In the mail, I received a great community news magazine, impactnews that had an article about the life cycle of a neighborhood. It was so well outlined that I was in total agreement. Basically, it lists 4 stages a neighborhood goes through. In the beginning, it's just the builder selling homes and the builder sets the prices and value. Sometimes you can negotiate. Next, some homeowners have a need to sell; perhaps relocating for a job and they must compete with the new construction so their best opportunity is to lower the price and be competitive. Then, some homeowners are not able to sell for enough to cover their mortgage and fees so they go into foreclosure. finally, the neighborhood will either stabilize or the values will continue to decline.
One of the advantages to buying in an established neighborhood is that it's already gone through the cycles.
I was shocked to find there were 303 foreclosures in my zip code - 78729.
Robin Scott, Broker. Certified Residential Specialist.
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