Future real estate values (Boston, Lowell: fit in, best towns, houses)

[bdon829]

Is there any information out there regarding projected values of real estate down the road in MA? My husband and I are looking to buy our second house and intend to live there for the next 5 to 10 years. We want to be sure that we don't shoot ourselves in the foot by moving to a town where real estate is projected to appreciate slower than the state average or be tricky to resell in general. I know of some towns that won't be a problem (i.e. Sudbury, Westford) but I have no idea about projections for Lowell, Methuen, or Billerica. Any information would be appreciated, thanks!

[maggiekate]

I am not sure regarding sudbury, it is a better choice than Methuen,or Lowell.
I had family who did live in Methuen, near the N.H. border. when I when there, I was glad to exit. I would pick Sudbury, for a profit in 5 to 10 years.
Depending on what you are looking for, Billerica, may be a choice. I would say no to Methuen, and the Lawrence area. Why, most would go to N. H.
why the Mass taxes. You also could look into the western part of the state,
why, it is near upper state N.Y. and has more to offer, for growth.

[bdon829]

Originally Posted by maggiekate

I am not sure regarding sudbury, it is a better choice than Methuen,or Lowell.
I had family who did live in Methuen, near the N.H. border. when I when there, I was glad to exit. I would pick Sudbury, for a profit in 5 to 10 years.
Depending on what you are looking for, Billerica, may be a choice. I would say no to Methuen, and the Lawrence area. Why, most would go to N. H.
why the Mass taxes. You also could look into the western part of the state,
why, it is near upper state N.Y. and has more to offer, for growth.

Thanks MaggieKate. I probably should have mentioned that we currently live in central MA and need to move to within 30 miles of Boston for my job. I love Sudbury and it's our first choice if we can find the right house in our price range, but those are few and far between! Thanks for your feedback about Methuen. That helps a lot and is what I expected. We have found a few gorgeous old homes that have been restored in Lowell -- any thoughts on that area?

[smarty]

In any real estate purchase, it is always location, location and location. For example, Wellesley is better than Sudbury because it is closer to highways. The appreciation in Wellesley is much higher than Sudbury. You house closer to a dead end street is better than a house on the main road.

If you want to make money, buy the bottom 15% of houses in the best towns you can afford. Put in sweat equity. Then, you will ensure you have profits.

[Valerie C]

bdon, if you are considering Lowell, be sure to check out homes in the Belvedere section. There are some restored victorians that I just love to look at (we just don't build with that type of quality anymore). I can't help but wonder what the new construction of today will look like 50, 75, 100 years down the road...

Smarty is right, location location location is an old but true saying. You can change ANYTHING about a house except its location...

[bdon829]

Originally Posted by smarty

In any real estate purchase, it is always location, location and location. For example, Wellesley is better than Sudbury because it is closer to highways. The appreciation in Wellesley is much higher than Sudbury. You house closer to a dead end street is better than a house on the main road.

If you want to make money, buy the bottom 15% of houses in the best towns you can afford. Put in sweat equity. Then, you will ensure you have profits.

Thanks Smarty!

[bdon829]

Originally Posted by Valerie C

bdon, if you are considering Lowell, be sure to check out homes in the Belvedere section. There are some restored victorians that I just love to look at (we just don't build with that type of quality anymore). I can't help but wonder what the new construction of today will look like 50, 75, 100 years down the road...

Smarty is right, location location location is an old but true saying. You can change ANYTHING about a house except its location...

We are actually goimg to look at two restored homes in Belvidere this weekend. It's so true -- homes just aren't built like that anymore. I think that we'd buy a house that we truly loved in a mediocre location (with the assumption that we'd not really turn a profit) or do a fixer-upper in a great town.

Thanks for taking the time to respond!

[surfingatwork]

Originally Posted by bdon829

We are actually goimg to look at two restored homes in Belvidere this weekend. It's so true -- homes just aren't built like that anymore. I think that we'd buy a house that we truly loved in a mediocre location (with the assumption that we'd not really turn a profit) or do a fixer-upper in a great town.

Thanks for taking the time to respond!

the belvidere section of lowell is a wonderful area. i grew up in lowell (lived there 20 plus years). one thing to keep in mind is there is a lot of old money in this area and a lot of folks that have lived there for years and years are mmm.... set in their ways and it's a very clicky area. With that said those old homes are GORGEOUS!!!!!! Lowell's not a bad city. it does have it's problems though (lots of gangs, run down areas, etc.). I've been downtown at night on the weekends (with friends of course never alone) and never had a problem.

[Mr.Mortgage]

All real estate is cyclical. We've historically had a 7-10 year rise/fall cycle. If you buy now and sell in 5-10 years, you'll hit the cycle perfectly.