Future of MA (Boston, Nantucket, Teaticket: low income, real estate market, to rent)

[smarty]

It is the first time the US home price drop in many years... Who would have guessed? We've been talking about housing bubble burst for years... I wish I have a crystal ball... Then I would see the stock dropped this week coming only a few days earlier...

[professorsenator]

Originally Posted by MovingForward

I don't understand: if it's a buyer's market and house prices have gone down, why would it not be a good time to buy? What if the market turns around in 1-2 years--which is likely to happen after the election of Nov. 08.?

But that "what if" is the central question: "What if" prices go up after the election? "What if" they don't? What if the economy crumps under the pressure of $100. oil; a staggeringly huge trade deficit; sky-high consumer debt; a housing bust of epic proportions; a huge budget deficit that will only increase as social security and Medicare obligations increase; potential inflation brought about by high oil and other commodity prices, spiraling health care and higher ed costs, a very permissive fed policy regarding interest rates, and a "candy for everyone" stimulus package that gives most Americans a hand out from the U.S. Treasury on 100% borrowed money?

My point is that there is no guarantee that things will get better after the election.

[bryfry]

Back to the OP......I myself, am one of the young (well..40's, with two kids) people leaving MA. I still love New England and I plan on staying, but not here. Other parts of the state have problems, but here on the Cape, they seem to get compounded. Average price of goods are higher (for what reason other than gouging, I don't know), there is nothing being done to support the youth here (Seniors, not a problem...youth, forget it), and there are no decent jobs and affordable housing to go with it. Add into the mix the misguided (purposely) laws regarding school funding from the state and the higher property values along with income poor people, and you have a disaster. Young people haven't a chance here and likewise throughout the state. If you are a fan of liberal politics, social programs and like working at Dunkin Donuts, go for it. You'll fit right in. Me? I'm outta here. The house is going on the market this spring. Lucky for me I purchased 18 years ago. I have very good equity in my home and it's value has tripled. Others are not so lucky. Hopefully I'll sell quick. The last three houses in the neighborhood sold in under three months. I'm just sorry I didn't do it three years ago.

Gov Patrick hasn't a clue. Neither do most of the State House and Senate. These people are all political hacks and have never held a real job in their lives. They have no clue what it's like to live week to week and pile more and more on credit just to pay for clothes, food and gas for the car. Add on top of that the rising cost of heating and lights, well, you get the picture. My rep, Jeff Perry, is one of the guys who actually gets it, but being a Republican, his voice is lost in a sea of Dems. It's a shame, really. The guy actually has something noteworthy to say.

As for an earlier link to the Brazilians leaving........See ya. Although I do care for many Brazilians (my dad's business partner is one-naturalized and living here for almost 20 years), so many of them are illegal and the burden thay have placed on schools, hospitals, services, and housing is staggering. The Cape has a tough enough time without them.

So, later MA. I'll be looking back at ya from your neighbor in the north, NH. Don't expect me to come back and spend money anytime soon. I've got better things to do.

[smarty]

Originally Posted by bryfry

I'm outta here. The house is going on the market this spring. Lucky for me I purchased 18 years ago. I have very good equity in my home and it's value has tripled. Others are not so lucky. Hopefully I'll sell quick. The last three houses in the neighborhood sold in under three months. I'm just sorry I didn't do it three years ago.

Gov Patrick hasn't a clue. Neither do most of the State House and Senate. These people are all political hacks and have never held a real job in their lives. They have no clue what it's like to live week to week and pile more and more on credit just to pay for clothes, food and gas for the car. Add on top of that the rising cost of heating and lights, well, you get the picture. My rep, Jeff Perry, is one of the guys who actually gets it, but being a Republican, his voice is lost in a sea of Dems. It's a shame, really. The guy actually has something noteworthy to say.

As for an earlier link to the Brazilians leaving........See ya. Although I do care for many Brazilians (my dad's business partner is one-naturalized and living here for almost 20 years), so many of them are illegal and the burden thay have placed on schools, hospitals, services, and housing is staggering. The Cape has a tough enough time without them.

So, later MA. I'll be looking back at ya from your neighbor in the north, NH. Don't expect me to come back and spend money anytime soon. I've got better things to do.

I am so happy that you will profit from the MA housing boom...

Grass is always greener than on the other side... Let us know how things go in a couple of years... tell us if things are that much better on the other side... (especially if you did not have that home equity.)

