The Sixteen Acres neighborhood of Springfield, MA has been presenting some amazing opportunities lately for home buyers in the western massachusetts area. The volume of real estate for sale, coupled with pending short sales, and a steady stream of foreclosures is allowing first time home buyers to stretch their dollars much farther. Sure, some homes are selling for top dollar, but there are enough opportunities to go around if you're patient and willing to be flexible.
I came across this article, by way of an associate, and found some of the information very interesting:
Homes for Less Than $170K in Metros Where Values Are Rising
According to this article, the median home price in Springfield, MA has risen for the past two quarters up to an amazingly affordable $123,600. That's great news for you if you're trying to sell, but don't let it deter you as a buyer. The deals are still out there, if you know where to look.
My real estate team has been able to close a few deals in the Sixteen Acres neighborhood around that price point above. We've also seen some short sales and foreclosures dip far below that into the $70 - $90,000 price range (but those properties are generally distressed and need rehab), and we've seen some really classy homes sell upwards of that $170,000 mark to the right buyer.
It's been about 6 months since I last wrote about Housing Trends in Sixteen Acres, Springfield, MA. Seems that things haven't changed that much, with only a slight slow down in the rental business as we come into the winter weather (a lot of renters start to hibernate around this time and don't move again until Spring.) Best of luck with your buys, sells, and moves.
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