Bidding war - how have you handled it? (Boston, Newton: house, good schools)

[Jimbo21]

Some time back (probably 1 year ago), I posted about trying to buy a house somewhere in the inner 'burbs, in a good school district, for about $550K. It was brutal then and it's gotten worse. I'm still on the sidelines, with a down payment of about $200K saved up. I can see myself stretching to a price of $600K, but that house better be worth it. None of these 100-year-old, 1200 SF crap-shacks with oil heat. For whatever it's worth, my household income is over $200K, and I'm finding this to be a very challenging market.

[jayrandom]

Originally Posted by Jimbo21

Some time back (probably 1 year ago), I posted about trying to buy a house somewhere in the inner 'burbs, in a good school district, for about $550K. It was brutal then and it's gotten worse. I'm still on the sidelines, with a down payment of about $200K saved up. I can see myself stretching to a price of $600K, but that house better be worth it. None of these 100-year-old, 1200 SF crap-shacks with oil heat. For whatever it's worth, my household income is over $200K, and I'm finding this to be a very challenging market.

There are a ton of houses in good school districts for under $600k. Certainly not the best in the state school districts, but certainly in the top 25. If you relax your requirements a bit you can definitely find something.

[495neighbor]

Originally Posted by jayrandom

there are a ton of houses in good school districts for under $600k. Certainly not the best in the state school districts, but certainly in the top 25. If you relax your requirements a bit you can definitely find something.

+1

[pennyone]

And you do know that getting your kid into a "top 25" ranked school system does not necessarily mean that he/she will turn out to be top 25% of his/her peers. I know many mediocre kids who grew up in Newton and Wellesley....

[hken]

Do you "need" to be in the 'inner burbs? I was looking for a home a couple years back at $600K and decided to go a little further out in Metrowest. Back in the day when I lived in Arlington Heights, walking to bus -> Redline -> Greenline -> walk to work was not necessarily that much quicker than my boss who used the commuter rail that stopped right at Back Bay.

[Jimbo21]

Originally Posted by jayrandom

There are a ton of houses in good school districts for under $600k. Certainly not the best in the state school districts, but certainly in the top 25. If you relax your requirements a bit you can definitely find something.

There are very few houses that meet my criteria at $600K. Find me 5 SFH in the inner 'burbs with good schools (let's say top 40), gas heat, in somewhat walkable areas, with a viable public transportation option to Boston, 3 bed 2 bath, around 1,500 SF, on a reasonable lot (i.e., 5,000-8,000 SF, not adjacent to the highway or commuter rail tracks), with a garage, in decent condition. If I recall correctly, one could find that back in 2011, but not so much now. What I've described is probably a $750K house in the current market, which seems to be flooded with irrational buyers coked up on low interest rates.

Now, some have said that I should look outside the inner 'burbs or relax my constraints. Yep, I agree, and I will do that in a few months, when work and life slow down a little. I'm thinking Westwood, possibly Bedford (though I'd hate to give up the commuter rail).

And of course there are plenty of mediocre kids in Newton and Wellesley schools, but I would like to afford my son every advantage when it comes to his education. I'd bet that he'll have more opportunities to excel in a school that generally stresses performance and provides a safe and stimulating environment. Don't get me wrong here, I think that parents' involvement is probably the most important factor in determining a child's outcome, but good schools are probably helpful, too.

[Ninotchka P]

Originally Posted by Jimbo21

gas heat

This. is your problem. Is it really worth it changing the course of your life over this?

We own a home (being rented out now) that fits all of your criteria except this one, and by the way, does have a gas line on the street so it could be converted. It's worth about $415,000. Something is wrong with your search methods or you're being too picky.

[Jimbo21]

Originally Posted by Ninotchka P

This. is your problem. Is it really worth it changing the course of your life over this?

We own a home (being rented out now) that fits all of your criteria except this one, and by the way, does have a gas line on the street so it could be done. It's worth about $415,000. Something is wrong with your search methods or you're being too picky.

Yeah, I'm open to converting from oil to gas, if there's a line on the street. I don't want the operating costs of oil heat. Do you want to sell me your rented house?

[Ninotchka P]

Sorry, good tenants. I'll PM you the town. We have friends who bought a very nice house (larger than ours) also fitting your criteria (and with gas) in the same town. Can't remember what they paid, but around the $600,000 mark sounds right. Of course, the requirement for gas added a few years onto their search.

[Jimbo21]

Originally Posted by Ninotchka P

Sorry, good tenants. I'll PM you the town. We have friends who bought a very nice house (larger than ours) also fitting your criteria (and with gas) in the same town. Can't remember what they paid, but around the $600,000 mark sounds right. Of course, the requirement for gas added a few years onto their search.

Yeah. Relatively sparse gas infrastructure around here, it seems.