Finding the Right Neighborhood

Real Estate

When it comes to selecting a neighborhood, there are lots of factors to consider. All cities are going to have the hot neighborhoods with the skyrocketing home values, and they’re also going to have the up-and-coming areas that buyers try to get in before they can’t afford it anymore. Regardless of where you buy, when you are purchasing a home in Dallas, there are five factors you should always consider when choosing your neighborhood.

Location

Location is always going to be a top feature when it comes to Dallas homebuyers. Things to consider within the location include traffic congestion, commute times, and schools. Occasionally, it may be worth spending a little more money to be closer to your job, as opposed to sitting in traffic all day to get to and from work. If the location you’re considering doesn’t have much room for growth and expansion, the supply and demand is higher and will drive the price of houses up.  Schools are also a big factor when it comes to picking the right location. Parents want to send their kids to top-rated schools, and neighborhoods that offer that tend to move faster.

Housing Stock

When you’re driving through neighborhoods, if you start to notice a lot of renovations taking place, or in the case of the older neighborhoods in East Dallas, a lot of tearing down and complete rebuilds, someone is most likely getting ready to sell. Watch for big-name builders, architects, and investors in the area. If they’re willing to take a chance on the neighborhood because they think they can push inventory, then it’s probably a good neighborhood to consider.

Amenities

Shopping districts, popular eateries, and beautiful parks are a few amenities to consider when selecting your neighborhood. Each family is going to want and need different amenities in the neighborhood being considered. To some, having restaurants and bars close by is important, while others want a daycare or access to public transportation. When you decide to start on your journey to finding a new home, it would be smart to make a list of needs and wants and not just with the house but also the neighborhood.

Neighborhood Stats

Before selecting a neighborhood, take the time to research the stats. What is the average home price, and how does it compare to the city overall? Has the neighborhood recently seen a bump in property value or a decline? How is the crime in the neighborhood, and where do the schools rank? The more information you can get regarding the neighborhood, the easier it’ll be to make the decision regarding the area you decide to live.

Retail

If you’re considering a move to an up-and-coming neighborhood as opposed to a neighborhood that’s already established, a great way to do that is to watch the types of retailers moving into the area. According to a report by Owner.com, major retail chains, such as Starbucks or Home Depot, are always a great indicator of up-and-coming neighborhoods because they take the time to research the potential customer base prior to opening in the community.