Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Companies are now penalizing remote workers, which will soften the market. For example, you will only get around 80% of your regular pay if you live in a place like Stamford. This is what Google is doing, at least. That pay cut won’t make it worth it for many, many people to telework. I don’t think people were anticipating this when buying earlier in the pandemic.
Depends what you mean by “high”. A 4% interest rate is historically a very good rate but I think people’s perception about what’s a “good rate” is now warped. Doesn’t really matter because any intelligent homeowner with a mortgage has already refinanced and unless you are buying in 2-3 years, who cares what the rate is. If anything the rate will go up but home prices will at least stabilize so that future homeowner will at least have a chance to actually buy. Right now the first time home buyer has almost zero chance of getting a house unless mommy and daddy give them the money to be a cash buyer and then refi it once they are actually living in and owning the home. I mean seriously, how is the average couple under age 30 supposed to buy property in this market?
We're under 30 (well, okay, my boyfriend is 30, but I'm still in my twenties!) and just closed last weekend. We bought a place that wasn't perfect. The house is 150 years old and everything in it is from the 90s and needs an update. There were tenants in place during the showings, they had dogs and birds and the place smelled a little (still does, working on that...). It was messy and there was a lot of boxes and things laying around, as they were packing up. It didn't leave the best first impression and it's not what most people are looking for right now.
We also got very lucky. We jumped on it as soon as it came on and saw it the day after it was listed. We already knew the area and we knew the street it was on was absolutely our number one place we wanted to be. The tenant didn't want a lot of people coming through, so showings were limited and there were people who wanted to see it who weren't able to. There was one other offer besides ours.
We also got lucky in that the owners are an older couple who basically just wanted to sell the house without a lot of hassle. Our realtor worked really hard for us.
A lot of it was luck for us, and circumstances just came together in a way that worked out. It took a little while (we started looking in July), and it was not easy, but it did happen!
Other markets of other prices. It was seeing the highest inflation since late 70s early 80s how do we know that we're not going to see the interest rates of that time. Keep in mind I'm just quoting the Fed funds rate I'm not calculating the actual mortgage which could be a entire Point Beyond that. Every Bank Haltom Italy has a limit to how much that they can actually lend out without going to an Arm. Arm only makes sense when rates are stable or going down. It was next to impossible to budget back in the late seventies early eighties if you had one because you didn't know what your mortgage payment would have been in another few months.
As for General affordability would I often find is that the majority of houses are being sold to couples not individuals. Having said that I picked up mine pretty cheap but it needs some updates and upgrades and I know what I'm doing. There's a house down the street from me that's sold probably paying 40% more than what I did and it a quarter point more in the mortgage and it hasn't even been a year.
In terms of actually lowering housing prices there's a number of things that can be done but it's going to take some time money and energy to make it happen. I think municipalities should remove residency requirements, I think accessory dwelling units should be allowed, I think short-term rental bylaws can help communities. When we move on the self-driving cars and another 10 to 20 years I think that's going to free up quite a bit of space from garages. 95% of a time a car just sits there and it's not really creating more wealth for a house. If somebody can get by with an on-demand self-driving car they won't need a carj and they can pretty much make that into a one-bedroom apartment. Businesses that Cater 2 cars will be less likely to do business in the same way so your Parking Authorities are just going to have to tear down the parking garages and I could free up space in the urban area. Then you have to think about all of your automotive parts stores and your gas stations, service centers etc
Governor Lamont signed the Accessory Dwelling Unit Act into law back in June. I believe it goes into affect next year. Jay
We're under 30 (well, okay, my boyfriend is 30, but I'm still in my twenties!) and just closed last weekend. We bought a place that wasn't perfect. The house is 150 years old and everything in it is from the 90s and needs an update. There were tenants in place during the showings, they had dogs and birds and the place smelled a little (still does, working on that...). It was messy and there was a lot of boxes and things laying around, as they were packing up. It didn't leave the best first impression and it's not what most people are looking for right now.
We also got very lucky. We jumped on it as soon as it came on and saw it the day after it was listed. We already knew the area and we knew the street it was on was absolutely our number one place we wanted to be. The tenant didn't want a lot of people coming through, so showings were limited and there were people who wanted to see it who weren't able to. There was one other offer besides ours.
We also got lucky in that the owners are an older couple who basically just wanted to sell the house without a lot of hassle. Our realtor worked really hard for us.
A lot of it was luck for us, and circumstances just came together in a way that worked out. It took a little while (we started looking in July), and it was not easy, but it did happen!
Quote:
Originally Posted by JayCT
Governor Lamont signed the Accessory Dwelling Unit Act into law back in June. I believe it goes into affect next year. Jay
Governor Lamont signed it to get people off his back. He was tired of hearing about it. He knows it's a joke and will have little impact if any. Most people won't build it.
Companies are now penalizing remote workers, which will soften the market. For example, you will only get around 80% of your regular pay if you live in a place like Stamford. This is what Google is doing, at least. That pay cut won’t make it worth it for many, many people to telework. I don’t think people were anticipating this when buying earlier in the pandemic.
I think you are underestimating the value some people put on remote work and the quality difference in their life. Someone making $150K might easily trade $30K a year to not iron clothes, get ready, drive/commute, spend time interacting about “how was your weekend, getting home, etc. remote work allows people to do tasks during the week they normally would do in their free time (mow the yard, laundry), spend time with kids, cook at home (instead of getting home late and end up ordering food), etc etc etc.
