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Thread summary:

Pennsylvania: new developments , real estate, buy house, realtor, townhome, market.

 
Old 02-07-2008, 09:20 AM
 
Location: Media, PA
71 posts, read 168,665 times
Reputation: 65

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Looking to buy our first house


It's now between a single with a Downingtown address in the Coatesville School District or a twin in Media on a busy street (Providence Road/Rt 252). The plan is to live there for six years, then hopefully prices will appreciate and we'll look for our dream house, a single in Media or the Mainline. We're familiar with what both locations have to offer as far as shopping, school districts, crime, location, transportation, etc... Our big question is, which will aprreciate faster after the market levels off?


We haven't had much luck in the bidding process, we bid on two singles in West Chester and have been outbid by contractors (with no contingencies). It seems like everything in our price range ($265k) is either too run down for a VA Mortgage, been picked over by contractors (vultures) or in undesirable locations.

Last edited by ScottyG; 02-07-2008 at 09:47 AM..
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Old 02-07-2008, 12:33 PM
 
1,623 posts, read 5,965,113 times
Reputation: 449
Media will hold its value no doubt...Coatesville schools are crap while Media's are great. New developments out here (Downingtown) mean older houses have to lower their prices to sell...Media is a no-brainer in this case...Did you look in Wallingford? They have a cheaper section on Chester border where you may find something. Also Springfield and Havertown...
Phoenixville?
Maybe look at Ardmore again?

Last edited by orrmobl; 02-07-2008 at 12:41 PM..
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Old 02-11-2008, 06:21 AM
 
27 posts, read 97,178 times
Reputation: 12
Default Appreciation can be fickle

Media. Better schools, better access to more work areas, good public transportation. That price range is pretty much towards the bottom for the Media area, where as in Coatesville school district it will get you into a higher end home, which will IMO appreciate less well.

Be very careful in counting on appreciation at this time, however. Markets do not always go up, housing market included. If you decide to keep the property as a rental when you move up to another house, Media is very rentable.

That said, we decided against this great house in Wallingford/Swarthmore schools when we moved back here, precisely because it was on Providence Rd. Personally, I can't handle traffic noise. Did that for my first house, and could never get used to it. I had to have a fan on 365 days a year to provide white noise so I could sleep.

What's wrong with continuing to look? Location is still the most important factor in real estate, primarily because there is nothing you can do to change it.
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Old 02-11-2008, 06:54 AM
 
27 posts, read 97,178 times
Reputation: 12
Default Keep looking!

Scotty,

After taking a quick look on Realtor.com, I saw several options in your price range within 10 miles of Media Boro itself. This one in particular looks nice: mls 5252711. Have you seen it? Or how about this single: mls 5116373? Also: 5053773, 4968720 (new twin, S/W schools so check out taxes,) 5159315 (on 452, which is also busy but IMO not as bad as 252. Single 3/2 on 1/3 acre.)

If you are not finding enough properties, take a strong look at the criteria you gave your Realtor for your search. Perhaps, it needs to be widened. Frankly, with that price range, I would just have the Realtor search on school districts you are OK with, as you won't have an overwhelming number of options for that price, unless you are OK with townhomes. This area has a strange way of allocating addresses. A house in our zip code could go to any one of 4 school districts, depending on location.

Make sure you are taking the negotiating process into the pricing. If you are looking to spend no more than $265K, look at houses that are up to at least $275K. We are not yet into the spring market, so you still have a buyer's market on your hands.

I also would not restrict myself to RTM schools. Swarthmore/Wallingford, Garnet Valley, and I'm even hearing Springfield schools, are decent, though I personally wouldn't live in Springfield...but then I hate traffic.
Moderator cut: real estate advertising is not allowed

Last edited by Yac; 02-12-2008 at 02:12 AM..
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Old 02-13-2008, 09:55 PM
 
Location: Downingtown, PA
11 posts, read 37,278 times
Reputation: 17
Scotty - the only thing I will tell you is you may have better appreciation buying in a NEWER neighborhoor in Coatesville over time, then an OLDER home on a busy road in Media area. In my experience, newer neighborhoods tend to appreciate faster. Not to say that if you bought an existing older home in this area that would be the case.

I also beleive the Coatesville area will see some improvements over the next 5-10 years or so -not promising anything on the schools, but they can ONLY get better from here right? Therefore, it may not be a bad place to invest in the timeframe you are speaking of. There is alot of growth and plenty of new construction townhomes that are in your price range.

I will also agree that appreciation can be fickle. You never know what can happen. They can start to build some new houses down the street from you just before you decide to sell and your neighborhood could take a big hit because of it. I would base my decision more on where YOU want to live and WHAT area is more conveninet to your everyday life. That's the advice I give everyone I know.

Good luck!
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Old 02-14-2008, 01:57 PM
 
1,623 posts, read 5,965,113 times
Reputation: 449
Location, location, location. Media will always be closer to the city, and there's a finite number of homes in that area. It is the county seat, the courthouse is there, and it offers a unique dowtown - there will always be a demand for housing there should you need to sell. Out here in Coatesville there are SO many new homes/developments that I'm wondering if construction just won't cease one day as they run out of new buyers to fill them...Couple that with the poor schools and I can at least guarantee that you won't lose money on a house in the better parts of Delco...I couldn't say the same for this area...
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