Is 700k the new 300k? (Boston, Norwood: renting, prices, to move)

[robr2]

A house near me just sold for 10% over asking - $850K asking sold for $939K.

I wasn't expecting that.

[msRB311]

It does seem like the norm has become a million for homes that were like 750k not long ago. I sometimes see a house that sells for 925k and I'm like what made that one not go for a million but this other one close by that is actually smaller did.

So glad I'm not buying now. I'd be crying every time I went to an open house.

[simplexsimon]

Falling interest rates and WFH really caused prices to go up. High inflation and the threat that it will continue is causing prices to go up even further despite the rise in rates. It really is terrible luck for homebuyers right now.

[msRB311]

Originally Posted by simplexsimon

Falling interest rates and WFH really caused prices to go up. High inflation and the threat that it will continue is causing prices to go up even further despite the rise in rates. It really is terrible luck for homebuyers right now.

I can't help but wonder why so many people are still moving and paying these prices. I'd wait.

[jayrandom]

Originally Posted by msRB311

I can't help but wonder why so many people are still moving and paying these prices. I'd wait.

I think it’s been “I’d wait” territory for me for almost 5 years. Eventually kids get old enough to start school and that forces a decision. At least around me all the new houses seem to come with either out-of-state movers or small kids.

[BostonMike7]

Originally Posted by bricka

i don't see politics as a reason why people change locations.

i actually think most people don't care that much about politics tbh, it just seems that way because the internet is pretty new and it's basically a megaphone for the craziest people.

Agree. Most of my peers/family aren't really very strongly opinionated politically. If they are, they keep it to themselves. For the most part, most trend down the middle with some slightly leaning left, and some slightly right. Even my wife and I differ politically but for the most part we can discuss it maturely.

I don't know anyone who has moved for political reasons, but then again I don't know anyone at either extreme end of the political spectrum

Originally Posted by bricka

i think the majority of demographic shifts in cities are economic/job driven.

That's been my experience. Jobs and/or home affordability.

[msRB311]

Originally Posted by jayrandom

I think it’s been “I’d wait” territory for me for almost 5 years. Eventually kids get old enough to start school and that forces a decision. At least around me all the new houses seem to come with either out-of-state movers or small kids.

Probably because people with kids are the most 'desperate' (needing good schools and perfect neighborhood). Also I'm sure many people from out of state moved here for those high salaries they weren't getting in Arkansas and Nebraska.

[charolastra00]

Originally Posted by msRB311

I can't help but wonder why so many people are still moving and paying these prices. I'd wait.

My rent is $2200 on a one bedroom apartment, and I'm lucky my rent increase was only $300 and not more like friends closer to Boston. I'm going to have to grit my teeth and pay even more to rent closer to work when I move in a few months, but that's only because I won't have the level of downpayment I want at that point. In a year, I'll probably buy regardless. Why? Because I, like most first-time homebuyers, have spent upwards of 150-200K for rent living with roommates and in 1 bedrooms over the past decade and rent shows no sign of slowing down. If it's between buying an overpriced house but building equity or paying $3000 a month for a 2 bedroom apartment within an hour of work, a lot of folks are going with the former regardless of how bad the market is.

It's really no win for anyone but those who were lucky enough to buy before the last 2 or 3 years.

[msRB311]

So basically prices will not improve/go down around here. There will always be people wanting to move. A big topic on this forum seems to be when will prices go down/crash? I'd say the answer is never at this point.

[newenglandgal123]

Originally Posted by msRB311

Probably because people with kids are the most 'desperate' (needing good schools and perfect neighborhood). Also I'm sure many people from out of state moved here for those high salaries they weren't getting in Arkansas and Nebraska.

I have a business associate that moved here from TN with his significant other to take a new job. Both are making 6 figures and renting somewhere near the city. I think they've been here about 5 months now and he's in shock at how expensive everything is. It didn't sound like they're in a position to purchase a home anytime soon either, so most likely they'll be stuck paying astronomical rent for awhile.