Abandoned & Vacant properties

The City of New Bedford and surrounding areas are flooded with vacant properties, many of which are bank foreclosures or on their way to being foreclosed upon.

As you drive around some of the areas, you spot burned, abandoned buildings most being multi families that were purchased in a high market and the owners haven't been able to keep up with the property.

Everywhere you go, you hear "it's such a bad market", "the market is terrible", etc...

I personally don't see it as a bad market. After all it's a great time for investors to purchase properties at very low prices, hold on to them for a few years and then flip them on a rising market. It's also a great market for the first time home buyer...The homes are priced reasonably, the interest rates are still low, and there are still mortgage programs available if you look hard.

The clientele that wants to move up from their first home is also at an advantage. They will sell their property for a lower price, BUT, they will also purchase their next property at a much lower price than a few years back, so in the end, it all adds up to the same.

Inventory is still in abundance...Buyers get out there and look at what's available, this is best time to purchase your dream home...

- image by Cristina

- Cristina DeAraujo