So how does one determine whether or not a neighbourhood is on the upswing? Who knows best?
This is precisely the kind of information your realtor is able to provide. It’s our business. Knowing what’s happening in neighbourhoods and how they measure-up is just as important and critical as knowing how many bathrooms in a particular home.
But if you’re just starting out and want to know how you can determine whether a neighbourhood is improving or not, here are a couple of common indicators:
Real Estate Sales Activity.
> A real estate sales professional has a wealth of information at their disposal. Realtors know whether homes in a particular area sell quickly and for a good price. They’ll also be able to tell you if the neighbourhood is in high-demand. And that’s a great indicator. If people want to live in a particular area then it’s a desirable area.
> When you take a walk around a neighbourhood what is it telling you? Do you have the sense that homeowners are taking good care of their homes and properties? Are the lawns mowed? Is the landscaping trimmed? Are flowers planted? Is the driveway shoveled?
> Homeowners are more likely to look after their properties when they are happy in their neighbourhoods.
> Take note if homeowners are investing in their homes. Look for long-term and short-term projects. Count the dumpsters. Look for a local hardware store in the area because it feeds into the rebuilding that local homeowners are doing, and a good place to ask questions.
> Upgrading projects such as roofs, windows and basements indicate that the homeowner is happy and has elected to invest in their neighbourhood rather than move away.
Follow The Artists.
> Artists are often the first to move into downtrodden areas for cheap studio rentals. A large artistic community is often an indication that things are percolating and the neighbourhood is being revitalized.
> Are businesses investing in the surrounding area? Is there an increase in the number of upscale shops, health clubs, and other commercial enterprises that often locate near desirable neighbourhoods?
> Non-chain restaurants are also a good sign. A kitchy restaurant or art gallery that stays for longer than a year says that people in the area have disposable income. Even a Starbucks can make a difference.
> Conversely making note of the number of vacant retail stores can also be an indicator.
> For neighbourhoods that previously had a poor reputation, having a grasp on crime rates is helpful information that is usually available from the police, particularly the home invasion statistics.
> Are there signs that the community plays an active role in the look and lifestyle of the neighbourhood? Are there neighbourhood picnics, yard sales and other get-togethers? Check Facebook to see if the neighbourhood has a community page.
City Information & Plans:
> The city website is always a great source of information on a local neighbourhood. You can see the 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 centre?
> Although such projects can be disruptive in the short term, they may improve the neighbourhood – and, as a result, boost the value of any home you buy – in the long-term.
At Karen Paul & Associates, we make it our business to not only know our neighbourhoods, but be part of them.
Karen Paul & Associates | Real Estate
905-333-6234 | karenpaul.com | firstname.lastname@example.org
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Credit to a post by Tridelta