Is the North End the next hot spot? Zillow in their new book, "The New Rules of Real Estate" says that analyzing their data they can pinpoint patterns that tell us whether and how quickly a neighborhood’s home are likely to increase in the future. The factors that determine these patterns range from
- Proximity to downtown
- The age of a neighborhoods housing stock.
When you are shopping for a new home the conventional wisdom is to buy location, location. location. The Zillow Guru's say that is partially right. The best strategy for buying a home that will give you the best increase in value is "future location, future location, future location. It’s true whether you plan to buy a property to live in or invest in. You are not buying the house for what the neighborhood looks like the day you bought the house.
In other words, the best real estate strategy isn't to buy in the most desirable part of town but to buy in a neighborhood in what will become the next desirable part of town.
According to the experts, learning from history, the next desirable part of town is most likely where there are older homes, plenty of room for renovation, low homeownership rates, and access to popular neighborhoods. Trends show that the older the average home in the neighborhood is the more likely the neighborhood will see appreciation.
All indicators show that our Neighborhood, The North End, is the next hot spot for Frederick!