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Those sold for low 600’s as recently as a month ago... It was listed for rent (there are 3 of them that seem to have been listed for rent) but I guess he bought as an investment and he couldn’t find anyone to rent and wants to make up the HOA fees + selling costs but adding 100k after a few months???
(I’m moving to Westwood/Sharon/Canton area end of summer so have been watching)
I see you've put a lot of listings in your post so that begs the question . . . are these units actually renting at these prices? You can ask whatever you want for rent or for sale but until someone actually agrees to give it to you the asking price is pretty meaningless. Personally, I don't really know anything about Mattapan. So, I couldn't tell you if these are renting or if that's a fair price or why anyone would want to rent one of these units. Sorry.
Oh well.
I'm texting a younger friend of mine right now whos about 22/23 and from the Gallivan Boulevard area of Dorchester. He works in Boston and his girlfriend works in Stoughton. They're expecting a baby right now and about to get a place. Their budget is $1800.
He was going to look in Taunton until I helped him out-he was surprised there were so many affordable units so close to the city. He saw the outrageous prices in Dorchester Mattapan and Hyde Park and I guess he just assumed to look down there in Taunton (wanting badly to avoid Brockton) because he had heard about it.
They have decided to rent in Quincy or Stoughton because it's affordable-they are applying to 3 locations in Quincy and 1 in Stoughton. It's just disheartening to me that two gainfully employed Boston native form the southern reaches of the city really cannot rent in the city they grew up in He's excited and hopeful for quincy but its just all so telling of why Boston has become only for the very low income or the very high income-regular young folks such as himself pretty much bypass it altogether.
I left Mass. 5 years ago and get a weird feeling every time I come back for a visit, kind of like it's not home anymore or something. It's scary how fast things changed imho.
I only check my immediate vicinity (Lynnfield/w Peabody line). Winter time is VERY slow with practically no inventory. Over the winter, one home went for sale and was a dated home in need of a gut job. It sold for 540K (40k over asking) and dumpsters were dropped off and the gut job commenced a week after closing.
Usually may is when houses pop up on the market and tend to go pending in a week and sell for over asking.
A few months to go to see if this trend repeats itself this year. It has for the last 5 years with slowly increasing prices.
We are planning to buy this spring. Sounds like it’s a bad time?
I've lost track of how many years in a row it has felt like this. It is daunting, but I wouldn't worry if you buy in a desirable area (worst house on the best street / town), make sure your financing is manageable and don't view it as an investment.
Quote:
Originally Posted by Bridge781
Seems like a good time to sell?
If you can sell and move to a lower cost area, yes.
Those sold for low 600’s as recently as a month ago... It was listed for rent (there are 3 of them that seem to have been listed for rent) but I guess he bought as an investment and he couldn’t find anyone to rent and wants to make up the HOA fees + selling costs but adding 100k after a few months???
(I’m moving to Westwood/Sharon/Canton area end of summer so have been watching)
Real estate can be a great investment vehicle. Even if you just break even every month on the rent, the tenant is paying the principal portion of your mortgage. Sell the property years later for the same amount of money you paid for it and you'll finish ahead. I think that's pretty great. IMO real estate is an important part of a diverse investment portfolio.
Quote:
Originally Posted by BostonBornMassMade
Oh well.
I'm texting a younger friend of mine right now whos about 22/23 and from the Gallivan Boulevard area of Dorchester. He works in Boston and his girlfriend works in Stoughton. They're expecting a baby right now and about to get a place. Their budget is $1800.
He was going to look in Taunton until I helped him out-he was surprised there were so many affordable units so close to the city. He saw the outrageous prices in Dorchester Mattapan and Hyde Park and I guess he just assumed to look down there in Taunton (wanting badly to avoid Brockton) because he had heard about it.
They have decided to rent in Quincy or Stoughton because it's affordable-they are applying to 3 locations in Quincy and 1 in Stoughton. It's just disheartening to me that two gainfully employed Boston native form the southern reaches of the city really cannot rent in the city they grew up in He's excited and hopeful for quincy but its just all so telling of why Boston has become only for the very low income or the very high income-regular young folks such as himself pretty much bypass it altogether.
I hear that a lot. I can't tell you how many posts I read on the Needham town Facebook page from people who say they grew up in Needham and can't afford to live there now. This is why programs like 40B are so important because it gives people the opportunity to live in towns they normally could not afford.
Quote:
Originally Posted by masssachoicetts
Boston is turning into NY or SF with these absurd rents
Rents are still much higher in those places although rents have obviously increased quite a bit around here.
Quote:
Originally Posted by Bridge781
We are planning to buy this spring. Sounds like it’s a bad time? Is it ever a good time? Seems like a good time to sell?
The best time to buy is when you want to and when you're financially able to do so.
Don't forget, this your HOME. Do you really want to run your whole life around trying to time the market? Even if you somehow manage to guess right and buy at the bottom, what are the odds that you'll be in a place in your life where you want to sell at the top and actually manage to guess right twice?
Quote:
Originally Posted by BostonMike7
I only check my immediate vicinity (Lynnfield/w Peabody line). Winter time is VERY slow with practically no inventory. Over the winter, one home went for sale and was a dated home in need of a gut job. It sold for 540K (40k over asking) and dumpsters were dropped off and the gut job commenced a week after closing.
Usually may is when houses pop up on the market and tend to go pending in a week and sell for over asking.
A few months to go to see if this trend repeats itself this year. It has for the last 5 years with slowly increasing prices.
Closer in to Boston the mild weather has definitely started the wheels turning in the RE market much earlier this year than others in the recent past. I'm really busy already and it's only February.
Location: RI, MA, VT, WI, IL, CA, IN (that one sucked), KY
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Quote:
Originally Posted by MikePRU
Real estate can be a great investment vehicle. Even if you just break even every month on the rent, the tenant is paying the principal portion of your mortgage. Sell the property years later for the same amount of money you paid for it and you'll finish ahead. I think that's pretty great. IMO real estate is an important part of a diverse investment portfolio.
.
You'd actually finish way behind unless it gained a lot in value. There is all the maintenance costs, and the interest on the mortgage... never mind the opportunity cost of the downpayment.
If I rented my place out and just got the principal portion and HOA fees for my place and sold it in a decade, or heck, even held it until it was paid off, I would be taking an economic bath. Heck, if I got my full mortgage payment (principal, interest, insurance) and HOA fees covered and sold it for what I had paid for it I would still be taking a loss.
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