5 Need-to-Knows Before You Move Into the Neighborhood
Posted under: General Area,
Home Buying,
In My Neighborhood
|
June 2, 2011 8:03 AM |
57,707 views |
72 comments
Buying a home can feel like the most intense research project ever
- to make a smart buy, you’ve got to get educated about mortgages,
learn how to read a contract, do a deep dive into property condition
issues or homeowner’s associations and pay attention to what’s going on
in the economic news and the real estate market. But there’s at least
one more area wise buyers don’t neglect: neighborhood research.
We know, at a gut level, what kind of neighborhoods we like - tree-lined streets, convenient shops, etc. and so forth. But what specific details should you investigate before you buy or move into an area? Here are 5 items you definitely need-to-know before you move into a neighborhood:
1. Details on Shady Dealings. Most of us think we know which sides of the railroad tracks, so to speak, have high crime rates and which are supposedly safe. But before you buy a home or move into a neighborhood, it behooves you to actually do the research and see whether or not your beliefs are accurate. Check out the Megan’s Law databases to see where registered sex offenders may live, especially if you have young children or other reasons to be particularly worried. Google your address, which might pop up details such as whether your intended home has ever been a meth lab, among other things.
And, whatever you do, don’t forget to tap into Trulia’s new Crime Maps – in a number of metro areas (which will be constantly expanding), you can view uber-detailed (and sometimes surprising!) crime data that is uber-relevant to you. If you’re trying to decide between two homes in different parts of town, you can even toggle back and forth between the neighborhoods to compare them! For example, some neighborhoods have a spike in car break-ins after people leave for work. Or maybe one side of your street-to-be has a significantly higher rate of violent crimes than the other.
That’s the kind of thing you should find out before you move in, don’tcha think?
2. How Recession-Resistant it is. Let’s face facts: some neighborhoods, cities and states have fared better than others over the course of the recession. An area’s proximity to job opportunities, saturation with troubled subprime loans and the amount of housing supply (vs. demand) all have something to do with whether prices plummeted or have held up over the last few years.
Sometimes, a neighborhood’s recession-proofness (or -proneness) is obvious: if the street on which you’re house hunting is riddled with ‘For Sale’ signs (and foreclosure riders on top of them), or you know for a fact that the home you’re buying is a short sale for which the sellers paid double your price just 5 years ago, you might be in an area that has been hard hit. Also, if your neighborhood has a sky-high rate of price reductions or it is much less expensive to buy than to rent a home in your area, these are other indicators that the recession might have hit your district pretty hard.
The fact of the matter is, some of the hardest hit neighborhoods are where the best deals are to be found, so I’m not necessarily suggesting that you shy away from buying in such an area. But do know that the harder hit areas might take longer to see an uptick in home values, too, so the harder hit your neighborhood was by the real estate recession, the longer you should plan on staying put before you buy, to make sure you don’t end up needing to sell and stuck in an upside-down home. While a 5 to 7 year plan might make sense in an area where the real estate market has been pretty robust over the last few years, you might want to be okay with planning to hold your home upwards of 10 years before buying in a foreclosure-riddled area (and you might also want to make absolutely sure you’re very happy with the deal you’re getting).
On the flip side, the more recession-resistant your area has been, the more likely you are to encounter sellers with less flexibility on pricing or even, gasp!, multiple offers!
3. The Neighborhood’s Flavor. Is the area you’re considering a hot spot for outdoor adventures and family events at the park, or chi chi restaurants and wine tastings at the museum? Find out by pulling up some listings on Trulia and scrolling down the see how others who have lived in the area have rated and reviewed it.
Also, take a look at NabeWise - it’s only available for about 10 large cities right now, but it’s got a super useful function where you can search by city and what’s important to you (like being in a trendy neighborhood, or one that’s got ample public transportation) and it’ll surface neighborhoods which might be a good fit for your values.Neighborhoods are even ranked based on prestige and how beautiful residents are (the latter of which I find fascinating - but more as a measure of where the raters’ heads are at than of anything you must include in your neighborhood fit equation!).
4. Where are the hot spots? Before you buy or move into an area, equip yourself with a knowledge of where all the stores, farmer’s markets, parks, restaurants and other hot spots your family will want to use are located vis-a-vis your home-to-be. (Hint: your local real estate agent is a fabulous source for this kind of information - they are especially gifted at knowing where the good food and shopping is!) Your Trulia Mobile App will alert you to nearby haunts that have Yelp! reviews; also, your neighbors-to-be can be a great source of this sort of information - knock on doors and ask for their recommendations.
It also makes sense to search the web for the various sorts of things your family is into, and your new neighborhood’s name. An internet search for running trails in my neighborhood is how I found out my house was just a couple of blocks away from a largely hidden lake we now visit regularly. Then, drive around and see what you can see - or find someone to drive for you. Once, when I moved to a new town, I marched myself onto a city bus, sat behind the driver, told them I was new in town and asked them to point out things they thought I needed to know. I got an hour long tour through three neighboring towns - for $1.25!
