How to Choose a Neighborhood for Your Home Search

Narrow your home search by identifying neighborhoods that are right
for you. This helps keep your search focused and efficient. Your local
REALTOR® can offer neighborhood information to guide you in your search.

When evaluating a neighborhood you should investigate local
conditions. Depending on your own particular needs and tastes, some of
the following factors may be more important considerations than others:

• quality of schools
  


• property values
  


• traffic
  


• crime rate
  


• future construction
  


• proximity to schools, employment, hospitals, shops, public
  transportation, prisons, freeways, airports, beaches, parks, stadiums
  and cultural centers such as museums and theaters

Neighborhood Search Strategies for Limited Budgets

If you’re a first time-buyer with limited financial resources, it's
wise to buy a home that meets your primary needs in the best
neighborhood that fits within your price range. You can maximize your
home purchase location by incorporating some of the following strategies
into your neighborhood search:

• Upcoming neighborhoods: Look for communities that
  are likely to become "hot neighborhoods" in the coming years. They can
  often be discovered on the periphery of the most continuously desirable
  areas.
  
  Check for planned future development such as additional transit; new
  community services such as pools and theatres; and chain stores planning
  to move in.
  
  Look for a home in a good neighborhood that is a bit farther out of the
  city. If commuting is a concern, purchase a home that is close to public
  transportation.


• Neighborhood demand: Look at the neighborhood
  demand by asking your real estate agent whether multiple offers are
  being made, whether the gap between the list price and sale price is
  decreasing and whether there is active community involvement. You can
  also drive around neighborhoods and see how many "sale pending" and
  "sold" signs there are in a particular area.


• Co-ownership: Look into purchasing a condominium or
  co-op, rather than a house, in a desirable neighborhood. This way you
  still may be able to purchase in a prime area that you otherwise could
  not afford.