Most towns/cities have them - you know, the neighbourhood that's been on the downward trend for some time suffering in the shadow of the trendier side of the tracks. The shops and businesses have slowly moved on leaving bleak, vacant gaps in the streetscape.
Why does this matter? As real estate agents, we know that neighbourhoods play an important part in the pricing of properties and in the search for our buyer's dream home. So let's take a 'drive' through a declining area and a neighbourhood that is growing/renewing.
Watch out for the following in a declining residential area:
- neglected, dated housing styles, and lack of repairs
- does the neighbourhood look well maintained - parks, sidewalks, streets
- price trends - falling or increasing at a slower pace
- more homes being converted to rentals
- how quickly properties sell compared to nearby homes
What about a neighbourhood that is up-and-coming?
- demand, renewed interest in the area
- older homes being replaced with new ones
- updated commercial spaces
- types of businesses moving in
- price trends reflect new demand
Understanding what to look for in a neighbourhood brings a wealth of information to our clients and provides a level of expertise surely to be appreciated.