5. What the neighborhood looks and feels like at different times of day/different days of the week. Have you ever visited a Sunday afternoon open house when the sun was shining, birds were singing, and charming neighborhood rugrats were rolling their hoops up the street? (Okay - that was a century or two ago, but you get the gist.) Then, you come back a couple of weeks later for your inspections at dusk and find those same rugrats (or their parents!) spraying graffiti all over “your” garage, the neighbors’ underpants flapping on the line in the front yard and the other neighbors’ music blaring? File that under disappointing.
The nature of a neighborhoods changes - sometimes dramatically - before and after the sun goes down. Also, if you visit a home during the week or when it’s cold and rainy out, the street will undoubtedly be busier and noisier - more reflective of the extremes you should be aware of - on the weekend or when the weather is grand. So, before you buy, go see the place in sunlight and after dark, during the week and on the weekend. And, again, there’s nothing wrong with knocking on the neighbors’ doors, telling them you’re thinking of buying, and seeing what kind of insider information you can glean from them!
P.S. - You should follow Trulia and Tara on Facebook, too!
We know, at a gut level, what kind of neighborhoods we like - tree-lined streets, convenient shops, etc. and so forth. But what specific details should you investigate before you buy or move into an area? Here are 5 items you definitely need-to-know before you move into a neighborhood:
1. Details on Shady Dealings. Most of us think we know which sides of the railroad tracks, so to speak, have high crime rates and which are supposedly safe. But before you buy a home or move into a neighborhood, it behooves you to actually do the research and see whether or not your beliefs are accurate. Check out the Megan’s Law databases to see where registered sex offenders may live, especially if you have young children or other reasons to be particularly worried. Google your address, which might pop up details such as whether your intended home has ever been a meth lab, among other things.
And, whatever you do, don’t forget to tap into Trulia’s new Crime Maps – in a number of metro areas (which will be constantly expanding), you can view uber-detailed (and sometimes surprising!) crime data that is uber-relevant to you. If you’re trying to decide between two homes in different parts of town, you can even toggle back and forth between the neighborhoods to compare them! For example, some neighborhoods have a spike in car break-ins after people leave for work. Or maybe one side of your street-to-be has a significantly higher rate of violent crimes than the other.
That’s the kind of thing you should find out before you move in, don’tcha think?
2. How Recession-Resistant it is. Let’s face facts: some neighborhoods, cities and states have fared better than others over the course of the recession. An area’s proximity to job opportunities, saturation with troubled subprime loans and the amount of housing supply (vs. demand) all have something to do with whether prices plummeted or have held up over the last few years.
Sometimes, a neighborhood’s recession-proofness (or -proneness) is obvious: if the street on which you’re house hunting is riddled with ‘For Sale’ signs (and foreclosure riders on top of them), or you know for a fact that the home you’re buying is a short sale for which the sellers paid double your price just 5 years ago, you might be in an area that has been hard hit. Also, if your neighborhood has a sky-high rate of price reductions or it is much less expensive to buy than to rent a home in your area, these are other indicators that the recession might have hit your district pretty hard.
The fact of the matter is, some of the hardest hit neighborhoods are where the best deals are to be found, so I’m not necessarily suggesting that you shy away from buying in such an area. But do know that the harder hit areas might take longer to see an uptick in home values, too, so the harder hit your neighborhood was by the real estate recession, the longer you should plan on staying put before you buy, to make sure you don’t end up needing to sell and stuck in an upside-down home. While a 5 to 7 year plan might make sense in an area where the real estate market has been pretty robust over the last few years, you might want to be okay with planning to hold your home upwards of 10 years before buying in a foreclosure-riddled area (and you might also want to make absolutely sure you’re very happy with the deal you’re getting).
On the flip side, the more recession-resistant your area has been, the more likely you are to encounter sellers with less flexibility on pricing or even, gasp!, multiple offers!
3. The Neighborhood’s Flavor. Is the area you’re considering a hot spot for outdoor adventures and family events at the park, or chi chi restaurants and wine tastings at the museum? Find out by pulling up some listings on Trulia and scrolling down the see how others who have lived in the area have rated and reviewed it.
Also, take a look at NabeWise - it’s only available for about 10 large cities right now, but it’s got a super useful function where you can search by city and what’s important to you (like being in a trendy neighborhood, or one that’s got ample public transportation) and it’ll surface neighborhoods which might be a good fit for your values.Neighborhoods are even ranked based on prestige and how beautiful residents are (the latter of which I find fascinating - but more as a measure of where the raters’ heads are at than of anything you must include in your neighborhood fit equation!).
4. Where are the hot spots? Before you buy or move into an area, equip yourself with a knowledge of where all the stores, farmer’s markets, parks, restaurants and other hot spots your family will want to use are located vis-a-vis your home-to-be. (Hint: your local real estate agent is a fabulous source for this kind of information - they are especially gifted at knowing where the good food and shopping is!) Your Trulia Mobile App will alert you to nearby haunts that have Yelp! reviews; also, your neighbors-to-be can be a great source of this sort of information - knock on doors and ask for their recommendations.
