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Ma house prices

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CRAZY between the cost of housing (renting) or buying a home I think the younger generation will be leaving this state in record numbers. 

 

      

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Just refinanced a 15 year mortgage for an interest rate I never thought possible. 

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Apartment rents are going sky high.

Ironically, the 40B program that was supposed to provide "affordable" housing has driven up rents in the suburbs  in my opinion. 

40B has been a feeding frenzy for developers. They have been sticking clusters of condo and apartments any place they can squeeze them in (at huge cost to habitat and enviroment). Only a certain percentage of what they build has to be "affordable". The scam is, they build a crapton of units, jack the regular price sky high, then slightly reduce the cost of that percentage needed to meet 40B.

The people in town believe they OKed housing for lower income families but in fact the reduced "affordable" price is out of reach for most people. 

We have had an explosion of 40B in my town since I came here 10 years ago. Even though I make a lot more than I did then, I couldn't afford to move here now. I could never afford to move within the town. Eventually my rent will go up and I'll have to move. Only reason my landlord hasn't raised my rent is that he's the biggest developer in town. He's making a mint off the new units he's built.

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39 mins ago, ged said:

Just refinanced a 15 year mortgage for an interest rate I never thought possible. 

Whats the rate?

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9 mins ago, mikez2 said:

Apartment rents are going sky high.

Ironically, the 40B program that was supposed to provide "affordable" housing has driven up rents in the suburbs  in my opinion. 

40B has been a feeding frenzy for developers. They have been sticking clusters of condo and apartments any place they can squeeze them in (at huge cost to habitat and enviroment). Only a certain percentage of what they build has to be "affordable". The scam is, they build a crapton of units, jack the regular price sky high, then slightly reduce the cost of that percentage needed to meet 40B.

The people in town believe they OKed housing for lower income families but in fact the reduced "affordable" price is out of reach for most people. 

We have had an explosion of 40B in my town since I came here 10 years ago. Even though I make a lot more than I did then, I couldn't afford to move here now. I could never afford to move within the town. Eventually my rent will go up and I'll have to move. Only reason my landlord hasn't raised my rent is that he's the biggest developer in town. He's making a mint off the new units he's built.

In many cases 40B is a mechanism to get approval for density that would not be approved otherwise. Most conventional developers make a lot more $ from their market units than their “affordable” units. 

 

Do you know that all the units in 40b development count towards “affordable inventory” in that city/town when only a small percentage are actually at a reduced rate to income qualified people?

 

In many places “affordable” units are the only real affordable units for civil servants. 

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Posted (edited) · Report post

3 hours ago, foxfai said:

Whats the rate?

I was off by a week. I locked in at 2.375% and my sister got 2.25%

Edited by ged

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I was lucky and got mine (foreclosure) last year before the craziness. Houses in my area aren’t lasting a week on the market with people paying asking price or getting into a bidding war. Never thought I’d see the day 1000 sf ranches on the cape would go for $400k

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The offer over asking is nuts. I have been looking to tip but they are gone quick and for more money than you would think. Even the auctions are nuts.

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It seems like it’s mostly city people and out of starters wanting to move to the suburbs due to Covid. Every time there’s an open house around here there will be cars lining the entire street. Many of them have NY and NJ plates. The houses are selling immediately. It’s insane. I’ve also noticed that a lot of the vacant lots are now being cleared out and houses built. I’m wondering how many new kids are going to be added to the school system from all of this. Our schools are already pretty full. 

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Posted (edited) · Report post

I refinanced right before covid at what I thought were going to be record lows. 30 year fixed at 3.5. I have recently looked into them again and most seem to be around 2.75-3 for 30 year and 2.5 for 15 year. I bought my house 5 years ago for 151k and it appraised at 220 for the refinance. The market being how it is I could probably put it up for 230 and get a buyer relatively quick. It’s absurd. My friends trying to buy can’t get houses that aren’t overbid by tens of thousands on asking price right now.

Edited by CcCstriper89

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27 mins ago, CcCstriper89 said:

I refinanced right before covid at what I thought were going to be record lows. 30 year fixed at 3.5. I have recently looked into them again and most seem to be around 2.75-3 for 30 year and 2.5 for 15 year. I bought my house 5 years ago for 151k and it appraised at 220 for the refinance. The market being how it is I could probably put it up for 230 and get a buyer relatively quick. It’s absurd. My friends trying to buy can’t get houses that aren’t overbid by tens of thousands on asking price right now.

I’ve thought about selling and upgrading now too but you can’t find anything else to buy and if you do its a bidding war. 

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I will be going thru the process of selling a family members house and land. The house needs a lot. The land is beautiful with extra house lots.

Should be interesting to see how it goes.

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5 hours ago, Joser said:

Just locked in at 2.75 for a 30 year note. The process is a PIA though.

I went to the credit Union I was already with, and it was surprisingly easy.  

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