Buyers In Concord Feel "Powerless"
The Concord Monitor has a story on the trials of local home buyers. "'Today, $150,000 is typically a very run-down ranch on a very small lot outside of town,' Jim Knowlton, an agent in Concord said. 'You're looking at an old farmhouse that's ready to fall down in Andover, a New Englander in Franklin. There's a Grizzly Adams home on 40 acres in Danbury that sold for $110,000.'"
This is what most folks are doing today. Settling. "The alternative to paying what you can't afford is to consider a condo or give up on Concord, real estate agents say. The median sales price for condominiums today is what the median home price was five years ago."
"Anukem said at least three of her recent homebuyers decided to use an 80/20 mortgage. 'That's becoming more and more common. I've only seen it for the last year and a half. It's just an option that keeps their payment cost down so it helps them afford a little more house. Not that it doesn't scare me.'"
"Was he surprised by the high-priced housing market? His first thought was frustrated. Then he passed the question to his wife. 'What adjective would we use describe our experience looking for a house?' he asked. 'Powerless"was her answer. We feel powerless,' he said. 'Powerless, that's a good adjective.'"