10 neighborhood homebuyer magnets

Posted by Kelly Asmus on Jan 5, 2012 in Latest News, Neighborhood Profiles, _Special | 0 comments

John Donne wrote that “No man is an island.” If he had been a real-estate broker, rather than a 17th-century English poet, he might have added that no house is, either. Context is everything, and neighborhoods matter.

According to a National Association of Realtors survey released in November, homebuyers say that the quality of a neighborhood (cited by 67% of respondents) was the biggest factor in determining where in a given area they would buy. The next top responses were affordability (45%) and convenience to family and friends (39%).

Here are 10 factors to keep in mind.

1. Access to transportation

The ability to get to and from their neighborhood easily is important to homebuyers. The NAR study found that being near public transportation is important to 8% of buyers. That increases to 20% for buyers in urban or central neighborhoods. In addition, 49% of homebuyers say that finding a house convenient to where they work influenced their neighborhood choice.

2. Good schools

School-district quality influenced the neighborhood choice of 27% of homebuyers in the NAR survey. That jumped to 55% for buyers with children younger than 18 but dropped to 13% for buyers without kids.

3. Nearby amenities

In a recent Coldwell Banker survey of real-estate agents, 68% say that their baby boomer clients sought proximity to restaurants and shops when looking for a home. Access to staples such as grocery stores and dry cleaners is important in suburban and exurban neighborhoods, as well.

4. Area architecture

In some neighborhoods, historical or architecturally significant homes can be a big draw for certain homebuyers. The NAR survey found that home design in a neighborhood is a consideration for 32% of homebuyers.

5. Reputation

Buzz about a neighborhood can translate into buyer interest and higher sale prices, real-estate agents say. “When an area becomes branded as the hot neighborhood, that reputation tends to stick, even though often it’s only 80% based on reality and 20% based on what people have heard or read.”

6. Parks and outdoor spaces

Prospective homebuyers often appreciate having a park nearby, especially if they have children or pets. The NAR survey found that 18% of homebuyers say proximity to parks and recreation facilities influence their neighborhood choice. Among households with children, the number increases to 23%. For people buying homes in urban and central-city areas, it’s 22%. Proximity to parks and recreation also has been deemed important by 34% of baby boomer homebuyers, according to Coldwell Banker’s survey of real-estate agents.

7. Low crime rate

People want to live where they feel safe. A low crime rate is key. Real-estate agents refer people to objective online sources of local crime statistics, rather than sharing their opinions about “good” and “bad” neighborhoods.

8. Your neighbors

The people who live in a community are important to home seekers, of course. But generalizing about what sort of neighbors make an area appealing is tricky. Research suggests that conservatives tend to like to live among conservatives and that liberals like to live among liberals, for example.

One factor to watch may be how long people have lived in the area. A study on neighborhood satisfaction and reputation from the journal Urban Studies in April noted that residents “who are satisfied with their neighborhood are thought not only to be less likely to move, but also to have a higher general quality of life.”

9. Local economy and stable home values

A home is a big investment, so buyers naturally are attracted to neighborhoods where property values are likely to go up rather than down. That means they may find a community without foreclosures or distressed properties more attractive. These neighborhoods are likely to see more sales and higher sale prices.

10. Proximity to cultural experiences

Author and urban-studies theorist Richard Florida says members of a “creative class” — people whom cities want to attract and whom companies want to hire — prefer to live in neighborhoods with ethnic and cultural diversity, as well as easy access to nightlife, recreational facilities and the arts. Convenient access to entertainment and leisure activities is a consideration in neighborhood choice for 21% percent of homebuyers, and 24% of unmarried couples, according to the NAR survey.

Read the entire post at: MSN.com, authorScot Meyer of Switchyard Media.

Renaissance Homes is proud to be building in outstanding local neighborhoods in Portland, Beaverton, Lake Oswego and West Linn .
Renaissance Homes is an award winning Street of Dreams custom home builder specializing in green building, remodeling and renovations for the Portland market.

Awarded the Portland Homebuilder’s Association 2011 “Builder of the Year.”