How to Spot Up and Coming Neighborhoods in Your City
7 Signs a Neighborhood Is on the Rise
One of the reasons why people choose to move is often to buy a home in an up-and-coming neighborhood. For many home buyers, this is an attractive reason to relocate because it allows them the opportunity to buy into the neighborhood before it gets ultra-popular and the real estate prices rise. This maximizes their investing power.
The trick, of course, is being able to identify the telling signs that a neighborhood on the fringe is primed and ready to make the shift into an enviable community. If you’re looking to move and you want to get in while the getting is good and the prices are still low, then here are seven signs to keep an eye out for.
#1: Trendy Businesses Start Moving In
If you are seeing on-trend businesses starting to move into a neighborhood, they’re coming in for a reason. Big businesses don’t just drop their stores down randomly. They perform extensive research into a neighborhood, including making economic projections, before making such important and costly decisions.
Therefore, if you notice businesses starting to move into a particular neighborhood, then you can be sure that they feel confident enough in the community’s growth potential to risk millions of dollars, and that’s a good sign that the neighborhood is set to turn around soon.
#2: Architectural Style Becomes Popular
If a down and out community has an abundance of properties featuring a distinctive architectural style, and that style suddenly experiences a boost in popularity, then you can expect a lot of potential home buyers starting to look to buy in that neighborhood.
#3: Crime Rates Start Dropping
One of the most common elements that may cause a neighborhood to decline is the prevalence of crime in the area. But, if you notice that the crime rates are starting to decline in a particular area, then that’s a good sign that it is starting to rebound as more legitimate homeowners move in and the crime element is forced out.
#4: Land-Scarce Metro Area Sees a Spike in Population
Metro areas that experience spikes in population can turn downtrodden neighborhoods around very, very quickly because the mass influx of new residents will move into these areas and fix them up. This is especially the case when a community is conveniently close to employment centers, public transportation, the freeways, and bridges.
#5: At Least One Large-Scale Industry Has Moved In or Infrastructure Development Is Taking Place
If a neighborhood is starting to have its infrastructure improved, such as with the building of a new light rail system, or at least one large-scale, forward-thinking industry is moving in, then these are signs that things are starting to look up in terms of that neighborhood’s future.
It is important to note that just one company moving in to an area isn’t necessarily a certifiable sign of change. You want there to be an industry-wide investment in the area before you can feel comfortable that the neighborhood is really turning around.
#6: There Are a Lot of Home Renovations Taking Place
When you drive through a neighborhood and you notice a lot of homes are being renovated and fixed up, then this is a sign that more and more financially sound families are moving in. This, of course, makes an area all-the-more attractive to other families who may be looking to buy.
#7: Homes Are Selling Quicker
Another sure sign that a neighborhood is starting to become trendier is when the homes being sold in that area aren’t staying on the market that long. For instance, if a neighborhood’s homes previously sat on the market for 90 days, but now they’re selling in 45, you should start looking more closely at this neighborhood. When it comes to real estate investments, the quicker homes sell in an area, the better the area is becoming.
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