How to Tell if a Neighborhood is Improving
When you're looking for a new home, you want to find one in a great neighborhood - or, at least, in a neighborhood that is on the upswing. How can you tell if a particular area is improving? Here are some common indicators:
Pride of ownership. Take a walk around the neighborhood. Do you get a sense that people take good care of their homes? Are the lawns mowed? Is the landscaping trimmed? Are flower planted? Homeowners are more likely to look after their properties when they like where they are living.
Real estate sales activity. Do homes tend to sell quickly in the area? Do they sell for a good price? If so, the neighborhood is probably in demand. If people want to live there, it's a desirable area.
Business investment. Are businesses investing in the surrounding area? Is there an increase in the number of upscale shops, health clubs, restaurants, and other commercial enterprises that often locate near desirable neighborhoods?
City plans. Find out what plans the city has for the area. Will there be road improvements done in the near future? Are there any major construction projects on the schedule, such as a new school or community center? Although such projects can be disruptive in the short term, they may improve the neighborhoo - and, as a result, boost the value of any home you buy - in the long-term.