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Old 08-31-2022, 09:41 AM
 
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I don't know if sale prices are going "down" yet or what, but there is a lot more on the market in the $400K-$550K range in the Boston area. Things are sitting there a bit longer, maybe a few weeks vs. one weekend, and you see a lot more "reduced for quick sale" by $10K-20K. I would say it's definitely topped off, and will be heading down within time if these trends continue. The biggest thing I am worried about is this student loan nonsense, that could throw a new monkey wrench into the situation.
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Old 08-31-2022, 10:08 AM
 
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Originally Posted by massnative71 View Post
I don't know if sale prices are going "down" yet or what, but there is a lot more on the market in the $400K-$550K range in the Boston area. Things are sitting there a bit longer, maybe a few weeks vs. one weekend, and you see a lot more "reduced for quick sale" by $10K-20K. I would say it's definitely topped off, and will be heading down within time if these trends continue. The biggest thing I am worried about is this student loan nonsense, that could throw a new monkey wrench into the situation.
Yes, I have seen some prices go down so I am remaining hopeful and staying on top of the areas I would like to live in.

How do you think the student loan thing will impact housing? Do you mean that now more people will have less debt and so it will be easier to qualify for a mortgage? I hadn't thought of that but, that would make sense.
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Old 08-31-2022, 10:14 AM
 
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Originally Posted by RobertaWa View Post
How do you think the student loan thing will impact housing? Do you mean that now more people will have less debt and so it will be easier to qualify for a mortgage? I hadn't thought of that but, that would make sense.

In short, yes. How it actually plays out is anybody's guess, but we already seen the impact of printing massive amounts of money as a widespread free-for-all.
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Old 08-31-2022, 10:17 AM
 
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Originally Posted by RobertaWa View Post
Yes, I have seen some prices go down so I am remaining hopeful and staying on top of the areas I would like to live in.

How do you think the student loan thing will impact housing? Do you mean that now more people will have less debt and so it will be easier to qualify for a mortgage? I hadn't thought of that but, that would make sense.
I don't think having 10k less debt will change much in terms of mortgage qualifications. It's not like they'll have an extra 10k down payment, which would be more significant. I can see inflation getting worse though, which would only increase house prices if the dollar is weaker.
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Old 08-31-2022, 10:35 AM
 
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I don't think having 10k less debt will change much in terms of mortgage qualifications. It's not like they'll have an extra 10k down payment, which would be more significant. I can see inflation getting worse though, which would only increase house prices if the dollar is weaker.

That's an extra $100/mo in people's pockets. That's an extra $15,000 somebody can now borrow for a 30 year mortgage. Huge impact in a market where people are mortgaging to the max, and considered how many people will be impacted by this.

Last edited by massnative71; 08-31-2022 at 10:44 AM..
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Old 08-31-2022, 12:30 PM
 
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Originally Posted by RobertaWa View Post
OK. I started a new thread since I am in the thick of looking for a place to move to and am finding myself in a state of permanent sticker shock. I always knew I could not go back to Brookline after I sold my condo in 2018 but now I can't find anything I can afford in all of Massachusetts. No, I don't want to live in Worcester or Springfield or Pittsfield. I like the Amherst/Northampton area as well as Great Barrington but there is a dearth of places to buy there. I love the north shore but......

Anyway, fire away at all things 2022 in real estate....
Hi there, check out Roxbury area, still some reasonable deals to be found at center of the city. Area changing fast and lots of development coming in. I got a place last year so feel free to ask away.
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Old 09-01-2022, 06:03 AM
 
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Originally Posted by massnative71 View Post
That's an extra $100/mo in people's pockets. That's an extra $15,000 somebody can now borrow for a 30 year mortgage. Huge impact in a market where people are mortgaging to the max, and considered how many people will be impacted by this.
I just offered 25k over asking for a condo and got outbid. So 15k really isn't much.
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Old 09-01-2022, 06:08 AM
 
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https://money.yahoo.com/housing-expe...143101909.html

Have not experienced this in MA yet.
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Old 09-01-2022, 08:14 AM
 
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I've seen contingencies work their way back into contracts.


(Based on a tiny sliver of observation)
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Old 09-01-2022, 08:19 AM
 
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Originally Posted by matrix5k View Post
I just offered 25k over asking for a condo and got outbid. So 15k really isn't much.

Agree to disagree then. The same losers offering $40K over asking price, will now be offering $55K over. It's the last thing we need right now.
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