Buying in Wakefield?

Asked by Christopher Kwok, Wakefield, MA Sat Jul 30, 2011

I've been looking at suburbs around Boston and Wakefield is one of the few that I like. One thing concerns me though, most listing seems to have been on the market for a while (>70 days), are there not much demand? I'm worried about the resell value of the place in 5 years or so.

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8
Scott Murphy, , 01876
Mon Aug 1, 2011
BEST ANSWER
Hi, Chris.

Wakefield is a lovely suburb. It has a great school system, wonderful downtown, the aforementioned Lake Quannapowitt and the Gingerbread Construction company, to name just a few features. The market is as stable as a home buyer can ask for.

A home is also a long-term investment and market risks are inherent with any property in any area. There is nothing about Wakefield right now that suggests that it would be any more of a risk than any other city or town. In fact, Wakefield being a more desirable community now suggests that it will likely continue to be just as, if not more desirable five years from now.

Also, Wakefield's DOM being > 70 days isn't a big concern in this market and is actually lower than many other surrounding areas. Wakefield's DOM tends to hover around that time frame anyway. That's not new and it actually suggests stability. There are many reasons that DOM could be high - from overpricing to overall affordability to agent's being slow to tag their listings to different statuses. But DOM being around 70 days is far from bad.

In short, I think you're good here.

Good luck with your home search and give me a shout if you need help with your financing.

Scott
781-258-1293
1 vote
Debbie Miller, Agent, Lynnfield, MA
Mon Jan 23, 2012
I do not believe the market is soft either. Wakefield is a lovely community with great amenities. The homes that have high days on market are not priced well. Believe me, if a home is priced accurately in Wakefield, it sells in the first few days, sometimes resulting in bidding wars. Do not let days on market scare you. Hire a great buyers agent who can educate you to the current market.
1 vote
Territory.c…, Agent, MA,
Tue Aug 2, 2011
Yes, the Wakefield market is soft (i.e not high buyer demand) ... This will have an affect on real estate value which simply means you have to hire a buyers agent who is very diligent about valuing the property and negotiating. Unfortunately there is no crystal ball in real estate so you could invest in wakefield and the market will pick up and you will make a pretty penny or the market could stay flat or plummet. This is why you need to consider your goals: how long do you plan on staying in the home? 5+ years? etc.

In the last 6 month 126 properties have sold in Wakefield with an average days on market of 93 so when you see properties on the market for more than 70 days just remember that is average for the area (doesn't necessarily mean there is something wrong with the property)

Every property on the market in Wakefield:
http://www.territoryre.com/idx/search.html?search=true&s…
Web Reference:  http://territory.com
1 vote
Sharleen Dav…, , Burlington, MA
Sat Jul 30, 2011
There's a lot to love about Wakefield--including the super popular Lake Quannapowitt and commuter rail to Boston among other things. The
1 vote
Thomas Haught, , Saugus, MA
Sat Jul 30, 2011
Hi Christopher,

Wakefield is a highly desireable area to live in the North Shore. There are some properties that stay on the market awhile, but most of them could be overpriced. That being said, there are many homes in Wakefield that move quickly. I live and grew up in next door Saugus, and have looked at many properties in Wakefield. As long as you buy a responsibly priced home, or if your handy and can buy a "fixer-upper" I don't think you have a lot to worry about. The desire to live in Wakefield is not diminishing in any way.

Good luck to you in your home search.

Tom Haught
Agent
The Russell Realty Group
tomh@therussellrealtygroup.com
1 vote
Tetyana Ivan…, Agent, Stoneham, MA
Sat Jul 30, 2011
Hi Christopher,
I don't know in what price range you are looking to buy, but do not get discouraged by average data, many houses were sold within two weeks! Find a house you like, have your (buyer) agent to do detailed price analysis for you (to make sure you do not overpay), buy it and enjoy living in it!
Have a happy house hunting!
Tetyana
1 vote
Scott Murphy, , 01876
Wed Aug 3, 2011
I wholeheartedly disagree with the comment that Wakefield's market is soft. This comment seems based on a couple of quick numbers pulled and then immediately misinterpeted. Wakefield is a very desirable community with stable home prices. There are many possible reasons the DOM is 93(ish) and every one of them I can think of is positive. Wakefield is a great area. People want to live there. Sellers know the area is hot. They price high and they hold their ground. That's the market and it's as stable as it gets. There's nothing soft about it. So long as the school system, the lake and the downtown aren't hit by a nuke, then Wakefield will continue to be a desirable community.

Some people might say because there isn't a lot of rental activity that the rental market isn't good. And I'd disagree with that too. There aren't a whole lot of apartments there, but people sure do want to live there. The lake alone is a magnet. Because demand is high and supply is low I say the rental market is great. An aspiring landlord should have no difficulty finding tenants who want to live there. Someone is bound to want to do a room share.
0 votes
Christopher…, Home Buyer, Wakefield, MA
Tue Aug 2, 2011
How is the rental market in Wakefield? If I got a place, I plan to rent out a room with private bath. How much approximately can I price this? Are there good demands for this type of room share? Thanks!
0 votes
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