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Old 10-08-2022, 01:47 PM
 
Location: Suburban Boston Lifer
181 posts, read 124,412 times
Reputation: 124

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still have not noticed a significant drop in prices
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Old 10-08-2022, 04:35 PM
 
3,620 posts, read 1,840,863 times
Reputation: 1508
Quote:
Originally Posted by bricka View Post
still have not noticed a significant drop in prices
Many things are still going for way over list. Take this 1300 sq ft condo in Belmont. 3 Bedrooms, only 1 bathroom, galley style kitchen plus a view into your neighbors windows from at least one of the bedrooms went for $150K over list at a sold price of $825K! 16 Leslie Rd #16, Belmont, MA 02478 | MLS# 73026428 | Redfin
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Old 10-09-2022, 06:22 AM
 
Location: Boston
2,435 posts, read 1,320,796 times
Reputation: 2126
Quote:
Originally Posted by MikePRU View Post
The majority of people IME pay the second deposit with a personal check. Less frequently, I've seen people wire in the funds. One thing that's picking up in popularity is there are a lot of companies that a brokerage can sign on with that give them the ability to initiate an EFT for the deposit funds. It's kind of like getting a payment request from Zelle. My office uses a company called EarnNest but there's another one called DepositLink. There are still a lot of offices that don't offer this convenience which is absolutely shocking to me.
The first accepted offer fell through at P&S, so it may have been the case they wanted a show of confidence/good faith with a cashier's check. A certified check would also have been accepted -- we just happened to go with cashier's.

I would have much preferred some form of EFT or bank wire to move the money. Regardless of form, I don't particularly like walking down the street with that much in limbo and/or on my person.

Quote:
Originally Posted by massnative71 View Post
I imagine the cashier's check thing is reserved for borrowers with iffy credit or are otherwise poorly qualified.
This makes no sense as the seller isn't the party financing the buyer. They got an offer for $X with no contingencies; all they (should) care about is that the money shows up in escrow on or before closing.
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Old 10-09-2022, 07:53 AM
 
23,561 posts, read 18,707,417 times
Reputation: 10824
Quote:
Originally Posted by id77 View Post
This makes no sense as the seller isn't the party financing the buyer. They got an offer for $X with no contingencies; all they (should) care about is that the money shows up in escrow on or before closing.

And if it doesn't?
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Old 10-09-2022, 12:01 PM
 
Location: Massachusetts & Hilton Head, SC
10,020 posts, read 15,665,421 times
Reputation: 8669
Quote:
Originally Posted by massnative71 View Post
And if it doesn't?
Then the deed won't be transferred.
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Old 10-09-2022, 05:54 PM
 
15,796 posts, read 20,504,199 times
Reputation: 20974
Well, I’ve finally seen a change in my immediate area. I’m starting to see houses sit. One house around the corner from me just had its second open house in 2 weeks on the market. Looking around at other homes, I’m seeing days on market in the 20-30 days range now. It’s been a while.

No price drops that I can see yet. At 7% and crunching the numbers, I wounds be in a hurry to buy right now unles you need to.
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Old 10-09-2022, 06:52 PM
r_p
 
230 posts, read 221,768 times
Reputation: 194
Quote:
Originally Posted by BostonMike7 View Post
No price drops that I can see yet.
Don't worry there will be another rate hike soon.
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Old 10-09-2022, 07:44 PM
 
2,710 posts, read 1,733,872 times
Reputation: 1319
Quote:
Originally Posted by BostonMike7 View Post
Well, I’ve finally seen a change in my immediate area. I’m starting to see houses sit. One house around the corner from me just had its second open house in 2 weeks on the market. Looking around at other homes, I’m seeing days on market in the 20-30 days range now. It’s been a while.

No price drops that I can see yet. At 7% and crunching the numbers, I wounds be in a hurry to buy right now unles you need to.
Isn't it normal for sales to slow down this time of year anyway?
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Old 10-09-2022, 07:51 PM
 
16,395 posts, read 8,187,139 times
Reputation: 11378
Yes winter tends to be slower.
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Old 10-09-2022, 08:50 PM
 
23,561 posts, read 18,707,417 times
Reputation: 10824
Quote:
Originally Posted by BostonMike7 View Post
Well, I’ve finally seen a change in my immediate area. I’m starting to see houses sit. One house around the corner from me just had its second open house in 2 weeks on the market. Looking around at other homes, I’m seeing days on market in the 20-30 days range now. It’s been a while.

No price drops that I can see yet. At 7% and crunching the numbers, I wounds be in a hurry to buy right now unles you need to.

I actually saw quite a few price drops when browsing yesterday. -$8K, -$20K, etc.
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