Buying a house can be one of life’s most exciting events, especially if you believe the home you’re purchasing today will be worth a whole bunch more in a decade.
By properly identifying up-and-coming communities, homebuyers can set themselves up for a boon in home equity that can help with another purchase later in life, or in retirement.
Here are a few trends that can help you spot a community that’s on the rise.
Biz Buzz
If more than a few high-end retailers, coffee shops and restaurants open in the same area, it could be a sign that their leaders have faith in the neighborhood.
New Employers
If a business with many high-paying positions comes to a neighborhood – or an existing business significantly expands – you could see a bump in home prices stemming from competition for nearby living space.
Crime Stats
Don’t be surprised to see home values increase in neighborhoods where crime decreases.
Home Sales
Keep an eye on the average number of days homes stay on the market. If you see a drop in the average listing time, it could mean that more homebuyers are interested in the neighborhood.
Next-Door Nirvana
Some burgeoning areas can eventually get too pricey. When this happens, homebuyers may turn to nearby communities.
Municipal Spending
If a city or town is investing in schools, roads and public spaces, it will likely have an impact on neighborhood home prices.
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