That 20% difference is what, $20K after taxes? Right now I’d happily write a check for $20K and work from home for a year.
While some people wouldn’t do it, I think more often than not people would still take that deal. Factor in cost savings (more clothes, dry cleaning if applicable, gas, wear tear car or train costs, etc and that “cost” is a few thousand saved…
A bunch of parents I’ve talked to said that being able to be home when their kids foot off the bus daily was enough for them to never want to go back to an office, remote no doubt.
I think you are underestimating the value some people put on remote work and the quality difference in their life. Someone making $150K might easily trade $30K a year to not iron clothes, get ready, drive/commute, spend time interacting about “how was your weekend, getting home, etc. remote work allows people to do tasks during the week they normally would do in their free time (mow the yard, laundry), spend time with kids, cook at home (instead of getting home late and end up ordering food), etc etc etc.
That 20% difference is what, $20K after taxes? Right now I’d happily write a check for $20K and work from home for a year.
While some people wouldn’t do it, I think more often than not people would still take that deal. Factor in cost savings (more clothes, dry cleaning if applicable, gas, wear tear car or train costs, etc and that “cost” is a few thousand saved…
A bunch of parents I’ve talked to said that being able to be home when their kids foot off the bus daily was enough for them to never want to go back to an office, remote no doubt.
I haven't heard anyone mention reduced salaries in Stamford or NY for working from home. Not one, and believe me I would have. We're having record raises and bonuses.
Companies are now penalizing remote workers, which will soften the market. For example, you will only get around 80% of your regular pay if you live in a place like Stamford. This is what Google is doing, at least. That pay cut won’t make it worth it for many, many people to telework. I don’t think people were anticipating this when buying earlier in the pandemic.
Well here's the problem with that. Do these companies own their commercial properties or not? Commercial owners aren't going to sit and wait for years for tenants to bring back their employees. We're seeing commercial office buildings being made into apartments left and right.
Could you give a list of who you have seen that is penalizing because as of now I don't know any major company for next year that is planning to have 100% of it's staff in office back to a m-f schedule. The fact that apple just gave out $1,000 to each employee for at home materials is telling. Morgan Stanley CEO said he walked back comments that everyone should be back in. Now he's thinking most of next year will be at home https://www.cnbc.com/2021/12/13/morg...fice-push.html
Manulife, Sunlife, Apple (last month said february 1st now it's TBD) all have delayed openings. Here's the thing the opening is based on where the office is and much of the time no one there actually lives there. Otherwise we would see much less traffic. What company is going to continue to pay for long term leases if there's no full time return in sight and productivity and profitability are the same?
Google is for sure. I know because a close family member works there. He moved to Manhattan from FFC because the 20% pay cut would really effect his salary at his pay level. Essentially, Google is paying for his Manhattan apartment for free, considering what it would have cost him in difference to live in FFC. Google: employees remote workers pay and Google. You will see. More companies will follow their lead. No company wants to pay prime NYC salaries for people working and living in lower cost of living areas. It’s business.
Plus, this pay structure was in place for most tech companies even prior to the pandemic. There were always different pay tiers for remote workers because companies pay salaries according to cost of living. Companies will surely apply their same formula soon as they have in the past.
Last edited by Chocotaco76; 12-18-2021 at 03:00 PM..
Reason: Typo
We're under 30 (well, okay, my boyfriend is 30, but I'm still in my twenties!) and just closed last weekend. We bought a place that wasn't perfect. The house is 150 years old and everything in it is from the 90s and needs an update. There were tenants in place during the showings, they had dogs and birds and the place smelled a little (still does, working on that...). It was messy and there was a lot of boxes and things laying around, as they were packing up. It didn't leave the best first impression and it's not what most people are looking for right now.
We also got very lucky. We jumped on it as soon as it came on and saw it the day after it was listed. We already knew the area and we knew the street it was on was absolutely our number one place we wanted to be. The tenant didn't want a lot of people coming through, so showings were limited and there were people who wanted to see it who weren't able to. There was one other offer besides ours.
We also got lucky in that the owners are an older couple who basically just wanted to sell the house without a lot of hassle. Our realtor worked really hard for us.
A lot of it was luck for us, and circumstances just came together in a way that worked out. It took a little while (we started looking in July), and it was not easy, but it did happen!
Congrats. Look at it like this.. Its your house now (banks technically) but you can do whatever you want to it and make it like you want it. New cabinets, floors, ect. Don't have to do everything at once but at least you own a home now.
Quote:
Originally Posted by JayCT
You are right. I had several family members who bought their first homes in Milford because it was affordable.
Unfortunately Milford has been discovered. I blame you for talking it up here. People are listening so prices have gone through the roof. Jay
Nice! I'm one of them. I never sold my condo through this whole boom. One thing I learned about Milford since 2004 is.. The market there doesn't fluctuate up and down like in other towns, its a slower pace and not as drastic. Could be a drawback but also could be a benefit as the values don't come crashing down, they'll just slowly steadily drop until things pick up again then slowly steadily rise.
Milford was becoming a booming city 10 yrs ago. Or maybe I thought it was because I saw its future.
Taxes and Values are still cheap there and not far from Southern Fairfield County.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jay
