| Choose 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:
- Consider 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 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. This way, you still
may be able to purchase in a prime area that you otherwise could not afford.
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