2023 Real Estate Observations (Florida: flood zone, coastal, value)

[msRB311]

Then the complaint becomes that $20 an hour isn't enough to live in Boston.

[matrix5k]

Originally Posted by newenglandgal123

How are all the top tier rated mortgage applicants feeling about having to pay higher rates to subsidize those with poor credit scores? Once again, those who work hard and are responsible with their finances/use of credit have to pay the price. This is akin to using taxpayer money to fund EBT cards for those who don't want to get off their behinds and get a job. They get stuff for free and the handouts keep on coming for these folks. Unbelievable....
https://www.cbsnews.com/boston/news/...credit-scores/

The article says "Here is what it will mean for first-time homebuyers who fit certain income guidelines." So it's only for first time homebuyers? Isn't there already first time home buyer incentives?

It sounds like the majority of people here won't be affected since we are not first time home buyers.

[newenglandgal123]

Originally Posted by matrix5k

The article says "Here is what it will mean for first-time homebuyers who fit certain income guidelines." So it's only for first time homebuyers? Isn't there already first time home buyer incentives?

It sounds like the majority of people here won't be affected since we are not first time home buyers.

I think it impacts anyone with a good credit score who is purchasing via a mortgage. First time buyer pool may have more folks in the mix with poor credit scores and will thus get the lower fees. As someone else already said, people with low credit scores have no business buying a house so it doesn't seem to make much sense.

[msRB311]

At the end of the day I don't really care who buys a house or who doesn't...but people should not be penalized for having good credit scores. People already kind of are penalized by taxes for having a good salary.

[matrix5k]

Originally Posted by newenglandgal123

I think it impacts anyone with a good credit score who is purchasing via a mortgage. First time buyer pool may have more folks in the mix with poor credit scores and will thus get the lower fees. As someone else already said, people with low credit scores have no business buying a house so it doesn't seem to make much sense.

But if you're not a first time buyer then what does it matter? How many people in this thread is a first time buyer? One or two? Is a 6.25% mortgage for first time buyer vs 6.50% a deal breaker? We're all locked into <3% mortgages anyway.

[MMS02760]

Originally Posted by MMS02760

I am some 45 miles from downtown Boston and a three bedroom ranch on my street just got listed at $695k on April 6th. Price was dropped $20k on the 14th.

The price on this house has already been dropped a second time. It is now listed at 649,900 having been on the market for three weeks. Most recent previous homes sold in my neighborhood were going under contact in just a few days and typically exceeded the asking price. My thinking is that the initial price for this house was set far too high. It is nice and relatively new having been built in 1997 with 1,582 sf, 2.5 baths and an attached two car garage. It has a .74 acre lot that overlooks a golf course. One would think it would not take long for it to sell provided it was priced right. This home would appear to reflect a cooling real estate market in my particular area.

[mikeugh]

Originally Posted by massnative71

Total nonsense. We are at FULL employment and anybody with a pulse can get $18-$20/hour for merely showing up to work. I can think of very few reasons why an able bodied person should be receiving benefits in this day and age. Let's get back to real estate please.

Yet it is factually correct. You have to earn relatively little to be able to get SNAP benefits, and 70% of the people that do work full time. Reality doesn't change based on your opinion.

[massnative71]

Originally Posted by matrix5k

But if you're not a first time buyer then what does it matter? How many people in this thread is a first time buyer? One or two? Is a 6.25% mortgage for first time buyer vs 6.50% a deal breaker? We're all locked into <3% mortgages anyway.

Not sure where your lack of empathy and concern for others come from, but I guess it's pretty typical for nowadays...


But from other pieces I read, this is going to affect more than first time buyers. I wish I could find a full list of everything that will be changing.

[massnative71]

Originally Posted by mikeugh

Yet it is factually correct. You have to earn relatively little to be able to get SNAP benefits, and 70% of the people that do work full time. Reality doesn't change based on your opinion.

Please provide data to back that up.



This source says only 33% or so of recipients are working families, of which of course not all will be full time.


https://www.cbpp.org/research/food-a...#Massachusetts

[newenglandgal123]

Originally Posted by matrix5k

But if you're not a first time buyer then what does it matter? How many people in this thread is a first time buyer? One or two? Is a 6.25% mortgage for first time buyer vs 6.50% a deal breaker? We're all locked into <3% mortgages anyway.

Even though many got 3% rates, some of those folks will eventually be moving and purchasing elsewhere for whatever their reasons. Also, if you had an 800+ credit score, were saving tirelessly for 15+ years and did everything right to keep your credit in good shape in order to purchase a home, would you be happy to learn that you will now have to pay higher fees than Joe Schmoe who was sitting next to you at the mortgage office yesterday? Joe Schmoe has charged up the wazoo for most of his life and he makes his car payments late so that he can instead buy a 12 pack of Coors each week along with a handful of scratch tickets, resulting in him having a 550 credit score.