Byers Station Carriage homes in Chester Springs (mortgage, refinance)

[kmistry1]

Can anybody please share some thoughts on good and bad to buy Carriage homes. I am looking to buy in "Byers Station".

They have downiningtown East High school, Lionville Middle school and Pickering valley Elementry school for this area.

[orrmobl]

Good - more square footage more cheaply than a single, association cuts your lawn etc.

Bad - sharing any wall with neighbors, if they are the wrong neighbors, will drive you crazy. These places are being marketed to singles and empty nesters so I think that's the majority of people you will find there. That means if and when you go to sell, your market of potential buyers is limited to those groups.

[Pilot1]

The location is very good. I still have a house in the Eagle/Ludwigs Corner area. I'm not big on townhomes or anything connected, but that's just me. The area is one of the better Philly burbs IMHO. I lived there for ten years and go back often to check on my house and the tenants.

[ginasellshomes]

Byers Station Carriages Homes are very nice inside. I've been in a few of them and the floor plans are great. I would have to disagree that these homes are being marketed to single people or empty nestor's. This community is very family friendly, it offers a pool, playground, and many hiking trails. I know of several families with children that have moved into Byers Station over the last year and the feedback has all be good. The square footage in these homes compares to a single family home - they are roughly 2500sqft. You are in a GREAT school district and a wonderful location! I wish you the best, it's a great time to buy.

[orrmobl]

Originally Posted by ginasellshomes

... it's a great time to buy.

So says the real estate agent. Prices will be slipping until at least next year...don't buy until you absolutely have to.

And would you really want to share a party wall with a family with screaming kids? Yet another reason to look for a single home.

[ginasellshomes]

You may or may not be correct in that the prices will drop, no one knows for sure. At the same time, no one knows what the interest rates are going to be if you wait either. In my opinion it is a great time to buy because there is a large inventory and the rates are really good.

I personally would rather have a single family home, however Byers Station is not a place to put your nose up at. They are very nice and built by Toll Brothers. With their reputation, I'd have a hard time believing that you would be able to hear through the walls.

[orrmobl]

Well don't take my word for it, do some research.

This area was overinflated by 33% in 2007. Prices have dropped 10+ percent, and continue to drop at a snail's pace. You do the math. Also the rent ratio is still well above the 12.5 historical average. Again you do the math. The economy is in the toilet, inflation is on the rise, people are losing their jobs and will shortly be flooding the market with foreclosures and forced sales just to get out from under their mortgages and extract money on which to live.

I agree that interest rates may rise, but you can always refinance or sell. The only way you can recoup a market loss of 20% is to wait it out for 10 years.

Can I ask you when realtors say "its a bad time to buy" and turn potential clients away? There's a quote about not knowing something when your livelihood depends on it. I would say this characterizes realtors to a T.

And people in the know consider Toll the best of the worst so quality is definitely a subjective term. I personally don't care for developments but would definitely not buy a home built by a large builder in the past 5 years - the incentive to build them as fast as possible coupled with the shortage of building materials all but ensures that not only does the workmanship have quality defects but most likely the materials used do as well. Double whammy, no thank you.

I'm not knocking Byers Station at all. I'm just relaying information that I have culled while looking for a home myself the past year and a half. I thank god we had 2 homes fall through - we are renting a huge place and are not saddled with a gigantic mortgage to live in a house too small for us.

I'm just saying if you can get by with renting or not buying, do so at least til winter or next Spring. Fall through winter is the dead season so while there may be less stuff available, it will be going at reasonable prices, especially new construction or spec homes.

[Pilot1]

Wow, that's a lot of doom and gloom which tells me this is a GREAT time to buy. Many economist thinks we have reached the bottom of the housing market. Do not be afraid to buy at this time, I think you'll get a great deal and that area of Chester County is nice.

[orrmobl]

Originally Posted by Pilot1

Wow, that's a lot of doom and gloom which tells me this is a GREAT time to buy. Many economist thinks we have reached the bottom of the housing market. Do not be afraid to buy at this time, I think you'll get a great deal and that area of Chester County is nice.

It sure is. Can you please provide a link to these economists? Except for maybe the guy from the Nat'l Assoc. of Realtors, everything I've read, seen or heard says the bottom is nowhere near reached.

It is an OK time to buy. Later this year or next year will be good, possibly even great.

[Pilot1]

Originally Posted by orrmobl

It sure is. Can you please provide a link to these economists? Except for maybe the guy from the Nat'l Assoc. of Realtors, everything I've read, seen or heard says the bottom is nowhere near reached.

It is an OK time to buy. Later this year or next year will be good, possibly even great.

I've been in several business cycles throughout my lifetime. Bottom line, its a cycle and I have found when everyone is professing doom and gloom that's when its time to buy. Trying to time the exact bottom of the market never works. Plus with housing, unless your a speculator, if you sell low you also buy low. If its an up market you selll high and buy high as most peoplle need a house in which to live.

I don't need to quote economists, they are wrong much of the time anyway.