Should you Buy a Home in This Neighborhood?

by The G.U. Crew 06/16/2019

All communities have increases and decreases in population, demographics, and times when several (or very few) homes are on the market. Sometimes, it's merely that the stars aligned for several homeowners at the same time. Once in a while, because the market is particularly hot, many of the owners hope to cash in on the rising prices. In a few cases, however, it is a BIG. RED. FLAG.

Proceed with caution.

Getting in early to a neighborhood that is on the cusp of gentrifying—of becoming that trendy place where everybody wants to live—can be a savvy move for personal homebuyers and investment purchases. But just because the neighborhood next door made the transition doesn’t always mean this one is next up.

If you can purchase several homes in the neighborhood, you can try to force the upward change, but if you’re buying your first family home, take heed of a few signs that a community has headed down instead of up.

Lots of homes for sale.

As noted above, sometimes it’s just a fluke that several homes go on the market at once. Other times, it is because some community event triggered it. This event could be a school district redistricting so that students no longer qualify to go to the school they planned for, an increase in a local tax, because the water/sewer lines need upgrading but the city isn't budging, or an increase in homeowner association dues.

Association woes.

Speaking of homeowner associations, sometimes it's not the dues, it's just the restrictive rules. If all the houses look identical; if the color palette seems to be within one or two hues; if the turf is all the same grass, the neighborhood might have a super-controlling association. While many folks are fine with tightly-defined rules, you'll want to know going in so that your dreams of a minty-green paint over all that red brick aren't dashed on the rocks of the rulebook and covenants.

School shuffling.

If the school district is moving the lines, it's important to know before you invest. The changes might be in your favor, in which case: get right in there and make your move. But if you had old information on where your kids would qualify to go, you need to know.

Different demographics.

In older neighborhoods, an aging population may be in transition out. If so, that might signal the perfect time for younger families to move in, upgrade, update, and upscale the homes into this decade. One way for you to know for sure is to speak to people that know. Talk to the neighbors when you go to that open house. Drive along the streets at the end of the workday to see who is coming and going. Stop by in the morning for a look at how many kids are heading to the school bus stop.

Your local real estate specialist pays attention to trends and can tell you how many homes have sold within the last few years, so use their expertise before making the leap.

About the Author
Author

The G.U. Crew

After passing the Real Estate exam in 2006 Greg Uihlein started Marketing and selling homes in the Washtenaw, Jackson, Ingham and Livingston counties. In 2013 he was offered a position as the Sales director for the Howard Hanna Chelsea office. That same year Geri Uihlein, Greg’s wife a former Toyota sales associate obtained her Real Estate license and joined the Howard Hanna Company in the Ann Arbor office. This created a void in their dynamics of the past as Greg and Geri worked together successfully for many years prior in marketing. After much consideration and company support, Greg stepped out of management of the Chelsea office and he and Geri began THE G.U. CREW for the Uihlein Group of Real Estate Professionals. Directly following, Keven Numinen a former educator obtained his Real Estate license and joined the team bringing his compassion for detail and organization. The next Member to join the G.U. CREW was Helen Hughes bringing a warm, subtle and embracing touch to the team as a fixture in the Chelsea market. All of these great agents comprise of a distinct, able, caring CREW of very dedicated and multi generational Real Estate professionals with the goal to help our clients with their journey of Marketing or purchasing the perfect property or home, now serving Jackson, Ingham, Washtenaw, Oakland, Wayne and Livingston counties.