Ouch! That's the rather harsh assessment of the Greater Boston real estate market by a disgruntled buyer.
After failing to find any home he liked under $400,000, fleetian had this to say on the comment board on my post about rising interest among buyers in lower priced homes.
We found a bunch of trash in this price range. Some was dressed up and some was not. My landlord is the big winner as we will stay in our nice apartment until we can afford something nicer.
Well I guess it depends on what your definition of what "trash" is.
You can find a half-decent fixer-upper below $400,000 within I-495 beltway, and maybe within 128 as well, but you are going to have pay more if you want a home in pristine, move-in condition.
If you want to buy a home below $400,000, you need forget about move-in quality and look at potential. Can this be fixed up? Is it a house I can upgrade and renovate over a number of years, or is the condition so bad it needs to be practically rebuilt before I move the furniture in?
Certainly the hottest segment of the market right now in Greater Boston is under $400,000 - check out yesterday's post.
But despite fleetian's poor choice of words - sorry trash is a pretty over-the-top description of homes in need of work - he may be onto something.
After all, nice, move-in homes come with big premiums attached.
Here's what ryan241 had to say.
Fleet you're going to have a long wait. There are plenty of good homes out there in good locations. Buy the trash, that's my advice. If you want the move in ready, you really have to pay a premium for it. If you get something that nothing has been done but the bare minimum, you'll get the discount you're looking for.
So much of our lousy economy depends on perception - since we're a consumer driven GDP. And that has swung around, finally. I don't think the second recession (which we're already in by the way) will even dampen that. People are sick and tired of putting their lives on hold. They're ready to buy.
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