It’s not too hard to find neighborhoods where home prices don’t fall. It’s important to find highly desirable neighborhoods that maintain or increase in value have a few characteristics in common.
- A well-established neighborhood close to a city
- Homes priced slightly above the median home price
- Has few, if any foreclosures
- Has long-term neighbors that have lived in the home for over 15 years
- Neighborhood is convenient to major highways, and/or public transportation for easy commuting
- Amenities such as parks, playgrounds, a gated community with security, etc.
- Located in good school districts
- Have low crime rate statistics
- Have well maintained houses, yards, streets, curbs, and other signs of neighborhood pride.
I also recommend a few other signs of a good neighborhood that will probably hold its value.
- Very few houses for sale, ever
- Houses sell quickly and at or near original list price
- Not located near an apartment complex
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I’d rather go for an expensive house or townhouse that is located in a good or trusted neighborhood rather than staying in a cheaper house in a neighborhood you can’t trust.
Steven:
That’s always a good bet. If the neighborhood is in decline, you can usually assume your value will follow, and rapidly. If you have to sit out and wait for the market to rebound, I’d rather do it in a nice neighborhood where I have the time to wait.