10 Ways to Prepare Your Home in an Up and Coming Neighborhood

What is an up and coming neighborhood?

We hear this term and maybe think of a neighborhood that starting to appreciate or one that's starting to garner trendy coffee shops and retail outlets. There are 4 main characteristics of an "up and coming" neighborhood. These usually include:

  • New Construction
  • Flipped Homes
  • Young people moving in
  • Close proximity to a big city

These main factors are usually pretty good tell-tale signs of an up and coming neighborhood. It's usually a great idea to buy in these types of neighborhoods before it gets too popular but if you live in this neighborhood and you think there's a chance your home value will skyrocket, you may want to start doing some recognizance work on your own first to draw in even more attention, sell your home or just increase your home's value for personal reasons such as a refinance. 

Here are 10 ways to prepare your home for an up and coming neighborhood - Great tips by experienced agents and brokers across the country. 

#1. Understand why it's an up-and-coming neighborhood.

"There are a lot of ways to tell if your neighborhood is undergoing the term "up and coming". Pay attention to the news media in your area, local newspapers, social media, and any conversations where the hot topics are your neighborhood name or area. Do a general hashtag search on your area on social media to see if people are talking about new businesses or trends for that area." Marcus Brown - Portland Real Estate Brokerage

More: 5 Unusual Features That Boost Your Home's Value

#2. Understand the real estate trends.

"Take a look at the general trajectory over the last 6 to 12 months when it comes to real estate in your area. Do a search on the homes that have sold versus similar properties that are on the market now. Are there pending sales or homes that have gone under contract that are higher now than they would've been six months ago? While just about every neighborhood is increasing to some extent, up-and-coming or hot neighborhoods tend to do this more rapidly." - Bruce Simon - West Bloomfield Realtor®

#3. Check out your competition.

"Take a look at all of the homes that are for sale in your general facility and stretch that radius out about a half a mile. What do those homes look like? Are there new construction properties going in? Does your home compete at all? Do you have a unique home that would appeal to different types of buyers? By understanding your competition, you can compete a little bit better." Peter Westbrook - Cash Home Buyer in Sacramento

 

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