4 Key Considerations for Homebuyers Looking at Resale Homes in Washington
4 Key Considerations for Homebuyers Looking at Resale Homes
When considering buying a home in Washington, choosing the right neighborhood is a crucial decision. It’s not just about the house itself; it's about the community and environment you'll be living in. Here are four key areas to focus on to determine if you're in the right neighborhood whether you’re here in the Puget Sound or not:
1. Is the Area Safe?
Safety is paramount when selecting a neighborhood. Start by researching crime rates in the area. Tacoma, like many cities has websites, local police departments, and community forums that can provide valuable insights. Additionally, take a stroll around the neighborhood during different times of the day to gauge the atmosphere, because walkability is an important factor too. Look for well-lit streets, maintained sidewalks, and a general sense of security. Neighborhood watch programs and active community involvement in crime prevention are also positive indicators of safety. Neighbors and homeowners are often great resources for asking about safety and security, since they’ve lived in the neighborhood for awhile. Don’t be afraid to ask good questions.
2. Are Property Values Increasing?
A neighborhood where property values are steadily increasing is a good sign of stability and desirability. Look into historical data on property prices and trends in the area. Factors such as proximity to amenities, development projects, and overall economic growth can influence property values. Real estate agents and online resources can provide valuable information on market trends. Investing in a neighborhood with appreciating property values can offer long-term financial benefits. Things like vacancies, run-down homes or commercial space, vandalism and random crime can be a sign that a neighborhood is headed in the wrong direction. Hilltop, a traditionally challenged area of Tacoma, has become a very attractive area of reinvestment as infrastructure improvements continue. This is a great Tacoma neighborhood to look at for increasing property values.
3. Is There a Lot of Turnover?
High turnover rates can be a red flag for a neighborhood. Constantly changing residents may indicate underlying issues such as dissatisfaction with the area or transient populations. While some turnover is natural, excessive turnover can lead to a lack of community cohesion and stability. Talk to current residents and observe the frequency of "For Sale" signs in the neighborhood. A healthy balance of long-term residents and turnover is ideal for fostering a sense of community and neighborhood pride. Your agent should also be able to look at turnover rates to let you know, whether the neighborhood is stable or transitioning in the wrong direction. Proctor District and Old Town in Tacoma are examples of low turnover neighborhoods that not only hold their value but have been areas of low turnover for years.
4. Are There Good Schools?
For families or those planning for the future, the quality of schools in the area is a critical consideration. Even if you don't have children, proximity to good schools can positively impact property values and overall neighborhood desirability. Here in Tacoma, we have both public and private schools with high ratings like Annie Wright School and Stadium High School. Research those school ratings, academic performance, extracurricular offerings, and parent involvement. Additionally, consider the availability of childcare facilities and educational resources for early childhood development like charter schools. A neighborhood with access to quality education can enhance the overall quality of life for residents.
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