April Pattern/obs thread.

[NorEastermass128]

3 minutes ago, Great Snow 1717 said:

Have you looked at real estate prices lately? They have risen dramatically in the last 18 months.  Homes in the southern part of NNE have become very pricey for a decent place.  600K+ and that doesn't include the amount someone has to overbid just to get an offer considered. And often times the homes need 75K-125K of additional work. 

Yup. I finally had an offer accepted this week. Rates are up, but I still had to bid close to 15% over asking and cover an appraisal gap. 

[Great Snow 1717]

Just now, NorEastermass128 said:

I finally had an offer accepted this week. Rates are up, but I still had to bid close to 15% over asking and cover an appraisal gap. 

Congrats!....crazy RE market. If someone isn't looking to sell and/or buy they do not understand the market at all. 

Often times someone has to forego any and all inspections along with covering appraisal gaps.  And even then many homes need a lot of work.  Amazing how so many people run their homes into the ground. 

[Sn0waddict]

Nice Tuesday/Wed before a not so nice BD on Thursday per the CMC. I could see that happening.

Regarding homes, I’m sure glad I bought mine in Nov 2019. We got it 30k under asking.  Refinanced to a sub 3.00 rate last year too so our mortgage is dirt cheap. Don’t know what we would do if we had to buy now.

[Great Snow 1717]

4 minutes ago, Sn0waddict said:

Nice Tuesday/Wed before a not so nice BD on Thursday per the CMC. I could see that happening.

Regarding homes, I’m sure glad I bought mine in Nov 2019. We got it 30k under asking.  Refinanced to a sub 3.00 rate last year too so our mortgage is dirt cheap. Don’t know what we would do if we had to buy now.

Go into the armored car acquisition business??

[40/70 Benchmark]

28 minutes ago, Sn0waddict said:

Nice Tuesday/Wed before a not so nice BD on Thursday per the CMC. I could see that happening.

Regarding homes, I’m sure glad I bought mine in Nov 2019. We got it 30k under asking.  Refinanced to a sub 3.00 rate last year too so our mortgage is dirt cheap. Don’t know what we would do if we had to buy now.

Yea, first time home buyers are all grabbing their collective ankles right now and enduring a violent one-

We bought in 10/18, thankfully.

[CoastalWx]

52 minutes ago, MJO812 said:

Tipping cows at the bachelor party?

[mreaves]

1 hour ago, weathafella said:

Pope melted.  RE is not absurdly high outside of Boston area especially NNE.  

Try living here.  Have your daughter send you real estate listings for the Burlington area.  Absurdly high is a relative term.  Stuff isn't as expensive as it is in your area but salaries aren't either

[NorEastermass128]

5 minutes ago, mreaves said:

Try living here.  Have your daughter send you real estate listings for the Burlington area.  Absurdly high is a relative term.  Stuff isn't as expensive as it is in your area but salaries aren't either

Unless you’re in the market, going to open houses, and overbidding with no inspections, you have no idea what this market is like. No idea. I have friends and family that bought 2019 or earlier, they don’t know how good they have it. 

[Great Snow 1717]

2 minutes ago, NorEastermass128 said:

Unless you’re in the market, going to open houses, and overbidding with no inspections, you have no idea what this market is like. No idea. I have friends and family that bought 2019 or earlier, they don’t know how good they have it. 

Agree.  Someone looking to sell their home is going to be asked one question by a real estate agent...."Do you have a place to go to"....if the answer is no, the real estate agent will often suggest waiting to sell or finding a place to go to. In this market there is no guarantee of buying another home.  

[NorEastermass128]

57 minutes ago, 40/70 Benchmark said:

Yea, first time home buyers are all grabbing their collective ankles right now and enduring a violent one-

We bought in 10/18, thankfully.

Hello.  I can confirm the accuracy of this statement. 

[40/70 Benchmark]

11 minutes ago, NorEastermass128 said:

Unless you’re in the market, going to open houses, and overbidding with no inspections, you have no idea what this market is like. No idea. I have friends and family that bought 2019 or earlier, they don’t know how good they have it. 

I do....my mortgage is under 2K/month lol

[Great Snow 1717]

1 minute ago, 40/70 Benchmark said:

I do....my mortgage is under 2K/month lol

....and the finest DPW crew in the world!!

[SouthCoastMA]

I bought in 2012, and then again in 2020. Good timing I guess

[TauntonBlizzard2013]

Bought March 2019 here, and boy am I lucky. Basically just had to sit and watch the value of my house skyrocket since.

[HIPPYVALLEY]

3 hours ago, weathafella said:

Pope melted.  RE is not absurdly high outside of Boston area especially NNE.  

Real estate in Western Massachusetts is up 30-40% since the start of the pandemic. 

[DavisStraight]

20 minutes ago, HIPPYVALLEY said:

Real estate in Western Massachusetts is up 30-40% since the start of the pandemic. 

Not absurdly high compared to Metro Boston but things are sky high across the state, it's all relative.

[weathafella]

4 hours ago, Great Snow 1717 said:

Have you looked at real estate prices lately? They have risen dramatically in the last 18 months.  Homes in the southern part of NNE have become very pricey for a decent place.  600K+ and that doesn't include the amount someone has to overbid just to get an offer considered. And often times the homes need 75K-125K of additional work. 

I guess it depends.  We bought this house for nearly 100k over asking 7 years ago.  We’ve picked up 600k equity since.  And we were able to because we sold our other home for an absurd price over asking.  
 

