2017 Housing Competition in $400k range

[gf2020]

I can't imagine there are any single family houses under $400K in Reading and if they are, they may be tear down candidates by local builders.

Honestly, if I was shopping north of Boston with a $425K max budget, kids and a desire for a yard, I would look at Wilmington and Danvers.

[Aara5]

With the fixer upper, also keep in mind all the systems that also often need to be updated, not just the dated design. Once you factor in new heating system, electric, plumbing, new roof, plus all the cosmetic - and the personal challenge of doing this with kids roaming around - a higher monthly payment might be worth it.

[gardenfamily]

Thanks for all the great responses! Our kids are both under age 3 so that's why lead is such a concern for me. We have additional money set aside anticipating de-leading and basic "renos" like painting, tearing up carpet and potentially fixing up a bathroom. We're not fancy, just need a healthy/clean home with outdoor space. But I'm not going to pay to de-lead a rental so that's the issue.

Decent schools are preferable since I'd like to send them to public school. I mentioned Saugus as an option in my mind because besides a better commute and some yard space, we could afford to out-bid in that town. It's not ideal but I'm keeping an open mind because I've heard stories of friends putting down 15 bids and still no house. I can't waste an entire year looking for the perfect house (which doesn't exist at this price point).

Going back to my original question, if houses listed at $425k are selling for $460k, I don't want to be deluded into thinking it's affordable. We're looking at North Reading, Reading, Stoneham, Wakefield areas primarily, with North Reading at the top. I've ruled out Woburn for health reasons and that leads us also to Wilmington. Everything looks great on paper about Wilmington and the contaminated wells have supposedly been shut down, but as far as I know there haven't been studies yet on the child cancer cluster there. Please let me know if I'm wrong. It just worries me.

[ECPCVC]

Just go to Redfin and search for a town, then choose 'sold' then choose 'within the last 6 months'. Then click on a house. Scroll down to the listing price. Note the difference between listed price and sold price.

[sawyer2]

Originally Posted by gardenfamily

Thanks for all the great responses! Our kids are both under age 3 so that's why lead is such a concern for me. We have additional money set aside anticipating de-leading and basic "renos" like painting, tearing up carpet and potentially fixing up a bathroom. We're not fancy, just need a healthy/clean home with outdoor space. But I'm not going to pay to de-lead a rental so that's the issue.

Lead paint can often be remediated cheaply by encapsulation which is essentially overpainting with a specific paint - this is an approved method. Typically original baseboards, doors, windows is where lead paint is ..... usually several layers down. Windows are usually the biggest issue (if no major flaking) as friction during opening/closing can release lead paint particles. I would hope though that any house you are looking at has replaced the windows since the late '70's.

Any property built before 1978 (probably at least 2/3 of Boston's housing stock) would likely have lead paint in the original trim unless it has been replaced. I wouldn't discount the lead paint issue but it wouldn't stop me from buying an older house .... just need to include the cost of mitigation.

[bugelrex]

Originally Posted by gardenfamily

But I'm not going to pay to de-lead a rental so that's the issue.

Due to MA law, the renter will never ever have to "pay" to de-lead a rental. If you end up in a rental with a child under 6, you simply ask the landlord for the lead certificate and his only answer can be
1) here's is the certificate
2) I will bring in lead inspectors to check the unit, if lead if present, it will be remedied and I will show the lead certificate

This law is way over the top in my opinion and has the un-intended affect of making rental stock for families extremely challenging and expensive.

[BostonMike7]

Originally Posted by gardenfamily

Going back to my original question, if houses listed at $425k are selling for $460k, I don't want to be deluded into thinking it's affordable. We're looking at North Reading, Reading, Stoneham, Wakefield areas primarily, with North Reading at the top. I've ruled out Woburn for health reasons and that leads us also to Wilmington. Everything looks great on paper about Wilmington and the contaminated wells have supposedly been shut down, but as far as I know there haven't been studies yet on the child cancer cluster there. Please let me know if I'm wrong. It just worries me.

There are houses that list for $425, and sell for $410. I remember one particular home that had a gas line easement through the yard. Beautiful home, but that particular detail caused it to sell for less. Otherwise, easy $450K home.


I've seen other houses I expected to sell for more sell for list or slightly less. Don't assume the market dictates every single house sell for more. Some have quirks about that that drive off most people, but if you are willing to compromise, then it may open up more options. Of course, that doesn't mean settle.




Also, you are going to find health hazards everywhere you look. If it's not lead paint, it's lead pipes in the wall (not officially banned until the 70's), lead paint, asbestos in practically everything, radon, lead solder used in plumbing before the 1980's, formaldehyde used in the manufacture of MANY construction materials....and on and on.

[MikePRU]

Originally Posted by gardenfamily

Going back to my original question, if houses listed at $425k are selling for $460k, I don't want to be deluded into thinking it's affordable.

The problem is . . . you can't make that generalization. Not every house listed for $425K is going to sell for $460K. You have to familiarize yourself with the market. Get out and see houses and learn what houses are worth what. Eventually, when you see a 4 bedroom, 2 1/2 bath colonial with a 2 car garage on Maple Street you'll instantly know it's worth in the neighborhood of $X.

In the end, it doesn't really matter what the list price is. I can price a 500 sq ft ranch in Framingham at $3M but that doesn't mean someone is going to pay that for it. Price is just a marketing tool. Sometimes it's above the market value, sometimes below, and sometimes equal to. Learn about market value and forget about list price and you'll do well.

Originally Posted by ECPCVC

Just go to Redfin and search for a town, then choose 'sold' then choose 'within the last 6 months'. Then click on a house. Scroll down to the listing price. Note the difference between listed price and sold price.

. . . and what you'll find likely is that the relationship between list price and sale price is consistently inconsistent.

Originally Posted by sawyer2

Lead paint can often be remediated cheaply by encapsulation which is essentially overpainting with a specific paint - this is an approved method. Typically original baseboards, doors, windows is where lead paint is ..... usually several layers down. Windows are usually the biggest issue (if no major flaking) as friction during opening/closing can release lead paint particles. I would hope though that any house you are looking at has replaced the windows since the late '70's.

Any property built before 1978 (probably at least 2/3 of Boston's housing stock) would likely have lead paint in the original trim unless it has been replaced. I wouldn't discount the lead paint issue but it wouldn't stop me from buying an older house .... just need to include the cost of mitigation.

Lead paint can be on any painted surface. So, you'll find it a lot more places than this on the inside of a house. Plus, it can be on the outside of the house too. I've also come across some stains that contained lead.

Originally Posted by bugelrex

Due to MA law, the renter will never ever have to "pay" to de-lead a rental. If you end up in a rental with a child under 6, you simply ask the landlord for the lead certificate and his only answer can be
1) here's is the certificate
2) I will bring in lead inspectors to check the unit, if lead if present, it will be remedied and I will show the lead certificate

This law is way over the top in my opinion and has the un-intended affect of making rental stock for families extremely challenging and expensive.

Sadly, there is the law and then there is reality. A landlord knows whether their property is deleaded or not. If a prospective tenant would require them to delead because they are moving in with a young child then the landlord will find a reason not to rent to them. Of course, the law says it can't be because of the lead but I've seen many a landlord come up with a "legal" reason. I've also seen stories right here on C-D of landlords blatantly violating the law and giving tenants the impression that they don't have to delead or that they would have to move out if they had kids.

[tysmith95]

OP could take a look at Middleton or Danvers.