2022 Real Estate Observations (rich, payments, market)

[bostongymjunkie]

Nah, more indicative of a very BORING individual.

[msRB311]

I think what many people are trying to say is that they do have a high salary and are still disgusted by what they pay for housing these days and what it gets them.

[jayrandom]

Originally Posted by WestieWhitie

$800K is easy for $300K earners but given the quality of our housing stock chances are the type of house they would want costs far more than $800K.

Originally Posted by newenglandgal123

Exactly, a lot of this older housing stock hasn't had a bath or kitchen upgrade in decades so in addition to that $800K there are also going to be renovation costs to factor into someone's budget as well and that ain't cheap! Easily can eat away $300K income.

There seems to be a strange mix of wealth and extremely conservative spending on city-data that leads people to vastly overstate how much money someone needs to live comfortably. I was specifically pointing out the idea that a household earning $300k/year would struggle with an $800k mortgage.

Of course people are going to want better things. They also are content with what they can afford. Sure, some people fall into the trap of being unhappy with nice things because other people have nicer things, but that is not something limited to the $300k HHI set, or people in Massachusetts, or even people 'these days'.

[msRB311]

Ok on this massland place, what does 'consideration' mean in the top right corner? Is that amount of money someone put down on the house? or is that someone's mortgage?

[yesmaybe]

Originally Posted by msRB311

Ok on this massland place, what does 'consideration' mean in the top right corner? Is that amount of money someone put down on the house? or is that someone's mortgage?

Depends on the post. If it's a deed, it's the amount the place sold for. If it's a mortgage it's the amount of the mortgage.

[newenglandgal123]

Originally Posted by msRB311

Ok on this massland place, what does 'consideration' mean in the top right corner? Is that amount of money someone put down on the house? or is that someone's mortgage?

Also, if you see ones that say discharge, that likely means they re-financed and you have to make sure you are looking at the most recent mortgage record which would show the current amount. If you see discharge that can also mean that they paid off their mortgage. In this case, you will not see any other mortgage records after the discharge dated one.

[MikePRU]

Originally Posted by msRB311

Ok on this massland place, what does 'consideration' mean in the top right corner? Is that amount of money someone put down on the house? or is that someone's mortgage?

I'm not a lawyer nor do I play one on TV but my understanding of contract law is that a legal and binding contract must have three elements . . .

Offer (e.g. do you want this?)
Acceptance (e.g. sure! I'll take it!!)
Consideration (e.g. here is some value I'm giving you in exchange for this contractual commitment)

Originally Posted by newenglandgal123

Also, if you see ones that say discharge, that likely means they re-financed and you have to make sure you are looking at the most recent mortgage record which would show the current amount. If you see discharge that can also mean that they paid off their mortgage. In this case, you will not see any other mortgage records after the discharge dated one.

Correct! A discharge is a release of mortgage.

[msRB311]

So I did look up like two people and I have to say, I just don't care lol. I don't care what someone else might have for a mortgage payment or what they put down.

I do get interested I guess in what someone paid for their overall house. How they break it down is not really that interesting to me.

I did notice one that is kind of questionable where someone purchased a house for $1,100,000. In the 'consideration' section it says, 330,000. Is this what the mortgage would be? It's a little confusing since these people sold another a house for about the same price, actually a little bit more.

[BostonMike7]

Originally Posted by simplexsimon

Care to share which banks financed them?

I had to go back to look. Fairway Independent Mortgage Corp and Crosscountry Mortgage Inc were the most recent since interest rates exploded. Both were under 8% down on 700-800K homes within the last month.



I can't seem to figure out how to navigate the masslandrecords site. I used https://www.countyoffice.org/ma-property-records/ but you are limited to 5 searched per day

[newenglandgal123]

Originally Posted by msRB311

So I did look up like two people and I have to say, I just don't care lol. I don't care what someone else might have for a mortgage payment or what they put down.

I do get interested I guess in what someone paid for their overall house. How they break it down is not really that interesting to me.

I did notice one that is kind of questionable where someone purchased a house for $1,100,000. In the 'consideration' section it says, 330,000. Is this what the mortgage would be? It's a little confusing since these people sold another a house for about the same price, actually a little bit more.

Yes, the 330K is what the mortgage is and it means they put $770K down.