Friday, July 17, 2009

Real Estate Glossary, Starter Home

This isn’t an official definition. I’m not sure there is one. It’s just what I use as shorthand for a certain type of property.

  • 3-4 bedrooms

  • 2 bathrooms

  • about 1200 to 1600 square feet

  • small yard

  • usually located about 20-30 miles from anything you can reasonably call ‘downtown’

  • almost always in a master planned community, i.e. there is a Homeowners’ Association which charges fees and makes rules for the community

Like I said, not an official definition, and you’ll see there are a lot of qualifiers in my list (sometimes, usually, often). Take it for what it’s worth.

What about pricing? This isn't a scientific survey, but lately we at The Phoenix Agents have been helping folks buy these houses for between $60,000 and $150,000 in various parts of the Northwest, North and Southwest Valley. The lower the price, the harder it is to find a house that's inhabitable which the investor buyers haven't already made multiple cash offers on.

Homes that fit this description often make great purchases for first time buyers, and often fit the bill for investors too.