Trying to buy a home in this crazy seller's market without breaking the bank? We suggest you look for the "rising star" neighborhoods, rather than focusing on those that are already on the Walk of Fame. In Madison, buying a home in the *already* super hot neighborhood can cost you $40,000 more than a similar home in the up and coming neighborhood across the street.
Much like buying stocks, it pays to get in on a good thing early. By pinpointing the neighborhoods that have new businesses coming in, exciting developments on the horizon, or are on the cusp of revitalization, you'll find more affordable homes that are comparable to those in their coveted nearby neighborhood counterparts.
These "rising star" neighborhoods should have stable long-term values & a good chance of making larger than average increases in appreciating markets. BONUS: by buying a home in an up & coming neighborhood, you’ll have more opportunities to shape it as it evolves.
Of course, this strategy isn’t for everyone. For example, if you don’t want to wait for the restaurants, shops & amenities that make those “rockstar neighborhoods” so desirable, just spend the extra dough to be in your favorite neighborhood now. Buying a home is an investment, yes, but your home's location brings with it a certain lifestyle that can be just as important, so make sure you’re striking that happy medium.
Are you curious to know what neighborhoods are poised to become the next hot spots? Get in touch & we can give you the inside scoop on new developments, trends & the up-and-coming neighborhoods.
PS: You can get a lay of the land by checking out our neighborhood guide here.