Selecting a Neighborhood – Lise’s List

Posted by Lise | Filed under: Buyers

Narrow your home search by identifying neighborhoods that are right for you. You know that there are no “right” neighborhoods and there are no “wrong” neighborhoods – but there are definitely neighborhoods that are right for you.  I always start my first conversation with new buyers with a pledge that I will help them find the best house available on the market at that time that meets their needs – not my needs – but their needs.   I also explain that I try to understand what they are looking for, and then I try to imagine that if I were them – what I would think is the best house out there by their parameters.  Remember it is always about you, the client!

So how do  you find the neighborhoods that are right for you? 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:

  • proximity to schools, employment, hospitals, shops, public transportation, prisons, freeways, airports, beaches, parks, stadiums and cultural activities such as museums, concerts and theaters.
  • quality of schools.
  • commuting time and traffic patterns
  • property values
  • tax rates
  • crime statistics
  • future construction

Neighborhood search strategies

If you’re a first time-buyer with limited financial resources, it’s wise to buy a home that meets your primary needs inthe 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.
  • Look for the least expensive home in the neighborhood. Perhaps it could benefit from your sweat equity and a 203K FHA loan.

To learn more about what housing options DC and the surrounding areas have to offer, be it condominium or detached homes, in town or rural communities, country homes, estates or farms, luxury home or starter home, just give me a call at 240-401-5577.

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24 Responses

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