Home Buying in Melrose>Question Details

somervillere…, Home Buyer in Somerville, MA

Is now a good time to buy in Melrose, MA? Are there any neighborhoods to avoid in Melrose?

Asked by somervillerentals, Somerville, MA Wed Feb 18, 2009

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Bill Butler’s answer
It's a good time to buy in Melrose but if you're looking for a "bargain", you'll be hard-pressed to find one. The market is such that if a property is priced just under market value, it sells in a week/weekend for very close to asking, if not a few thousand over. Your best buys are homes that came on the market over-priced a few months ago and are still for sale. As a result, you may find a seller that is starting to get nervous as the inventory level rises.

That said, I'm expecting a busier-than-normal June and July because open houses are getting a lot of traffic but we aren't seeing a proportionate amount of offers being made. For example, in the last month, a home priced in the $400s that shows well online will get 60-70 people through the open house but will only get 2-3 offers - all below asking. In past markets, those homes would get 5-8 offers with 2-3 over asking. My thought is that all these people going to open houses aren't just "lookie loos" or nosy neighbors; they're going to buy a home in the next 90 days and we may see more aggressive multiple offer situations as we get closer to Summer.

Good luck in your search!!
Web Reference: http://www.billbre.com
0 votes Thank Flag Link Mon May 9, 2011
I recently moved to Melrose in the past year, and my husband has lived there his whole life. I do know there are NO "bad" or avoidable areas in Melrose. The area closer to downtown has a few not so beautiful homes, but by no means dangerous. I always feel safe and rarely hear of violent crime. The biggest issue lately has been teenagers drinking, which is inevitable anywhere!
There are many gourgeous neighborhoods with victorian homes and great for families. I find it to be a great, welcoming & friendly community all around.
0 votes Thank Flag Link Mon May 4, 2009
Hi Kurt,
Having recently worked with a client in the Medford, Malden, Melrose area, I can assure you that there are some great values. As to your question about neighborhoods, that all depends on what you consider to be a bad area, One of the benefits of hiring a buyer's agent is having the initial consultation to get to know you and your specific opinions and needs. This will assure that you are not wasting time with showings on homes that don't match your profile. Best of Luck!
0 votes Thank Flag Link Wed Feb 18, 2009
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