It also makes sense to search the web for the various sorts of things your family is into, and your new neighborhood’s name. An internet search for running trails in my neighborhood is how I found out my house was just a couple of blocks away from a largely hidden lake we now visit regularly. Then, drive around and see what you can see - or find someone to drive for you. Once, when I moved to a new town, I marched myself onto a city bus, sat behind the driver, told them I was new in town and asked them to point out things they thought I needed to know. I got an hour long tour through three neighboring towns - for $1.25!
5. What the neighborhood looks and feels like at different times of day/different days of the week. Have you ever visited a Sunday afternoon open house when the sun was shining, birds were singing, and charming neighborhood rugrats were rolling their hoops up the street? (Okay - that was a century or two ago, but you get the gist.) Then, you come back a couple of weeks later for your inspections at dusk and find those same rugrats (or their parents!) spraying graffiti all over “your” garage, the neighbors’ underpants flapping on the line in the front yard and the other neighbors’ music blaring? File that under disappointing.
The nature of a neighborhoods changes - sometimes dramatically - before and after the sun goes down. Also, if you visit a home during the week or when it’s cold and rainy out, the street will undoubtedly be busier and noisier - more reflective of the extremes you should be aware of - on the weekend or when the weather is grand. So, before you buy, go see the place in sunlight and after dark, during the week and on the weekend. And, again, there’s nothing wrong with knocking on the neighbors’ doors, telling them you’re thinking of buying, and seeing what kind of insider information you can glean from them!
P.S. - You should follow Trulia and Tara on Facebook, too!
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Comments
School rankings are essential and can show the overall health of the community. Areas where schools are ranked highly show a large amount of parent participation and this means that parents are involved in the lives of their children.
Are we talking grungy boxer shorts, a dingy grey, very old with holes in them? Flapping loudly with flies all around? Or perhaps a new, bright pink pair of ladies panties/ Or old yellows full of stains, maybe clean, maybe not-so-clean? Some stylish blacks? (is this one of the neighborhoods rated on the beauty of it's inhabitants; and does their underwear reflect that?) Are the clothespins half-broken and ugly, or does the clothesline smack of good organization and care? Either way, I'd prefer the backyard.
Thank you Trulia!
Julia at Realty ONE--Las Vegas :)
one can tell much from the type of automobiles streaming in and out. Even certain types of new expensive cars (Escalades) denote Ghetto, whereas expensive big flashy trucks can be Redneck or Ranchero Mex, which does not bode well. Even Sect 8 types, can be renting a unit in a large nice condo devolopement.
I enjoy these Trulia blogs, and this one is a little differnt from the past several weeks. Where are the usual plethora of Realtors complaining about astute buyers who refuse to go along with their programs of overpaying in this continuing downward trending market. Much has changed in public awareness within the past three days and it is obvioius that realtors cannot be trusted when it comes to advisng buyers on current property values. Prices will further errode across the board. All offers should be at a 25% discount, too damn bad if the Agent does not like it. Within the past two week on Trulia, not one Agent forecasting the dire news of the past few days, but coninued to paint a rosey pidcture of a stabalizing market.
Yes Tara, Due Diligence on behalf of the buyers, most Realtors cannot be trusted on the value or safety factors of a particular neighborhood.
Aparently none are too Recession-Risistant ex., Governor Rick Scott - Florida inacted ability to let for profit Home Insurance Companies drive up rates substantially which obviates the need for me to purchase... smile :-)
Buyers, your only recourse is constant Due Dilligence and husbands should remember to not acquise to one's wife or kids who think they must have a certain house, particulalry in the event of settling for unsavory neighbors and this even applies to upscale surburban settings, ie, a nice grandma who has her hoodrat gran kids constantly visiting.
All the ideas, opinions, words-that-I-can't-stand (UBER!!!...Ick!), and what gets all the press???
UNDERPANTS HANGING IN THE FRONT YARD OR BACK YARD?...BOXERS OR BRIEFS? (I know. Nobody actually said this...RACIST OR NOT?
Oh Lord! And I mean, OOOOhhhhhh Lord! Is it me, or does it seem that my generation (any generation for that matter) never grows up. We all hit about 12 years of age and most of us (myself included) stop progressing in the maturity sense.
Anyway Tara, nice conversation starter.
Glendale/East Hollywood - Armenian, Russian emigres drying clothes on balcony railings, too many used carsf for sale on the street
Monterey Park, Alhambra, San Gabriel - Asians drying cloths on balcony railings, btw the way, great safe neighborhoods, fabulous food and solid investment opportunites
As to ethnic neighoborhoods in LA, I prefer Asian enclaves, since they are safe
vibrant, strong resale and a bonus for me, since i love Asian women. No worry
of being knocked upside the head, car jacked, burlgarized or having my new luxury
BMW being vandalized due to class envy. They will. however, hang clothes from
balconies, which is OK for me.
Ruth