Major price difference between Neighboring Towns (Wilmington, Billerica ,Tewksbury)

[kchristainsen]

Wow. Thanks for all your quick responses guys. It seems the majority opinion is Wilmington holds its house value, much better then compared to Tewksbury/Billerica. I know Wilmington has a lot of advantages (new High School/better overall schools, closer to Boston but still a town feel).

I'm looking for that 30 year home so location and schools are very important. Wilmington is still top priority so hopefully something falls in out price range we like.

[robr2]

Originally Posted by gf2020

Brand new high school in Wilmington.

2 year old high school in Tewksbury.

[mmyk72]

Originally Posted by J1mbo01

I faced the same thing when I was buying my house in 2012. I could either buy a new build in Billerica or an "older" home in Burlington. I went with the Burlington house and my SIL bought a new build in Billerica in the same month. My house was recently appraised at 150k more than I spent in 2012, and a house on her cul-de sac just sold for basically what she paid in 2012. I think that the appreciation rates are much higher in "better" towns. It all depends on what you want.....some people only like new construction, and don't have the budget for it in Wilmington, so they move to Billerica/Tewksbury. I went with the older house, and it worked out well for me.

Great example. I notice a similar situation when I was buying 3 yrs ago. I was considering diff towns, but I chose Natick (just because I already lived in another part of Natick and was more familiar with the area). The value is now 30-40% (give or take) higher than what it was worth when I bought it. If I bought in Dedham (my 2nd choice), the house I would've bought would only be 10% higher, if even that. Good thing my deal for that Dedham house fell thru (it was my first accepted offer during househunting).

So lessons learned, you do get what you pay for (like Mike said). If a town has a better vibe, don't fight it in your mind. It is what it is and the better town will trump the lesser town down the road (whether in good economy or bad, especially bad).

[johngolf]

Knew a fellow building some new homes just across the Andover Town line in North Reading. He said if he could move the same homes 100 yards and be in Andover, he could sell them for 25% more.

[brienzi]

Tewkesbury, Billerica, and Wilmington r all pretty much the same.

Knocking down old capes in whatever neighborhoods building houses selling for 400 - 500,000..

If the market does crash like it did in 2007 anyone paying that much for a less than favorable neighborhood is screwed. U can talk about school scores but its all about location and builders in those towns r making a bundle right now.

All 3 towns suffer from drug addiction especially with young peoe. Tewkesbury is at number one.

Billerica has built many a new school over the years and is eyeing the high school next.

Imo there all good towns. They all have their pluses and minuses.

I Just wouldn't overpay in the current environment for some minor statistical data.

And public transportation is a huge plus. My opinion.

[vs123]

Billerica and Wilmington both have the train line going straight into Boston, they are both on the same train line, just one stop separate by each other. Billerica is looking to make a brand new highschool, so comparatively I would put both Wilmington & Billerica as similar towns. You can get a little bit more 'house' in Billerica though right now. But looking at how the town is growing, I wouldn't be surprised if Billerica started appreciating like the towns it surrounds within a few years.

[brienzi]

I agree on many of your views however these towns can only grow so much. It's a rich mix of blue collar old family's and new folks who r more high tech.

There isn't much raw land in all towns mentioned so it's knock down the old places and build a home that's to expensive for the locationon or area.

That is especially true if real estate takes a hit anytime soon.

I've scene this scenario many times in my lifetime. Folks buying at the peak; take out second mortgage's on the home they overpaid for and the market crashers. U lose any equity overnight and back to 2007.

I wouldn't wish that anyone and hopefully people learn from those mistakes.

With the stock market in disarray, I would be very careful in making a purchase now. And all
Towns listed r pretty much the same. Old towns with local politicians and who u know.