Market Conditions in Lowell>Question Details

Rummus, Home Buyer in Lowell, MA

I am considering to buy a home. Important thing for me is not to lose value if at all possible, and to atleast have a small appreciation in home

Asked by Rummus, Lowell, MA Sat Jan 1, 2011

value.
I work in Westford MA. which neighborhoods in the following cities will be good to retain value or appreciate more.
westford, chelmsford, Lowell, Acton, Littleton, Andover ?

Help the community by answering this question:

Answers

10
BEST ANSWER
Buy the ugliest house in the nicest area and do the labor yourself. You can always get a return.
2 votes Thank Flag Link Sun Jan 2, 2011
It's never ever a guarantee with real estate especially in today's volatile economy so understand that regardless of the town there is always a risk when investing. However, you can decrease your risk by trying to find the most stable market so you should consider areas that have a healthy local economy, have already gentrified and have great schools.

Out of your picks consider these 3:

Westford: http://goo.gl/40Y29
Acton - http://goo.gl/r0knf
Andover - http://goo.gl/o7bij

Other areas:
Concord - http://goo.gl/lbFDH
Carlisle - http://goo.gl/UQZGP


http://territory.com/
Territory Real Estate, The Destination For Home Buyers
Web Reference: http://territory.com/
1 vote Thank Flag Link Tue Jan 17, 2012
Hi Rommus,
Depending on where you work, I'd suggest you consider moving closer to Boston. With our employment numbers leading the country, we are finding many out-of-staters willing to relocate to this area for jobs, which is why our home values held up nicely during the economic downturn. There are still some very good values out there...and as a couple fellow agents said, these loan rates border on incredible.
Generally, if you find a good agent who will look at the comps on properties that match your criteria and send you those that are well priced, foreclosures and short sales, there can be savings built into the purchase. While the short sales and foreclosures may be more paperwork, I have found that paperwork is more than worth it for my clients.
Anne
1 vote Thank Flag Link Tue Jan 17, 2012
Unfortunately no one will be able to tell you which towns or neighborhoods will definitely increase in value because there is no sure thing when it comes to the economy big picture (which is directly tied to all market values) especially now while the real estate market is still in correction mode. That said, things to consider when looking for areas that are more insulated: schools, local economy, proximity to the city and good access to major highways. Essentially name brand towns.
Out of your list consider these:
Acton: http://www.territoryre.com/idx/search.html?search=true&s…
Andover: http://www.territoryre.com/idx/search.html?search=true&s…
Westford: http://www.territoryre.com/idx/search.html?search=true&s…
Web Reference: http://www.territoryre.com
1 vote Thank Flag Link Mon Jan 3, 2011
This is a great market to try to find a good value. The market has been slow for a long period of time and your chances of purchasing a home that is a good value will be greater now than during a sellers’ market. That said no one will be able to assure you that you will get appreciation on a home that you purchase.

For more home buying advice visit: http://www.RochesterHomeLocator.com
-Sal Salafia/ The Salafia SOLD Team
585-279-8217
http://www.RochesterHomeLocator.com
1 vote Thank Flag Link Sat Jan 1, 2011
You never know, Rummus. The future is always uncertain, and anything can happen. If you can't bear the thought of your home losing value . . .
1 vote Thank Flag Link Sat Jan 1, 2011
No one can predict the market, but now seems like as good as any to jump into the market and buy a home. There is always a risk to any major purchase like this. Only you can make this decision, although I have good friends that would seek the advice of a palm reader. Good luck and happy new year.
1 vote Thank Flag Link Sat Jan 1, 2011
Hi Rummus,

You are considering your purchase at a very good time....the mortgage rates are still very low and there are many wonderful properties on the market....many that are listed BELOW MARKET VALUE...in EACH of the communities you mention above....and beyond.

One suggestion I have for you is to visit the "Stats and Trends" tab on this site, or any similar sites such as Realtor.com. You will want to conduct a search going back maybe six years or so to fully appreciate how the strong the market was before the decline in values in the mid-to-late-2000's. Market experts believe the real estate market has bottomed out, so there is nowhere for values to go but UP! I too follow local trends and I agree with the experts.

As for selecting a town, there are certain criteria that only YOU can identify (amenities, recreation, schools, methods of commute etc.) Of course, your comfortable budget will dictate the towns you can afford.

If you have not already spoken to a mortgage professional and/or a local real estate agent, I would highly recommend you have preliminary conversations with each. This will ensure that you are as educated as you can possibly be with the financing programs that are available for YOU, and with the inventory and market values in your desired communities.

Best of luck!


Judy Boyle
REMAX Signature Properties
1 vote Thank Flag Link Sat Jan 1, 2011
I service all the town you list here. There really isn't a short answer to give you since there are variables to consider such as are you willing to buy a house that needs some work so that you could create some "sweat equity" for yourself? Are you willing to consider short sale properties or a condo? How long do you anticipate living in the home you purchase?

The towns you list are all very different from each other and each have their own particular benefits. This is were you will find value in having a good buyer's agent to discuss your needs, price range, show you properties and structure your offer so that you get the most value for your purchase. It's a great time to buy - great inventory, prices lower than they have been in a very long time as well as extremely favorable mortgage interest rates. To continue this discussion call or text me (Donna Moakley) at 978-455-4486
0 votes Thank Flag Link Sat Jan 1, 2011
I'd be happy to explore this issue with you. Give me a call or send an email and we can chat. Davenuccio@gmail.com. Birchwood Eight Realty / Broker
0 votes Thank Flag Link Sat Jan 1, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer