Tag Archives: good neighborhoods

2016 WINTER BUYING AND SELLING GUIDES AVAILABLE

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The process of buying a home can be overwhelming at times, but you don’t need to go through it alone.

You may be wondering if now is a good time to buy a home…or if interest rates are projected to rise or fall. The free eGuide  for BUYERS or SELLERS will answer many of your questions and likely bring up a few things you didn’t even know you should consider when buying a home.

Good and Bad Signs in a Neighborhood

Like most things in real estate, neighborhoods are constantly changing in value. In some cases they can improve rapidly and decline gradually, but more often than not they change slowly, over time.

Ideally, you want to buy property in neighborhoods as they’re appreciating. You certainly don’t want to pay top dollar in a neighborhood which is in decline. So how can you tell which direction things are heading?

Home values over time are one way to tell, but they tend to lag behind the trends. Values reflect what the current situation is… they don’t predict the future.

While you definitely want to observe a neighborhood first-hand at different times of day and night, here are some other indicators of neighborhood value trends:

Positive indicators:

– Homes are receiving multiple offers

– Schools are well-rated and in demand

– Young families and creative types are moving to the neighborhood

– Older couples choose to remain in the neighborhood as they age

– Commercial properties are quickly redeveloped and leased

Negative indicators:

– The number of homes converted into rentals has increased

– Homes remain on the market longer

– Companies are relocating away or shutting down offices

– Commercial spaces are vacant for long stretches

Sometimes you can spot the potential in a bad neighborhood, but it often means you have to put up with the bad neighborhood for a long time before reaping the rewards. It’s a good idea to evaluate neighborhoods with these indicators in mind. Neighborhoods you have traditionally regarded as “good” or “bad” may have (or be under) significant change.

I am more than happy to help you with neighborhood research! Talk to me today to begin your hunt:

You Can Still Find a Home at a Fair Price

If you’ve found yourself paralyzed by this active market, you’re not alone. According to a recent survey of 3,500 buyers, a whopping 58% of potential homebuyers are sitting on the sidelines because they’re afraid the market is too hot. Here’s a breakdown of their top concerns:

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  1. Affordability: Prices are rising or too high (27%)
  2. There’s too much competition from other buyers (17%)
  3. There aren’t enough homes to choose from (14%)

 

While it’s true we’ve seen a dramatic increase in market activity over the past few years, it’s important to remember that what you want isn’t necessarily what everyone else wants. Where you want to live and the type of home you want to live in isn’t necessarily subject to the “macro trends” in any given market situation.

Your dream home is as unique as you are, and the only way to understand what’s out there is to take the time to share the details of what you’re looking for with a professional who is tuned into the market. What’s more, an agent can help debunk market myths and keep an eye out for properties which fit your specific criteria.

Home-Buying-ChecklistNow is a good time to make a list of criteria for your next home. Begin with your “must haves” and move on to your “nice to haves.” Consider square footage, neighborhood, amenities, and your budget as you put together this list. Reflecting on this information will help you have a productive discussion with a buyer’s agent and also contribute to your understanding of “what’s out there” in your immediate market.

Often our fears turn out to be unfounded. If you’ve been letting your perception of the market stymie you from pursuing your dream, now is a good time to start a discussion with someone who can help you see the whole picture.

Questions? We’re happy to help you answer them! Get in touch today: Barbara & Gregg, THE NICHOLAS TEAM  realestate@thenicholasteam.com   973-509-2222 ext. 1126

 

[Survey source: https://www.redfin.com/research/reports/real-time-market-sentiment]