[LeavingMA]

Originally Posted by bryfry

Back to the OP......I myself, am one of the young (well..40's, with two kids) people leaving MA. I still love New England and I plan on staying, but not here. Other parts of the state have problems, but here on the Cape, they seem to get compounded. Average price of goods are higher (for what reason other than gouging, I don't know), there is nothing being done to support the youth here (Seniors, not a problem...youth, forget it), and there are no decent jobs and affordable housing to go with it. Add into the mix the misguided (purposely) laws regarding school funding from the state and the higher property values along with income poor people, and you have a disaster. Young people haven't a chance here and likewise throughout the state. If you are a fan of liberal politics, social programs and like working at Dunkin Donuts, go for it. You'll fit right in. Me? I'm outta here. The house is going on the market this spring. Lucky for me I purchased 18 years ago. I have very good equity in my home and it's value has tripled. Others are not so lucky. Hopefully I'll sell quick. The last three houses in the neighborhood sold in under three months. I'm just sorry I didn't do it three years ago.

Gov Patrick hasn't a clue. Neither do most of the State House and Senate. These people are all political hacks and have never held a real job in their lives. They have no clue what it's like to live week to week and pile more and more on credit just to pay for clothes, food and gas for the car. Add on top of that the rising cost of heating and lights, well, you get the picture. My rep, Jeff Perry, is one of the guys who actually gets it, but being a Republican, his voice is lost in a sea of Dems. It's a shame, really. The guy actually has something noteworthy to say.

As for an earlier link to the Brazilians leaving........See ya. Although I do care for many Brazilians (my dad's business partner is one-naturalized and living here for almost 20 years), so many of them are illegal and the burden thay have placed on schools, hospitals, services, and housing is staggering. The Cape has a tough enough time without them.

So, later MA. I'll be looking back at ya from your neighbor in the north, NH. Don't expect me to come back and spend money anytime soon. I've got better things to do.

Yup. I'm in the mid 20's and make decent money. Still buying a house and other expenses in MA I'll still be somewhat house poor. I only know of one single friend who owns a house in MA, and he is just barely affording it and has to be very careful with his $.

[bryfry]

Originally Posted by smarty

Grass is always greener than on the other side... Let us know how things go in a couple of years... tell us if things are that much better on the other side... (especially if you did not have that home equity.)

Sarcasm aside, the way I look at it, after the sale of my house, I will be able to buy something with little (under 50k) to no mortgage. So, my grass will be greener. It's all in the timing and your outlook, smarty. This isn't some plan hatched out of despair. Like I said, I wish I had done it earlier to get the full pop. Oh, well.

[scipro]

I am facing moving to MA and I am so unhappy about it. I presently live in GA and work for the FED. I have a great job and live in a 1645 Square ft Home with a morgage payment of 365/mo . It is a three bedroom, two bath brick home on an acre of land with a fenced in back yard and paved drive, laundry room, living and dinning room and a nice set of private neighbors in a safe area. All the yards are clean and the area is quiet and beautiful. Mostly elderly people with some young families around the corner.

I searched the real estate sites there and was mortified at what rented for 8 and 9 hundred dollars a month.

Here and two story brick house with four or five bedrooms and at least three bath can be found every day for 7 and 8 hundren dollars a month. My house is valued at 60 thousand.

My mothers at 69thousand. There has been a surge of northerners moving here and buying up large plots of land and building townhomes and condo. These they want to sale for 150 thousand. It wont happen.

The tax accessors recently reaccessed the properties here and dit has been agreed that we will vot our commissoners and other officials out of office next go around.

I hate the idea of moving there and truely hope that I don't have to.

[LeavingMA]

Originally Posted by baystater

It will bottom in two years in my opinion. This is a longer term problem that no election is going to fix. We still have a major overhang of homes on the market and still have more foreclosures up coming in the next couple of years. So it not going to be a quick and clean process. But if you want to take that chance. Go ahead. Like I said earlier go the the real estate professionals forum and get some opinions there. I find most of the guys there to be honest.

I'd agree with that. No matter who gets elected it isn't going to solve people's money problems. My estimated guess is you will start seeing some slow appreciation around 2010.

[Ronniec78]

I definitely see more people leaving MA in the next 5-10 years. More people definitely leave than move there.

[WhiteSandsYucca]

Originally Posted by penandpaper

I love Boston and we are thinking of moving back but it could be too much of a drain financially. We are on the fence about it now. People will continue to leave any state that becomes too expensive to live in. I think these forums are great for comparing quality of life issues in other states and it is great when people who live in the state give their honest opinions. Thanks

I know a girl that moved to Boston, and I think she really liked(s) it. I've been there for a visit, while visiting MA and NH, and really liked it. I would think most would agree it is one of America's most beautiful, older, established cities. I was there in the fall, so the autumn foliage was blazing and beautiful. It really is a beautiful state! As far as New England, I would like to visit Nantucket Island, and see Maine and see those beautiful white little villages in Vermont in the fall.