Neighborhood Homebuying Magnets

According to a National Association of Realtors survey, homebuyers say that the quality of a neighborhood (cited by 67% of respondents) was the biggest factor in determining where in a given area they would buy. The next top responses were affordability (45%) and convenience to family and friends (39%).

If you're a home seller, you should know that certain neighborhood features are like magnets for some homebuyers, generating interest in your house even if it's the ugliest one on the block.

According to an article on MSN Real Estate, here are some of the top neighborhood magnets:

Good Schools



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School-district quality influenced the neighborhood choice of 27% of homebuyers in the NAR survey. That jumped to 55% for buyers with children younger than 18 but dropped to 13% for buyers without kids.


Nearby Amentities

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In a recent Coldwell Banker survey of real-estate agents, 68% say that their baby boomer clients sought proximity to restaurants and shops when looking for a home.


Access to staples such as grocery stores and dry cleaners is important in suburban and exurban neighborhoods, as well.



Area Architecture


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In some neighborhoods, historical or architecturally significant homes can be a big draw for certain homebuyers.

The NAR survey found that home design in a neighborhood is a consideration for 32% of homebuyers.



Reputation



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Buzz about a neighborhood can translate into buyer interest and higher sale prices, real-estate agents say.


"It's an interesting marketing phenomenon," says Tre Pryor, a real-estate agent in Louisville, Ky. "When an area becomes branded as the hot neighborhood, that reputation tends to stick, even though often it's only 80% based on reality and 20% based on what people have heard or read."

In Louisville, this is the case in the Highlands neighborhood, Pryor says. "It's amazingly popular, and because of that, some neighboring communities have co-opted the brand and use it for themselves, even though they're not technically part of the same area. It's gotten to the point that the Highlands has started calling itself the 'original Highlands.'"



Parks and Outdoor Spaces



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The NAR survey found that 18% of homebuyers say proximity to parks and recreation facilities influence their neighborhood choice. Among households with children, the number increases to 23%. For people buying homes in urban and central-city areas, it's 22%.

Proximity to parks and recreation also has been deemed important by 34% of baby boomer homebuyers, according to Coldwell Banker's survey of real-estate agents.

 Source:  MSN Real Estate