Under $250k any Massachusetts single family house with yard (Springfield: real estate, renters)

[massnative71]

Originally Posted by redplum33

When you need a house, you need a house.

Right, why I said if one "can wait". OP's friend works from home, and is currently renting. That suggests some flexibility in the timing part, but we obviously don't know all details. Personally I would just rent for the time being, if I needed to relocate to Mass. "now". Of course things like pets can complicate stuff, or lack of a suitable rental.

[9162]

Fall River
New Bedford
Springfield

[massnative71]

Originally Posted by 9162

Fall River
New Bedford
Springfield

They are looking for Eastern or Central Mass. That eliminates Springfield. For both Fall River and New Bedford, every single family I see in that range is in a ghetto area (there might be a "couple" of houses if you can bump it up to the high 200s).

[GeoffD]

Originally Posted by massnative71

They are looking for Eastern or Central Mass. That eliminates Springfield. For both Fall River and New Bedford, every single family I see in that range is in a ghetto area (there might be a "couple" of houses if you can bump it up to the high 200s).

How about 366 Bedford Street in New Bedford? That’s $250k. West End. All single family homes. 5 or 6 minute walk to Buttonwood Park. It’s not 1,500 sf, I’m sure it needs work, and the lot is too small for a garage but that’s a non-frightening place to live. 30 year treasuries are up so housing prices in a place like New Bedford are going to drop some. You can only buy if your income qualifies you for the mortgage. Someone doing a 5% down deal with PMI at 3.5% is probably looking at $1,500/month for mortgage, taxes, and insurance. Bump rates back to a more typical 4.5% and it’s more like $1,700/month. A lot of buyers wouldn’t qualify.

Once you’re outside of the Boston influence, middle class starter home prices reflect local income and interest rates. At 4.5%, you probably need $55k to $60k in income with minimal debt to qualify. Chump change in Boston but not in New Bedford.

[mdovell]

Originally Posted by redplum33

When you need a house, you need a house.


Why hasn't that 259k house in Longmeadow sold? Because of the solar panels?

https://www.zillow.com/homedetails/1...56183326_zpid/

Probably because the taxes just went up 10%. Longmeadow has the highest property taxes in the state. Not saying it's a bad place, it actually is quite nice. But if you are expecting the same taxes for the same price as eastern mass you aren't.

The other thing is the foundation. Don't buy in the area unless you know for sure if the foundation has been tested. Otherwise it's 75-200K for a new foundation. So that 260K goes up to the mid 300's fast.

The state hasn't taken it as seriously as CT. Mass estimates this at 350 million and 2,000 homes

https://www.masslive.com/news/2020/0...undations.html

[Shrewsburried]

Originally Posted by massnative71

They are looking for Eastern or Central Mass. That eliminates Springfield. For both Fall River and New Bedford, every single family I see in that range is in a ghetto area (there might be a "couple" of houses if you can bump it up to the high 200s).

As we both are aware, even eastern central MA is challenge at that price point.

If they extend their budget up to $270-280K, which seems entirely plausible given current interest rates, then they might be able to swing a decent non-rehab home in Clinton. It's working class with pockets of poverty, but it's generally a safe town with limited violent crime and some rather serviceable neighborhoods.

Wachusett towns, Lancaster, Ayer are all out of their scope these days.

Shirley might have non-rehab homes at their price point, but they're likely abutting the rail lines or some other highly undesirable area. Same for Townsend.

If schools are zero concern, west/north west Fitchburg is actually low density and borderline bucolic. However, low and fixed income buyers are aware of this so the homes in west Fitchburg aren't exactly cheap ... $260K likely buys a *very* modest post-war ranch with some differed maintenance.

Otherwise, they'll find better value (quality of house; neighbors) by heading further west up route 2. One doesn't need to go to Athol, as you suggest, to hit a $260-270K price point. A town like Westminster, which remains quite middle class thanks to a well performing school district, does have some older homes which dip into this price range and are not full rehabs. If the home is close to route 2, and it probably is at that price point, then commercial retail and healthcare services are easily accessible in Leominster/Fitchburg; i.e., you're not completely in the woods.

[mdovell]

Originally Posted by GeoffD

How about 366 Bedford Street in New Bedford? That’s $250k. West End. All single family homes. 5 or 6 minute walk to Buttonwood Park. It’s not 1,500 sf, I’m sure it needs work, and the lot is too small for a garage but that’s a non-frightening place to live. 30 year treasuries are up so housing prices in a place like New Bedford are going to drop some. You can only buy if your income qualifies you for the mortgage. Someone doing a 5% down deal with PMI at 3.5% is probably looking at $1,500/month for mortgage, taxes, and insurance. Bump rates back to a more typical 4.5% and it’s more like $1,700/month. A lot of buyers wouldn’t qualify.

Once you’re outside of the Boston influence, middle class starter home prices reflect local income and interest rates. At 4.5%, you probably need $55k to $60k in income with minimal debt to qualify. Chump change in Boston but not in New Bedford.

And you also get faster access to RI and the cape...

[massnative71]

Originally Posted by Shrewsburried

As we both are aware, even eastern central MA is challenge at that price point.

If they extend their budget up to $270-280K, which seems entirely plausible given current interest rates, then they might be able to swing a decent non-rehab home in Clinton. It's working class with pockets of poverty, but it's generally a safe town with limited violent crime and some rather serviceable neighborhoods.

Wachusett towns, Lancaster, Ayer are all out of their scope these days.

Shirley might have non-rehab homes at their price point, but they're likely abutting the rail lines or some other highly undesirable area. Same for Townsend.

If schools are zero concern, west/north west Fitchburg is actually low density and borderline bucolic. However, low and fixed income buyers are aware of this so the homes in west Fitchburg aren't exactly cheap ... $260K likely buys a *very* modest post-war ranch with some differed maintenance.

Otherwise, they'll find better value (quality of house; neighbors) by heading further west up route 2. One doesn't need to go to Athol, as you suggest, to hit a $260-270K price point. A town like Westminster, which remains quite middle class thanks to a well performing school district, does have some older homes which dip into this price range and are not full rehabs. If the home is close to route 2, and it probably is at that price point, then commercial retail and healthcare services are easily accessible in Leominster/Fitchburg; i.e., you're not completely in the woods.

I see one single family in Westminster, looks like it needs extensive rehab. There is one in Clinton in that range ($280K), that looks at least habitable for the moment. Inventory is EXTREMELY tight right now, that's why I say it's to one's advantage to wait a few months when hopefully more houses will come on the market come spring. Clinton or Westminster would certainly be preferable to Athol or Winchendon, for most.

[sal1181]

Try looking into Athol. There was a single family that was priced at $179900 (2006 Main ST) and it went pending fast. Looked in decent condition to me from what I can see in the pictures.

[Shrewsburried]

Originally Posted by massnative71

I see one single family in Westminster, looks like it needs extensive rehab. There is one in Clinton in that range ($280K), that looks at least habitable for the moment. Inventory is EXTREMELY tight right now, that's why I say it's to one's advantage to wait a few months when hopefully more houses will come on the market come spring. Clinton or Westminster would certainly be preferable to Athol or Winchendon, for most.

Yeah, I was referencing Q3/4 2020 MLS data. Current inventory is dismal being the tail end of winter. With interest rates shifting up slightly, I don’t anticipate much price movement from last year in these markets. If anything, it might drive pricing down as few buyers in these markets are creating capital in equity markets ... stagnate wage + higher rates = flat or lower valuations.