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I am a long time watcher and posting here first time.
I came across a 2015 built detached condo near Nagog Lake in Littleton MA.
Price is around $575000 for a 2100 sft home ( with finished basement and single car garage )
I know its hard to advice without providing property address. But unfortunately, I am unable to provide the address due to offer discussions.
Given the current market condition, I need some advise if this is a fairly priced home or over priced.
Thanks,
Karthik
Sub $600k SFH built after 2000 seems very, very reasonable.
Some of the Lake neighborhoods in towns like Littleton, Acton, and Westford are often seen as less desirable.. Roads are unkempt, many cottages and older seasonal homes, cheaper as a result. Only lake front homes generally command a high price tag. So, I'd pay special attention to the neighborhood, but at surface level, that is a steal.
To give you some indication, here are a few recently sold homes in the Nab Lake area of Westford, which along with the other Northern parts of town, is considered less desirable than the rest of town..
Do you have a buyer's agent? They should be able to run you a list of comparable properties so you can form a good basis for an offer price.
... and what constitutes a competitive buyer in the current market. In my limited experience, the better agents do an excellent job of qualifying potential buyers which, in some cases, provides a much needed sober-up for those who are naive to current market conditions. Not suggesting OP requires the latter, but it is helpful if the buyer's agent is transparent about the realities of a given market.
I have two friends targeting the upper tier 495/2 towns (e.g., Littleton, Harvard, Stow, Boxborough, Westford) and they're struggling to land a home despite excellent income/debt ratios, 25%+ DP, and waved contingencies (aside from mortgage). At least four of their offers were the highest bid by a small margin, but the competitive bids were all cash and/or offered some absurd contingency such as allowing the existing owners to rent indefinitely (at the seller's existing cost).
It's a tough buyer's market right now ... that much I'm sure of.
I have two friends targeting the upper tier 495/2 towns (e.g., Littleton, Harvard, Stow, Boxborough, Westford) and they're struggling to land a home despite excellent income/debt ratios, 25%+ DP, and waved contingencies (aside from mortgage).
Yes, the market is tough currently, but mortgage is a HUGE contingency (and easy out for a buyer). The mortgage market is flooded with refis currently and many new purchase mortgages aren’t getting clear to close until days before closing. The buyer has to sweat it out until that happens. Also, there are new Covid underwriting requirements which have added another layer of insanity to the already onerous (and silly at times) requirements. If they’re not waiving mortgage, they’re not really waiving contingencies.
Yes, the market is tough currently, but mortgage is a HUGE contingency (and easy out for a buyer). The mortgage market is flooded with refis currently and many new purchase mortgages aren’t getting clear to close until days before closing. The buyer has to sweat it out until that happens. Also, there are new Covid underwriting requirements which have added another layer of insanity to the already onerous (and silly at times) requirements. If they’re not waiving mortgage, they’re not really waiving contingencies.
Agreed, however, how many well-heeled buyers requiring financing understand this current reality? Their lenders are still promising 3-4 week close dates and, in the buyer's mind, waving inspection is still a huge deleverage in the seller's favor. In these local markets that was the extent of competitive contingency waving only 18 months ago.
They waived mortgage contingency on their latest offer understanding they're risking some capital; however, they also fully understand doing so doesn't magically make the current lending concerns or risk disappear.
Last edited by Shrewsburried; 12-14-2020 at 09:45 PM..
thank you for answering.. but those links you provided are near Nab lake..
but in my case, the property is near Nagog Lake
wondering if your assessment change in anyway ?
My point was that the Lake areas in towns like Littleton, Acton, and Nab are often seen as less desirable. The lots are small, and the areas are often made up of older cottages, small ranches, and split levels. The obvious exception being homes on the water.
Even so, as you'll see in neighboring Westford, <$600k is still a very competitive price for the lake areas. Especially for something newer like the home you're considering. Unless the road the house is on is very busy, or is in rough shape (surrounding homes are unkempt, unpaved road), I'd say it's a steal.
I have two friends targeting the upper tier 495/2 towns (e.g., Littleton, Harvard, Stow, Boxborough, Westford) and they're struggling to land a home despite excellent income/debt ratios, 25%+ DP, and waved contingencies (aside from mortgage). At least four of their offers were the highest bid by a small margin, but the competitive bids were all cash and/or offered some absurd contingency such as allowing the existing owners to rent indefinitely (at the seller's existing cost).
It's a tough buyer's market right now ... that much I'm sure of.
Wow that's wild...thanks for the data point. Where are they moving from?
Wow that's wild...thanks for the data point. Where are they moving from?
Currently renting in the 3/95 and southern NH areas.
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