This town has been ridiculously high for decades.  There isn’t land to build on.  It’s surprising given how much remote work there is but tons of health workers here close to the big medical centers and many with high enough income to afford it.  

This is a national crisis actually.  Home ownership has been a cornerstone and I wonder whether or not someone with no help from parents and modest income can do it in MA.   Young families on my street are moving into $2m homes.  How is that possible if you’re not from a wealthy family?

[NorEastermass128]

59 minutes ago, weathafella said:

I guess it depends.  We bought this house for nearly 100k over asking 7 years ago.  We’ve picked up 600k equity since.  And we were able to because we sold our other home for an absurd price over asking.  
 

This town has been ridiculously high for decades.  There isn’t land to build on.  It’s surprising given how much remote work there is but tons of health workers here close to the big medical centers and many with high enough income to afford it.  

This is a national crisis actually.  Home ownership has been a cornerstone and I wonder whether or not someone with no help from parents and modest income can do it in MA.   Young families on my street are moving into $2m homes.  How is that possible if you’re not from a wealthy family?

Very true. Fortunately, I was able to save for a while living at home. It came with sacrifices and a little stigma, but I’m getting where I need to be on my own.  I was ready to jump the nest in 2020, but then the pandemic hit. I was under agreement in 2021 for nearly a year waiting for new construction and then it fell through right before the finish line. Two years later, offer accepted, paying top dollar for a 2 BR condo, but got to start somewhere. Salem it is. 

[RUNNAWAYICEBERG]

6 hours ago, MJO812 said:

Congrats on your first time out of NYC.

[moneypitmike]

2 hours ago, weathafella said:

I guess it depends.  We bought this house for nearly 100k over asking 7 years ago.  We’ve picked up 600k equity since.  And we were able to because we sold our other home for an absurd price over asking.  
 

This town has been ridiculously high for decades.  There isn’t land to build on.  It’s surprising given how much remote work there is but tons of health workers here close to the big medical centers and many with high enough income to afford it.  

This is a national crisis actually.  Home ownership has been a cornerstone and I wonder whether or not someone with no help from parents and modest income can do it in MA.   Young families on my street are moving into $2m homes.  How is that possible if you’re not from a wealthy family?

The prices will come down to earth.  Enjoy the 'funny money' while it lasts.

[moneypitmike]

This is coming up as a memory of 14 years ago (year we moved to Shelburne).  Did we really have that much snow remaining?   Must have been a good year.

[HoarfrostHubb]

3 minutes ago, moneypitmike said:

The prices will come down to earth.  Enjoy the 'funny money' while it lasts.

You expect prices to actually drop?    

[moneypitmike]

3 minutes ago, HoarfrostHubb said:

You expect prices to actually drop?    

Yes--might need to get the price of milk, dog food, apples, chips, cars, electricity, and gas to go down first.  But yes.

[Tolland Death Band]

LOL at those who think the housing price run up is natural and market based, and not the leading indicator of hyperinflation 

[kdxken]

8 hours ago, Great Snow 1717 said:

Have you looked at real estate prices lately? They have risen dramatically in the last 18 months.  Homes in the southern part of NNE have become very pricey for a decent place.  600K+ and that doesn't include the amount someone has to overbid just to get an offer considered. And often times the homes need 75K-125K of additional work. 

We just knew this would be coming, given the sky-high home prices and the spike in mortgage rates: Homebuyer sentiment deteriorated further to a new low.

 

The percentage of people who said that now is a “bad time to buy” a home jumped to 73%, another record-worst in the data going back to 2010, according to Fannie Mae’s National Housing Survey for March, released today. Sentiment started to deteriorate sharply in February 2021.

 

Watch those falling knives.

[SnoSki14]

42 minutes ago, Tolland Death Band said:

LOL at those who think the housing price run up is natural and market based, and not the leading indicator of hyperinflation 

A crash and recession is coming. Interest rate hikes will continue and quantitative easing will begin. 

Hopefully it's a mild recession

[dendrite]

No 18z goofus posts?

[weathafella]

I haven’t seen prices drop in this town (Brookline) since I moved here in 1992.  During the previous bubbles they’d flatline but never drop.  If they do, so be it but it would be the sign of something worse than we’ve seen since I moved back here from LA in 1991.  I  am getting inclined to cash out and move out towards GC though.

[weathafella]

4 hours ago, NorEastermass128 said:

Very true. Fortunately, I was able to save for a while living at home. It came with sacrifices and a little stigma, but I’m getting where I need to be on my own.  I was ready to jump the nest in 2020, but then the pandemic hit. I was under agreement in 2021 for nearly a year waiting for new construction and then it fell through right before the finish line. Two years later, offer accepted, paying top dollar for a 2 BR condo, but got to start somewhere. Salem it is. 

You did it right-kudos to you!

[moneypitmike]

4 hours ago, weathafella said:

I haven’t seen prices drop in this town (Brookline) since I moved here in 1992.  During the previous bubbles they’d flatline but never drop.  If they do, so be it but it would be the sign of something worse than we’ve seen since I moved back here from LA in 1991.  I  am getting inclined to cash out and move out towards GC though.

I would concede that areas like Boston/Metrowest will see declines muted--probably not denied.    What we are beginning to already is longer times on market, sales taking place below asking and other concessions that sellers may make.   That said, it might be worth while hanging on for the GC prices to drop (further and faster than where you to maximize your profit.

2 cents from the peanut gallery.