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The phrase “up-and-coming neighborhood” can be code for a risky or dangerous neighborhood. These areas are often close to a city’s downtown, and that usually brings with it a certain amount of crime. But these risks also usually mean home prices in up-and-coming neighborhoods are comparatively low, and that attracts young, hip buyers looking for a good deal in a funky area.
Keep your potential buyer in mind
When you’re selling a home in an up-and-coming neighborhood, it helps to keep that buyer in mind. They’re gambling that the neighborhood will continue gentrifying, and are attracted to its diversity and proximity to amenities. They’re thinking about the possibilities for your home, and how its relatively low price leaves them money for renovations.
In short, buyers in up-and-coming neighborhoods are focused on possibility, and your home needs to take advantage of that. Removing personal and outdated items leaves the canvas clean for buyers to see their own belongings in the space. Removing heavy, old-fashioned furniture can modernize an older home; you might even want to buy some inexpensive hip, modern furniture to stage the living room or master bedroom.
Many buyers looking in up-and-coming neighborhoods are single people or young couples who don’t have children yet, so a child-friendly environment probably isn’t important to them. A second bedroom made into an office with a pull-out couch or a futon might be more appealing than one with a crib and toys. If you have young, single neighbors, you might ask them what they would like to see in a home.
Focus on the right market, and the right price
Make sure you hire a real estate agent who understands your neighborhood and the type of buyers attracted to its up-and-coming status. Ask her to consider advertising in venues seen by the target audience -- your city’s alternative weekly, artist collectives or Web sites for young professionals, for example.
Finally, don’t overprice your home. Base the selling price on comparable sales in your area, not what you think prices will be in a year or two. A fairly priced home will attract more potential buyers and sell more quickly. This is especially true in an up-and-coming neighborhood, where value is the key to attracting new homeowners.