Finding the perfect neighborhood
June is National Homeownership month, and the beginning of the summer buying season. Your Spokane REALTOR® joins forces with thousands of fellow REALTORS® around the country on important work to assist present and future homeowners during this economic cycle.
We are educating homebuyers and homeowners in our communities about the housing market and the opportunities that are available to purchase a home. We are working with Congress to make the new FHA and conforming loan limits, mandated by the economic stimulus package, permanent so that Americans can access affordable financing – no matter where they live. We also continue to push for a stronger, more flexible FHA program, to give more first-time homebuyers access to affordable and safe financing options.
Summer is the time when families typically take on the challenge of moving, either across town or as newcomers to Spokane. Your REALTOR® recognizes that the neighborhood as well as the home you choose, has a big impact on your lifestyle. Safety, available amenities, and convenience all play their part. Before you make an offer, make a list of the activities — job commute, schools, health care, church, etc. — you engage in regularly and stores you visit frequently. From each neighborhood you’re considering, see how far you would have to travel to accommodate your most common activities.
Once you’ve narrowed your focus to two or three potential neighborhoods, take a stroll and consider how comfortable everything feels to you. Are homes tidy and well maintained? Are streets quiet? Pick a warm day if you can, and you may find people working or playing outside that are willing to chat. Schedule several visits - a weekday morning, during the weekend, and after dark, if possible.
Research nearby schools and plan a tour in each neighborhood under consideration. Even if you do not have school-age children at home, remember that good schools will have a positive impact on resale value. All Spokane County school districts offer information on test scores, class size, percentage of students who attend college, and special enrichment programs. Also, neighborhood safety information is valuable to review. Ask the police department for neighborhood crime statistics. Consider not only the number of crimes but also the type and the trend of increasing or decreasing crime.
A REALTOR® can also help you learn what houses sell for now versus a decade ago, five years ago, and three years ago. You’ll want to research property values before you find a home in the neighborhood that you like; property values reflect a community’s overall health. Any of the over 2,000 members of the Spokane Association of REALTORS® will have historical statistics about whether income and property values in the community are stable or rising and other important data like the percentage of homes to apartments. (Apartments don’t necessarily diminish value, but can mean higher density and a more transient population.)
Be sure to inquire about trends and recent increases in property taxes. Your REALTOR® also may be able to tell you about planned developments or other changes in the neighborhood that might affect value. Although past performance is no guarantee of future results, this information may give you a sense of how important your home investment will be, and the enjoyment you can expect in your new community.
Soon, you’ll be hearing, “Welcome to the neighborhood!”