Acton Home Buyers May Skip ‘Starter Homes’ Altogether

By
Real Estate Agent with Keller Williams Realty Boston North West MA-9081217

Acton Home Buyers May Skip ‘Starter Homes’ Altogether

 

The concept of “starter homes” cropped up after the end of the Second World War, when millions of young families took advantage of low-cost new developments to gain a foothold in homeownership: the emblematic first step in fulfilling the American Dream.

Today’s first-time Acton area home buyers are a lot less predictable—just as the market itself is altogether different. As we recover from the previous years’ economic declines, which temporarily suppressed the number of Acton home buyers, the combination of low interest rates and historically affordable home prices allows many to aim for bigger and more accommodating housing— skipping the starter home altogether.

For sure, the market hasn’t completely abandoned the starter home idea—especially if you include local REO and foreclosure fixer-uppers as financially rewarding targets for handy young householders. The FHA 203(k) loan, which includes a built-in “limited repair” budget, can enable that route. But new home buyers also find other prospects can be newly within reach— among them, larger older homes and newer Acton single family homes, condominium and townhome choices. 

If the combination of bargain prices and low mortgage rates isn’t enough to call prospects to action, the clear trend toward rising prices may do the trick. As inventories of the best bargains begin to shrink and mortgage rate rises look more and more inevitable, Acton home buyers could well imagine a ‘tick-tock’ sound growing louder. For Acton sellers waiting to make a move upward on the housing ladder, the same conditions could well make this spring’s real estate market the one they’ve been waiting for. 

It all means that prospective home buyers in Acton stand to be rewarded by keeping an open mind about the variety of properties they may now find within reach. By seeking the help of an experienced agent, the widest choice of possibilities will be open for consideration.  If you are looking for  the area’s most up-to-date market advice, I’m here to make sure you have access to the tools you need to make the right decision—the first time around, and every time after! 

www.SearchingActonMAhomes.com

 

Betsy Purcell - Keller Williams Boston North West - 978-758-7414 - betsypurcell@kw.comBetsy Purcell, RealtorBetsy Purcell logo

 

Comments (9)

Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Betsy, with interest rates at all time lows these buyers may be able to afford something larger than a starter home. Demand will ultimately increase home prices where they will once again have to look st a starter home unless they do take action now. Good Post!

Mar 28, 2013 10:46 PM
Betsy Purcell
Keller Williams Realty Boston North West - Acton, MA
Realtor

Good point!  Thank you Michael!

Mar 28, 2013 10:49 PM
Jill Sackler
Charles Rutenberg Realty Inc. 516-575-7500 - Long Beach, NY
LI South Shore Real Estate - Broker Associate

You should skip the starter house if you can afford more. There are many young professionals who can these days.

Mar 28, 2013 11:59 PM
Betsy Purcell
Keller Williams Realty Boston North West - Acton, MA
Realtor

Great time to do that Jill! Thanks!

Mar 29, 2013 12:07 AM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Betsy, Acton is an affluent town with lots of good homes which need not be just starter homes. So for sure, many buyers can 'skip' those homes!

Mar 29, 2013 01:57 PM
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M
Betsy - Many people are able to buy more house than they would have before and it gives them more options.
Mar 29, 2013 03:46 PM
Gary Frimann, CRS, GRI, SRES
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

The starter home of the post WW II Era may have been replaced by condos.  I agree with your analysis of some well paid people getting beyond the starter home concept, and with low interest rates and getting a bigger "starter home" than before.

Mar 30, 2013 12:08 AM
Betsy Purcell
Keller Williams Realty Boston North West - Acton, MA
Realtor

Good point about today's condos being the new "starter home"..

Mar 30, 2013 12:16 AM
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