Quote:
Originally Posted by johnny902
Is there a reason why that area is less desirable than any other part of town? Does it flood? I drove by and it seems like a pretty nice neighborhood.
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No flood zone there. You can check the flood maps af fema.gov.
What are the nuances that make one area lower priced? Here are 2 biggies: Lot sizes and home sizes. If the typical lot size in a town is 1/2 acre, than a 1/3 acre neighborhood will sell for less. Also in a 1/3 acre neighborhood, home sizes will be smaller to accomodate the smaller lots. Smaller homes sell for less.
Another factor is designs. In an older neighborhood, the housing stock is of a design and appeal that is lower than current trends. These days everybody wants a 4 bedroom Colonial. LR-DR-Kit-FR-1/2 Bath Downstairs, 4 BR & 2 Baths upstairs.
The neighborhood you are looking at has smaller Splits, Capes, Bi-Levels, Ranches. These designs are no longer in great favor, so neighborhoods of these homes move down on the desirability scale. However, to the typical first time buyer, that allows you to move into an otherwise overpriced area. And that will be your market when you go to sell, younger buyers who can't swing a 4BR Colonial in Springfield.
So interview some of the residents, I'm sure you'll find that it is no problem. If you have a choice, buy a Cape. A Cape can easily be transformed into a Colonial. A Split or Bi-Level is pretty much stuck being what it is. A Ranch has a little extra plus going for it also. The target market for a Ranch expands a bit to include both young buyers/first timers and older buyers who no longer want stairs.
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