For buyers looking for a home they can work on, now may be the time to buy. In the past three days, I have seen at least two new listings come onto the market for under 200k. There are other homes out there that are beginning to reduce prices drastically. Some of these homes need work, but it wasn't too long ago that even homes that were total rehabs were going for around 300k.
According to The Warren Group of Boston, a real estate and financial information center, the median price of single-family homes in Massachusetts fell more than 10 percent in March.
They are comparing the current housing market to what it looked like in the early 1990s. We all remember where the market went from there.
In my opinion, now it the time for a first time homebuyer to make a move. I think it is an especially good time for a first time homebuyer who wants a project to make a move.
Imagine if you bought a house that needed some work for around 200k. You could do the work, update the systems, kitchen and baths. Once the market comes back up you could have a home that could be worth quite a lot more than what you paid for it.
In real estate, what goes down, must eventually come back up.
Follow the link to read this press release from The Warren Group on home prices and sales.
Going down?
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