Every serious house hunter is aware that the Costa Mesa neighborhood surrounding any house has a significant effect on its ultimate value. It follows that the future of a neighborhood will have a measurable impact the future value of the properties in it.
Part of the reason not much emphasis is given to this factor is the difficulty of gauging a neighborhood’s future prospects. That’s especially true for homebuyers who are new to the area. Yet there are ways to scrutinize neighborhood characteristics for indications that augur well…or which point to a future which might not be headed in the right direction.
Here are four such factors:
- Incomes. Strong average household incomes are indicative of more than just the current bankrolls of the neighbors. Higher incomes are good bellwethers for households likely to maintain attractive landscaping—and to make future renovations to their properties.
- Home price histories. For properties currently listed in the same neighborhood, noting their online price histories can reveal more than just an upward trajectory—most homes in Costa Mesa (indeed, almost everywhere in California) are now showing growth. The relative size of those price rises can reveal the most up-and-coming neighborhoods.
- Schools. Good schools attract the kind of family-oriented homeowners who tend to create attractive neighborhoods. There are two corollaries, too: first, the best schools are more likely to remain top-rated. Second, schools that are known to be rapidly improving are more likely to reward the properties in their area with better than average value appreciation.
- Rental ratio. Since homeowners take more pride in their property’s appearance than do tenants, a higher owned-to-rented percentage usually corresponds with a neighborhood’s likelihood of better-than-average value appreciation.
A number of other factors can impact a neighborhood’s future: safety, proximity to employment opportunities, walkability, or even evidence of remodeling activity and new construction—they are all indicators. Another reliable way to evaluate Costa Mesa neighborhoods is to team with a knowledgeable veteran Costa Mesa Realtor®—one who knows our area top-to-bottom. In other words: give us a call!
We are built on a philosophy of Heritage & Hustle. The L3 is a full service real estate agency with a regional office located in the heart of #CostaMesa, offering a wide-array of custom services to meet their clients’ needs with roots in the community since 1976. It’s L3 mission is to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. The L3 was originally formed to offer personal, concierge-level service as an alternative to the large, nationally based real estate companies. From its small beginnings of only two employees, The L3 has grown to a full staff of 25 serving over 300 clients a year. The L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has The L3 donated hundreds of hours to many area charities, they have also received the prestige of being named one of the #toprealestatecompaniesinCostaMesa If you’re interested in #buyingorsellinginOrangeCounty, turn to the experts. Turn to The L3 and let them help you make your real estate buying or selling dreams come true. For more information or to get started on finding or selling your home contact The L3 today at 714-444-4663 or email us at email@example.com