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Ma house prices

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When we were young and foolish, we bought a two family in a town with one of the better school systems in MA on Black Monday in Oct 1987, possibly the worst day to make a real estate transaction.  Anyway, we sold the property in 2004 for double the price we paid for it.  Todays prices seem crazy but in the long run you wont lose in real estate.

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Idk at best your at least paying between 5 to 6 hundred thousand and then who knows how much in Reno costs. I’m just not sure I want to go there for what you get.

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On 3/5/2021 at 3:30 PM, z-man said:

I think a lot of these new home buyers that moved from the cities are planning on working remotely forever. I don’t think that will be the reality once people are vaccinated and the pandemic ends. Employers are going to want people back into the office at least part time. I predict many of these homes will be back on the market in a couple years when people either need to move back near their jobs or get sick of the long commute from their new home.  

You don't think that these people might have thought that there might be a different virus in the future and the city is not the place to be?

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On 3/5/2021 at 11:21 AM, DAQ said:

I have been hearing the same thing about house buying since I was a kid. When we bough our current house in 2001 things were much the same, we got outbid several times, had houses sold while we were driving over to view them on the first day on the market, and had a hard time finding something in our budget. 

 

We kept adjusting our budget and inching up what we though we could spend until we found something that made me puke in my mouth while signing papers. It wasn't easy by any means but we did it and have survived.

 

There are a few problems with a lot of young home buyers now; they don't prepare by saving, they want to move into a desirable area with no commute, they don't want a hit to their current lifestyle, they want more house than they can afford, and they don't want a house that needs work. 

 

My wife and I raised four kids in a small house. We never had top of the line anything (except fishing equipment) and we made things work. 

Amen, todays buyers are programmed differently, 29 years ago we bought a modest home for what we could afford. One project at a time and before you know the 18 year old bathroom needs another reno. I don't think todays new homeowner realizes it never ends, forget the mortgage payment, that just becomes a death march, its the constant  maintenance ,upgrades or changes that happen.

 

Values are being falsely inflated, the banks should be hung for permitting it, the buyers don't care as long as the monthly nut is doable, it may be at 2.2%, at 6 or 8% you won't be able to sell it without taking a beating, thats about a 10-15 year span in the front view, the rear view will have you broke from trying to keep up, raise a family, educate the kids, keep the wife happy. Buying a $700K house may seem like you've succeeded, not quite, you've begun a life sentence.  A pool would be nice, next to it a  hot tub right off a deck that needs outdoor furniture every 5 years, did I mention the hot tub eats like a teenager, constant cost. Congrats.

 

Sad part is, when we bought the house our monthly payment including taxes was $947. Today, the house is paid for, the only thing not touched was some of the sheetrock and the front porch, the front porch gets done next month, the 2nd bath reno just completed. Anyway, it now costs us around $700 a month just to keep it and insure it, and its paid for. Add utility bills and incidentals and its still around $1500 a month to keep things running. Then we gotta' eat, keep 2 cars running, and try and get out of town when we want, its not cheap. Having kids today must be brutal, ours are 32, 29 and 29, finally the bills are paid.

 

I wish todays folks luck, they gonna need it. Some good advice is, if you can do a project, do it yourself if you can. Not talking about the average joe taking on a bathroom, but you'll be surprised how many things you can easily do if you want to save $$. Windows, tile, floors, painting, some electrical,  some plumbing, unless your putting in a new system, you can do many things yourself. Things to leave for others are roofs, driveways, sewer lines, bath and kitchen renos, and major electrical or plumbing.

 

From what I see, they want to move in, call the lawn service, the furniture company, the boat dealer and of course a new Yukon for Mom to run the kids around. Then they need the deck, pool and hot tub. BTW, the washing machine is making noise, call the man, don't bother trying to fix it yourself. The car needs brakes, they do it for $400, you can do it for $100, take it in. Oh boy! 

 

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Give it a couple years and all these people buying homes on the cape will be putting them back on the market. All it’s going to take is them living through one winter down here and them going kooky dooks from boredom. 

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3 mins ago, Highlander1 said:

Amen, todays buyers are programmed differently, 29 years ago we bought a modest home for what we could afford. One project at a time and before you know the 18 year old bathroom needs another reno. I don't think todays new homeowner realizes it never ends, forget the mortgage payment, that just becomes a death march, its the constant  maintenance ,upgrades or changes that happen.

 

Values are being falsely inflated, the banks should be hung for permitting it, the buyers don't care as long as the monthly nut is doable, it may be at 2.2%, at 6 or 8% you won't be able to sell it without taking a beating, thats about a 10-15 year span in the front view, the rear view will have you broke from trying to keep up, raise a family, educate the kids, keep the wife happy. Buying a $700K house may seem like you've succeeded, not quite, you've begun a life sentence.  A pool would be nice, next to it a  hot tub right off a deck that needs outdoor furniture every 5 years, did I mention the hot tub eats like a teenager, constant cost. Congrats.

