This question must be supplemented with the objective of the purchase.
Is it a investment that will be placed on the rental market?
Is this a residential purchase to be occupied by the owner?
How long does the owner intend to stay put?
What is the cost of the money available?
Does a long term strategy exist such as:
-Need to finance college in 17 years.
-Need to extract equity in 5 years.
-Will use equity to purchase additional real estate.
If the above is too much work, then the old standby, buy the lowest priced home in the highest price neighborhood. (there are some traps waiting there also.)
Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, Fl