If you land a listing in one of your community's up-and-coming neighborhoods, consider yourself lucky. Although the trendy neighborhood may still harbor some rough spots, it likely has more to showcase than to shun.
Homes in up-and-coming neighborhoods generally offer many desirable features without the hefty price tag, so you'll want to focus on these positives to get your listing sold quickly. Here are a few tips that will help you capitalize on the location.
Strategically Direct Traffic
Even though a neighborhood is categorized as "up-and-coming," the area may not have been desirable in years past. Maybe the crime rate was high, or the school system wasn't performing well. Now that the neighborhood is starting to show signs of vibrancy and promise, however, you'll want to show potential buyers the best parts of the community.
You can do this by specifying directions in MLS to weave visitors through desirable sections of the neighborhood, even if it's not the most direct route. Don't worry about "misleading" buyers—if prospects are interested in the listing, they will likely take time after a showing to wander the area. This tactic merely ensures that their first impression of the home isn't tainted by the neighborhood's blemished past.
Highlight Architecture and Renovation
When you're touring with prospects, Trulia suggests directing their attention to interesting architectural features or modern renovations on neighboring houses. Younger generations often view what was once considered outdated design as a house with character. If your visitors are interested in a more updated home, point out that the money they save can be put toward custom renovations.
Highlight Local Businesses
Agents sometimes forget to sell the lifestyle, not just the house. This is an especially important selling point in an up-and-coming neighborhood.
The Week explains that "big-box retailers spend millions of dollars in market research to determine where to open their next location." Real estate agents can piggyback off this information when selling nearby homes. If a Starbucks or Whole Foods recently opened in the area, that means the chain believes its business will be successful in the community. Don't be afraid to point out that the store's target market—whether it's health-conscious young adults or community-oriented families—is likely flocking to the area.
No national chains near your listing? No problem. Instead, focus on trendy boutiques or coffee shops that contribute to the community's atmosphere and elevate the value of the neighborhood.
Mention Number of Days on the Market
One surefire way to instill a sense of urgency in buyers is to show them how quickly homes are selling in the community. In the case of up-and-coming neighborhoods, homes may have sat on the market for months before the transformation began. With the area's newfound popularity, however, homes are probably changing ownership within a matter of weeks. This is a clear sign that other buyers see the location's potential and want to capitalize on the trend before prices increase. Point this out to your visitors to spur them into action.
Although you may initially think you have a challenge on your hands when you get a listing in a up-and-coming neighborhood, focusing on the area's potential will help you get a "Sold" sign in the front yard faster than you imagined.