2022 Real Estate Observations (Quincy: rent, college, to live in)

[msRB311]

Originally Posted by Buitenzorg

That’s true, but it does seem a little intrusive to list all three together, including the bit about the parents helping out and that they are on the same street. Someone capable of looking all this up could probably also figure out what street it was. I mean, I couldn’t, or at least wouldn’t, but it doesn’t feel quite right to me. Happy to be told I’m out of line to worry.

what do you mean by figure out what street its on? If you know someone's last name and what town they live in you can look up their property and what they paid for it.

[BostonMike7]

Originally Posted by simplexsimon

I'm not hoping it happens but it will happen...just a matter of when.

I'm in semi, and we are still actively hiring and cranking out as much as we can to meet demand. However, just saw the first signs that a "pause" may occur around the start of 2023 due to a softening in the consumer market. Seems folks are delaying buying things like appliances, computers, gaming, cell phones, etc. Some of the fabs/oems aren't necessarily canceling orders like I saw back in 2009, but pushing out the delivery dates a bit. Means the urgency to increase capacity has found itself a bit of a breather.

Its a bit early to determine if it's just a short pause in the market, or an actual dip that would require layoffs of the manufacturing force. Usually when there is an incoming recession/downturn, we have a hiring freeze and i'm told to stop spending. Haven't gotten those two directives yet which suggests to me there is still confidence out there. But i don't have a crystal ball.


-------------------------

Wife and I were looking at a new home : Put that on the shelf for the next 3-5 years.

We looked at quotes for a new kitchen remodel: put that on the shelf until next summer.

Was in the market for a new car: Will revisit next Feb/March.


Of course, my hesistation to jump into the RE/home remodel/auto markets right now has nothing to do with recession fears and more due to the fact that those markets are just crazy right now

[timberline742]

Originally Posted by simplexsimon

True, I'm thinking of bigger ticket items - home improvement, vacations, vehicles, etc.

Well, I haven't scaled back on what I'm spending on vacations, but I scaled back on the vacations as every thing is that much more money. I was going twice to South America first 4 months of 2023, now its just once. What was a $600 ticket to where I went a few years back is now double that and up to 17 hrs each way. So, a slightly different type of scale back, but a scale back. The money I'll have left I'll put to fall 2023 vacation instead.

[matrix5k]

Originally Posted by id77

Much of this is publicly-accessible info. You can look up home sales and see how much was put down and how much was financed.

Okay so he/she is a stalker. I also find it weird to share all of that info on a public forum, especially the exact amount the parents helped with. I wouldn't want anyone to post how much I borrowed or paid on here.

[bricka]

Originally Posted by gf2020

The first sale was private, off market, at the end of May for $800,000. The buyers are a couple in their early 30s, no children, she's a nurse and he is a civil engineer. They put 10% down and took out a $720,000 30-year fixed rate mortgage.

wow that's a pretty big mortgage for a household income that's somewhere in the ballpark of 200-250k. if they bought in may they got around 5% rate, meaning their monthly total payment is like half of their monthly take home pay.

[msRB311]

Originally Posted by matrix5k

Okay so he/she is a stalker. I also find it weird to share all of that info on a public forum, especially the exact amount the parents helped with. I wouldn't want anyone to post how much I borrowed or paid on here.

I dont see how you or I would be able to figure out who he is talking about or where they live...not that i'd care to try and find out.

I know what my neighbors do for a job and I know what they paid for their homes thanks to zillow, public records. I have no idea what they make or what their spending/saving habits are lol.

[newenglandgal123]

Originally Posted by gf2020

We have strayed pretty far from "Real Estate Observations" but I guess I am the anomaly. I am 56 years old. I will make more this year than I did last year. I will make more this year than I ever did in my 40s. I will make more next year than I did this year. It never occurred to me that was the exception.

As for the suburban real estate market and buyer behavior, 3 of the 14 houses on my street have sold recently.

The first sale was private, off market, at the end of May for $800,000. The buyers are a couple in their early 30s, no children, she's a nurse and he is a civil engineer. They put 10% down and took out a $720,000 30-year fixed rate mortgage.

The next sale was in August, the house sold for $808,500, $33,600 over asking. The buyers are a couple in their late 20s, no children, she's a part-time school nurse and he works in finance. The parents contributed $400,000 and they took out a $343,500 30-year fixed rate mortgage.

The most recent sale was at the end of August, the house sold for $880,000, $41,000 over asking. The buyers are a couple in their early 30s, no children, both are PhD engineers. They put 20% down and took out a $704,000 30-year fixed rate mortgage.

The only thing I draw from this is that young couples, with good jobs, are not afraid of taking on big mortgages.

Wow, that must be nice to get a $400K handout toward an $800K home and only have to work part time to boot!

This certainly is an interesting snapshot to see what the current buyer profile looks like in someone's area (although the specific town wasn't disclosed so now I'm curious is it South Shore, North Shore, Central, MetroWest?). As others have mentioned, how did you get all this detailed info? lol

[msRB311]

It is interesting to hear other people's situations and how they afford what they do. I think there's more parents giving kids down payments towards homes around here than we realize. Where someone's kids live has a lot of reflection on the parents i guess lol.

[aboucher33]

Originally Posted by newenglandgal123

Wow, that must be nice to get a $400K handout toward an $800K home and only have to work part time to boot!

This certainly is an interesting snapshot to see what the current buyer profile looks like in someone's area (although the specific town wasn't disclosed so now I'm curious is it South Shore, North Shore, Central, MetroWest?). As others have mentioned, how did you get all this detailed info? lol

I have coworkers whose parents bought them their house and another who temporarily liquidated savings so their kid could make an "all cash" offer. After it closed they did delayed financing and repaid them with the loan proceeds. They have told me to ask my parents to do something similar. My parents can't....

[msRB311]

I can recall years ago not thinking it wasn't that a big deal if someone got a house in an inheritance or through their parents. If it wasn't that nice of a house who cares? Big deal that you got a 3 bedroom house in canton or Quincy. I realize NOW how nice it must be to be gifted a house.