Choosing a Neighborhood
With so many homes on the market you’ll never get anywhere unless you narrow your choices. You can begin this process by first identifying one or a few neighborhoods that are right for you by:
Considering local factors
Using neighborhood strategies.
Factors to Consider When Evaluating a Neighborhood
When evaluating a neighborhood, you should investigate local conditions. Depending on your own particular needs and tastes, some of the following factors may be more important considerations than others:
Quality of schools
Property values
Traffic
Crime rate
Future construction
Proximity to: Schools, Employment, Hospitals, Shops, Public transportation, Cultural Activities (museums, concerts, theaters, etc.), Prisons, Freeways, Airports, Beaches, Parks, Stadiums.
Neighborhood Search Strategies
If you’re a first time-buyer with limited financial resources, it’s a wise purchasing strategy to buy a home that meets your primary needs in the best neighborhood that fits within your price range.
You can maximize your home purchase location by incorporating some of the following strategies into your neighborhood search:
Look for communities that are likely to become “hot neighborhoods” in the coming years. They can often be discovered on the periphery of the most continuously desirable areas.
Look for a home in a good neighborhood that is a bit farther out of the city. If commuting is a concern, purchase a home that is close to public transportation.
Look at the neighborhood demand by asking your REALTOR® whether multiple offers are being made, whether the gap between the list price and sale price is decreasing, and whether there is active community involvement. You can also drive around neighborhoods and see how many “sale pending” and “sold” signs there are in a particular area.
Look into purchasing a condominium or co-op, rather than a house, in a desirable neighborhood. This way you still may be able to purchase in a prime area that you otherwise could not afford.
