When you are searching for a new house (or at least one that is new to you), you may come across an area that is peppered with homes for sale. If you are paying attention, you might be a little wary about this fact, since a lot of houses for sale in one area is not always a good thing. Yet, it might signal a golden opportunity for you to purchase a home at a very good price. Here is how to determine if you should be wary, or be proactive, about buying a home in an area where there are that many houses for sale.
If the home is located in a fairly new or brand-new subdivision, then it is perfectly okay for there to be several open and available homes. The land developer may have several homes ready, but has only just begun to put the houses on the market. Take advantage of this opportunity to view several of the available homes, as they will not all have the exact same floor plan.
An "Old" Neighborhood
When you have several senior citizens and elderly people all living together in the same neighborhood, it is often referred to as an "old" neighborhood. It is inevitable that many of these residents will pass away within a few years of each other, and then all of their homes are suddenly available on the market. When this happens, you know that the neighborhood is relatively quiet and safe, and that buying a home here is a good idea.
A Run-Down Neighborhood
A run-down neighborhood that generally looks quite desolate and dirty will have lots of homes available too. Unfortunately, there is a catch-22 with the homes in this neighborhood. You may either be moving into a dangerous neighborhood with high crime rates, or you may be moving into a neighborhood where the city is beginning renovations to improve this part of the city. If it is the former, run. If it is the latter, you could be the proud recipient of government funding to renovate and remodel the home you buy to make the neighborhood more attractive again.
Definitely the "Wrong" Side of Town
Finally, there are those neighborhoods, boroughs, and parishes that you just know are not the place to buy a home. When these areas are full of homes for sale, the reasons are never good. Learn where these areas are, and avoid them.Share