Sammamish Mortgage is a local, family-owned company based in Bellevue, Washington. We currently lend in all of Washington, Oregon, Idaho and Colorado. Please contact us if you have mortgage-related questions.
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