2022 Real Estate Observations (Boston, Weymouth: suburbs, area, build)

[lrfox]

Originally Posted by bricka

buying any motor vehicle made in the UK <<<<<<<<<<

i think it's mostly people who don't know much about cars tbh

Eh, those are some pretty broad brush strokes. JLR reliability has significantly improved since being acquired from Ford by Tata. I had 2017 Jaguar XE (compact sports sedan) from 2017 to early 2021 and it was a great car. It came with a 5 year, 60k mile warranty which was better than any of the competition, it was great in all weather conditions (better in snow than some of my previous SUVs), and needed absolutely zero work beyond routine maintenance. Routine maintenance, by the way, was some of the easiest to DIY (I've never had a car that was easier to perform an oil change on - the engine compartment was laid out very intuitively). I sold it with 107k miles and I wouldn't hesitate to buy another if I was in the market for another compact sports sedan (which I'm not).

I'm less sold on the JLR SUVs as they tend to be priced much higher than their peers. But the price is really my only hang-up. Some people, whether they know a lot about cars or not, don't have the same hang-up about the price and don't mind spending an obscene amount of money for a luxurious SUV that has infinitely more off-road capability than they'd ever need. But if that's what they want, that's what they want.

Originally Posted by BostonMike7

I wish I had a pool. I don't want to install one at my current home but it's on the list as a "nice to have" for our next home.

I grew up having pools and love them but I was also the one who maintained them.

I'm leaning towards putting one in when we buy a single family in the coming years. I am currently doing nearly all of the maintenance on my mother's pool for her, so I'm not bothered by the work or intimidated by it. A couple of years ago I would never have considered it. But a hybrid work schedule means we could use it a bit more often. I also wouldn't put a pool in without a heater. I realize it's more expensive to buy and operate, but it extends the season here in New England by 2 months or so which is absolutely worth it.

[bricka]

Originally Posted by lrfox

Eh, those are some pretty broad brush strokes. JLR reliability has significantly improved since being acquired from Ford by Tata. I had 2017 Jaguar XE (compact sports sedan) from 2017 to early 2021 and it was a great car. It came with a 5 year, 60k mile warranty which was better than any of the competition, it was great in all weather conditions (better in snow than some of my previous SUVs), and needed absolutely zero work beyond routine maintenance. Routine maintenance, by the way, was some of the easiest to DIY (I've never had a car that was easier to perform an oil change on - the engine compartment was laid out very intuitively). I sold it with 107k miles and I wouldn't hesitate to buy another if I was in the market for another compact sports sedan (which I'm not).

I'm less sold on the JLR SUVs as they tend to be priced much higher than their peers. But the price is really my only hang-up. Some people, whether they know a lot about cars or not, don't have the same hang-up about the price and don't mind spending an obscene amount of money for a luxurious SUV that has infinitely more off-road capability than they'd ever need. But if that's what they want, that's what they want.

Thank you for that opinion!

I repeat:

i think it's mostly people who don't know much about cars tbh

[msRB311]

Last March a house up the st from me was listed for 845k, had an offer after one day and the house sold for 995k. Pretty basic house.

In July a family on the same st with a very similar house put their house on the market for 899k. House sat for about a month and i see it just sold for 879k.

So I guess that is a cooling market.

[newenglandgal123]

Originally Posted by msRB311

Last March a house up the st from me was listed for 845k, had an offer after one day and the house sold for 995k. Pretty basic house.

In July a family on the same st with a very similar house put their house on the market for 899k. House sat for about a month and i see it just sold for 879k.

So I guess that is a cooling market.

Maybe cooling but people are still paying some ridiculous prices for what they're getting for their dollar. This tiny condo in NBPT is listed and pending at $350K. The whole house looks like it has 3 units as I see a couple of others listed for sale at the same price. Yes, $350K is a steal in NBPT but look at what you're getting. In essence, this is around a 1500sq foot antique home that someone divided up into tiny condos. Strikes me as a place where you'd hear every creek and conversation of your neighbors because it is like you have your own room but you are sharing a small single family home that by the looks of the interior probably doesn't have any great upgraded walls/soundproofing, etc. with pretty basic, dated finishes too. https://www.coldwellbankerhomes.com/.../pid_49422281/

[simplexsimon]

Originally Posted by msRB311

Last March a house up the st from me was listed for 845k, had an offer after one day and the house sold for 995k. Pretty basic house.

In July a family on the same st with a very similar house put their house on the market for 899k. House sat for about a month and i see it just sold for 879k.

So I guess that is a cooling market.

Assuming both are financed 80%, the payment might be about the same based on where interest rates were vs now. The Fed's plan is working!

[msRB311]

I have no idea on financing. I remember thinking whoever bought that house at 995 is nuts. I wouldnt want that house that just sold for 879k either.

People are paying more than they should be. One can argue, oh but they can afford it or they see the value...but it still seems way overvalued. I again feel bad for anyone in a situation where they need to be buying right now.

[charolastra00]

Originally Posted by msRB311

Last March a house up the st from me was listed for 845k, had an offer after one day and the house sold for 995k. Pretty basic house.

In July a family on the same st with a very similar house put their house on the market for 899k. House sat for about a month and i see it just sold for 879k.

So I guess that is a cooling market.

The interest rate changes from then til now means that a monthly payment is likely more on the 879K house than the 995K house.

[msRB311]

Originally Posted by charolastra00

The interest rate changes from then til now means that a monthly payment is likely more on the 879K house than the 995K house.

Good point...the house was pending for a while so they may have snuck in a lower rate? I am not sure at what point they got locked in a rate.

[charolastra00]

Originally Posted by msRB311

Good point...the house was pending for a while so they may have snuck in a lower rate? I am not sure at what point they got locked in a rate.

Possible! It's all moving so quickly. When I accepted my current job back at the end of June, I spent some time looking at houses and figuring where I could consider buying in spring 2023. Not only am I totally priced out of those markets now despite cooling housing costs, but I'm having to push back my buy schedule *again*.

It's looking like it will be a miracle if I can get into a house or have kids before 40.

[WestieWhitie]

Originally Posted by massnative71

Is this really happening? I keep being told that they won't repeat this 2008 mistake again, and how we won't see such a contraction again.

It sure is - I'm currently looking and the amount I'd be approved for is essentially twice what I'm willing to spend given my income.