2021 Real Estate Observations (Westwood: MLS, places, average)

[msRB311]

Yawn

[GeoffD]

Originally Posted by johngolf

What do you mean by condemned? What type system did you install? Also if forced hot air it meant you had duct work so a new system with AC and gas heat or a heat pump system (with electric auxiliary heat strips) would have seemed to be the way to go.

Condemned: The duct work was rusted and moldy. It all had to get ripped out. The furnace was ancient. I need a completely new heating system. I picked forced hot water baseboard.

[MikePRU]

Originally Posted by robr2

Natural gas is being used either way - heat the house directly with it or convert it to electricity for a heat pump. Yeah yeah, I know that not all our electricity is generated from NG.

That said, I have no idea which is more efficient. Would I use less BTU's with the furnace or heat pump?

Good question. Not sure I have the answer for you. This being said, if I were switching my house over to heat pumps entirely I would only do that if I were putting solar panels on the roof and then you're talking about some SERIOUSLY low heating costs once the installation costs are recovered which will probably take around 4 years I would estimate.

[Louisville Slugger]

Originally Posted by MikePRU

Good question. Not sure I have the answer for you. This being said, if I were switching my house over to heat pumps entirely I would only do that if I were putting solar panels on the roof and then you're talking about some SERIOUSLY low heating costs once the installation costs are recovered which will probably take around 4 years I would estimate.

I would have loved to do solar, but I am in a condo and everyone would need to be on board. That said, the heat pump has been the best improvement I have made to this unit in 8 plus years. Loads better compared to my electric resistance baseboards, plus I get AC too.

I keep my place 10 degrees warmer in the winter and spend $100s less per month.

[msRB311]

I thought I'd see more go on the market in my town in April but not yet...

[MikePRU]

Originally Posted by Louisville Slugger

I would have loved to do solar, but I am in a condo and everyone would need to be on board. That said, the heat pump has been the best improvement I have made to this unit in 8 plus years. Loads better compared to my electric resistance baseboards, plus I get AC too.

I keep my place 10 degrees warmer in the winter and spend $100s less per month.

Makes sense and certainly if I were in your shoes I would have done the same thing. Heat pumps are way better than electric baseboards.

Originally Posted by msRB311

I thought I'd see more go on the market in my town in April but not yet...

Yeah. The last couple of years inventory has come out at a fairly slow but steady pace throughout much of the year. I'm hoping to see a burst of homes on the market in the next few weeks but my feeling so far is the pace will mimic what we've seen the last couple years.

[msRB311]

yeah i was wondering if maybe there's been a shift and more people will put homes on the market as we get closer to the summer months. I really July/August 2020 being really hot. Can't really remember last year

[almost_retired]

Not sure about inventory, but I've now read in two spots (CNN and Redfin) that the market is on the verge of evening out, and possibly prices going down in the next few months. CNN particularly mentioned FOMO. Fear of missing out. The craziness that has existed over the past few years has psyched people out and they rush to buy thinking prices are going to keep going up. We sold our house in September 2020 at the beginning of the crazy and at that time it was a general consensus among realtors I spoke with that around December prices would go down. Well they didn't and then the hype started. It will be interesting to see what happens.

[MikePRU]

Originally Posted by msRB311

yeah i was wondering if maybe there's been a shift and more people will put homes on the market as we get closer to the summer months. I really July/August 2020 being really hot. Can't really remember last year

I was far busier July/Aug 2021 and 2020 than any other July/Aug. In part, it's because when you're working with a buyer (and I work with both buyers and sellers) that the search process is quite extended now because of the low levels of inventory. Also, there just hasn't been that huge surge of inventory in the early spring like there has been in past years.

Originally Posted by almost_retired

Not sure about inventory, but I've now read in two spots (CNN and Redfin) that the market is on the verge of evening out, and possibly prices going down in the next few months. CNN particularly mentioned FOMO. Fear of missing out. The craziness that has existed over the past few years has psyched people out and they rush to buy thinking prices are going to keep going up. We sold our house in September 2020 at the beginning of the crazy and at that time it was a general consensus among realtors I spoke with that around December prices would go down. Well they didn't and then the hype started. It will be interesting to see what happens.

If i had a dime for every time I heard an agent either say something wrong (ex. half of them don't know the difference between a boiler and a furnace) or make an incorrect market forecast, I'd be a rich man and likely typing this from the beach with an umbrella'ed cocktail in my other hand.

[yesmaybe]

Originally Posted by MikePRU

If i had a dime for every time I heard an agent either say something wrong (ex. half of them don't know the difference between a boiler and a furnace) or make an incorrect market forecast, I'd be a rich man and likely typing this from the beach with an umbrella'ed cocktail in my other hand.

You'd think things would start to slow down if rates continue to climb. Maybe it needs to get over 5 to really have an impact.