The interest rates have really helped not only Framingham home buyers bt also investors. With banks actually lending again homeowners are buying and all types of residential investors, rehabbers and Multifamily investors are picking up investments at much lower cost then in previous years. Everyone knows that the Fed has been kind lately with their historically low interest rates. Buyers inthe eighties and nineties, must dislike current buyers because they are treated to a frenzy of low interest loans they never saw. (of course their home values have increased substantially over that time period and the actual home price was low)
If you are on the borderline a condo and sf home price range, it is not smart to wait until you can only afford a condo, If your preference is the higher priced single family home, dive in now while the interest rates are favorable. Framingham and the Metrowest area in Ma. has recovered nicely and investors are looking to pick up properties and fix and sell fast, knowing that the inventory is low, is a huge benefit to rehabbers too.
Multifamily investors look for income over time vs rehabbers will fix the problems in the home and sell for a quicker profit. The coookei cutter homes fit this profile best because most first time home buyers are looking for a small home, 3 bedrooms with 1 plus, bath 1200 or so sq.feet. these are the typicall homes that rehabbers want because they are inexpansive and very desirable to most buyers. Cookie cutter homes sell faster usually and fit what a typical first time home buyer is looking for.
Typical cookie cutter homes will cost between 275-450K in Framingham and Natick , depending on number of bedrooms,sq.footage, amenities , lot size and year built. These are some of the main factors of a home when determining price, along with condition and most important comparable homes that sold in the last 3-6 months.
Rehabbers lok at a home the opposite of first time homebuyers. First time home buyers want to move in with no issues with the home and need it move in ready. At the other end of the sspectrum, rehabbers are not going to live there so they are investing for a quick profit and know that the more problems the home has, there is more money to made.
Obviously, homebuyers and investors are buying a home for two entirely different reasons. One to live and make it a home, the other is for a profit. There is absolutely no emotional attachment for rehabbers to a home they buy and then sell for profit. they just look at it as an investment and is there enough profit after the rehab for them to put time into the project. framingham investors should work with an agent that specializes in and has a deep understanding of how real esatte investments work, whether residential or commercial. Ma. is a hot sellers market and investors and homebuyers need to act quickly and work with an agent who understands the market and is a strong negotiator too.
For a free consultaion, contact me today at 774-286-9161.
Thanks again,
Dan greenberger
RE/MAX Executive Realty
www.dangreenberger.com
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