 

Sad part is, when we bought the house our monthly payment including taxes was $947. Today, the house is paid for, the only thing not touched was some of the sheetrock and the front porch, the front porch gets done next month, the 2nd bath reno just completed. Anyway, it now costs us around $700 a month just to keep it and insure it, and its paid for. Add utility bills and incidentals and its still around $1500 a month to keep things running. Then we gotta' eat, keep 2 cars running, and try and get out of town when we want, its not cheap. Having kids today must be brutal, ours are 32, 29 and 29, finally the bills are paid.

 

I wish todays folks luck, they gonna need it. Some good advice is, if you can do a project, do it yourself if you can. Not talking about the average joe taking on a bathroom, but you'll be surprised how many things you can easily do if you want to save $$. Windows, tile, floors, painting, some electrical,  some plumbing, unless your putting in a new system, you can do many things yourself. Things to leave for others are roofs, driveways, sewer lines, bath and kitchen renos, and major electrical or plumbing.

 

From what I see, they want to move in, call the lawn service, the furniture company, the boat dealer and of course a new Yukon for Mom to run the kids around. Then they need the deck, pool and hot tub. BTW, the washing machine is making noise, call the man, don't bother trying to fix it yourself. The car needs brakes, they do it for $400, you can do it for $100, take it in. Oh boy! 

 

When I bought my first home (and it was a fixer) in 1973 we borrowed $16,500 and financed for 20 yrs at 7.5 percent intrest.  The monthly payment was $161.00 with taxes.  I was making about $3.75 per hr. and my wife just a little less.  Even with good paying jobs we struggled.

 

Young people today have to hustle like we did in order to survive because someday it will all catch up with you...................

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I've come a long way baby.

Had to leave school a month after becoming pres. of the class to bring home da bacon.

Worked two jobs till some wicked nice gal told me she loved me and we married.

Our first rent was forty a month but we froze our asses off.

I couldn't get a mortgage so sweetie got all dressed up, waltz in the bank and was back in twenty minutes with a ten thousand dollar mortgage to go with our one thousand dollar house lot.

With self and free friends labor we had a house but how were we going to make the hundred dollar mortgage payment.

Well when yer stomach gets thin ya go cut firewood fer  twenty dollars a cord.

Sixty years later the house is paid off, five girls grown and through school, well to do neighbors summer around us.

So now we sit and watch tv rather than go south and I do the yes dear bit.

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3 hours ago, b-ware said:

When I bought my first home (and it was a fixer) in 1973 we borrowed $16,500 and financed for 20 yrs at 7.5 percent intrest.  The monthly payment was $161.00 with taxes.  I was making about $3.75 per hr. and my wife just a little less.  Even with good paying jobs we struggled.

 

Young people today have to hustle like we did in order to survive because someday it will all catch up with you...................

It’s crazy how much prices have changed. I wish my monthly cell phone bill was only $161. Even with decent jobs it’s tough to get ahead. 

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20 mins ago, z-man said:

It’s crazy how much prices have changed. I wish my monthly cell phone bill was only $161. Even with decent jobs it’s tough to get ahead. 

between cell phones and cable bill it's 300$ a month for me. 

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44 mins ago, z-man said:

It’s crazy how much prices have changed. I wish my monthly cell phone bill was only $161. Even with decent jobs it’s tough to get ahead. 

Very true but on the other hand I was making about 3.75 and hr. in '73 but when I retired in 2008 I was making $47.00 per hr.....................

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1 hour ago, gray gables said:

between cell phones and cable bill it's 300$ a month for me. 

We’re about the same. It’s such a waste of money but can’t live without either of them. 

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30 mins ago, z-man said:

We’re about the same. It’s such a waste of money but can’t live without either of them. 

luckily my mortage is only 990 a month. Plus my girls give me 25$ each towards the phone bill. 

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On 3/4/2021 at 10:40 PM, z-man said:

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. 

A buddy of mine who lives in New Jersey told me that it is common to get an unexpected knock on the door by Hasidic Jews with a briefcase full of money. Even if the house is not for sale.

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Red hot right now started looking 5 months ago. **** holes was selling for 75k to 100k over. Finally got a offer accepted 58k over waived inspections 20% down crazy.

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Paid cash on a bank-owned ( no idea why my bid was accepted ) , but I could dump it for 400k+ now. I did have to spend 30k before it was acceptable by the ex. ( central ac etc. ) but not bad for 150 k investment, except the IRA tax hurt bad.

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