No one can predict where and when property values might fall over the next few years and it would be unwise at this time to buy any property with expectations of values not becoming lower. Personally, I expect that we may be looking at another 5 or 6 years before single family values rise again. There are only about 3 communities in Massachusetts that haven't fallen since 2005. Lynn has been a very busy market for the past six months and the sf inventory is lower than any time in the past 3 and 1/2 years. However if people continue to be unable to obtain mortgages, the values will fall again in the future.
My fiance and I am in the process of buying a single family home in Ward 1 Lynn. He's from Lynn and I'm not but havingbeen with him a while I can assure you Ward 1 is one of the nicest areas of town. "Lynn" itself does have crime but it's a large city. and a high percentage of that is relegated to the areas you won't be going to anyway, believe me. If you both love the home, I say go for it. Best of luck to the both of you in finding your dream home
Ward 1 is a popular Area of Lynn and frankly any city will have crime issues. I need to respectfully disagree with one of the other answers here. Since Fall 2007 prices in Lynn have fallen 26%, there have been 22% fewer properties sold and it is taking more time to sell Avg. 95 days vs. 84. All that being said the market has been very brisk in March and properly priced homes are going fast. Today the WSJ reported that more foreclosures are coming - but below about $350k the market is quite balanced with about 6-8 months of inventory and a March absorption rate of 10.5%.
If you see the house you like then grab it - otherwise someone else will!
Crime rates are one of many things that we are required ( as licensed Realtors) to direct you to the same types of places you've already gone for Crime info answers.
If your gut is making you second guess the area, you may want to explore other options. There are no guarantees on any area unless of course you form a "group" of buyer's for that area and all move into that area.
Try pulling up stats in comparable areas and see how they compare. Maybe the stats are "average" maybe they are high.
Also watch to see if there are a number of other empty, abandoned properties or properties listed as being in foreclosure. Those types of properties are the hardest for any Realtor to give you an opinion on/about the future.
About buying in this market, there are a few things to remember. The time to buy is the time to buy, what are your motives for buying? Does buying make sense right now for your circumstances? Market timing is a dangerous thing. Yes, the market will probably go down more (no one can really say) By waiting, you risk hitting the bottom and buying on the upswing and interest rates may not be as favorable as they are now.
Lastly, you need to think about your long term and short term housing goals. Are you in stable jobs... if you lose a job can it be replaced locally... will you be happy in this house for 7 years or more... will it work if you have children. If you think short term(5 years or less) and if there are reasons you might not be in this house, than don't buy... too risky. If you look at housing long term it goes steadily up and down with many peaks and valleys. In the long run, history shows you will be fine.
Sit down with your fiance and have a reality discussion about where you , as a couple going to be at in 3, 5 and 10+ years.
Sorry I didn't respond sooner. I wait for those Trulia notices that something has been posted relative to Lynn, but didn't get one for your response. I don't expect a significant change in the Lynn market, based upon current circumstances, for the next three to five years. (Remember, in the end, that ALL real estate is local!)That having been said, however, the Lynn inventory is VERY low right now- 210 singles on the market compared to 350 a year ago. If money were available to lend, this would be a raging Seller's market! And if national administration policy changes cause a loosening of the purse strings, all bets are off.
Because a high percentage of potential sellers have learned that if you don't need to sell, it's best not to attempt it at this time, a lot of the properties on the market are seriously distressed, foreclosures, or short sales. That means that the good inventory is actually significantly lower than what the numbers would indicate.
Ward One (Ladd Hill and Harris) is a great area. Ladd Hill is a better long term investment than Harris because of the traffic issues on Harris. And there are many other good areas in town as well. It seems that I spend my life selling homes for people who decide they want out of Lynn, only to get a call a couple years later from the same people pleading for me to find them something in Lynn to move back to. I really doubt there's a more convenient and enjoyable area of the country to live in that offers what we've come to take for granted on the North Shore.
If you need any help with financing questions or preapprovals, please let me know.
Thanks, and good luck,
Perhaps now is the perfect time for you to make a move, but you want to be comfortable with the choice and know you did cross the t's and dot the i's.
Read through the Q&A, ask more questions, look at more info. When you are ready, then make your move..
Good luck, Dunes