2023 Real Estate Observations (Westwood, Norfolk: cost of living, affluent, winters)

[newenglandgal123]

Originally Posted by msRB311

I wouldn't say obsessed but I do wonder sometimes about what people are making or if they even should be buying all that they are. Sure many can afford it but others try to keep up with the Jones's so matter what. Not sure why people thinking about what others spend money on bothers you ? People wonder about a lot of what others do. Who they vote for, how they parent, do they drink, how often do they have sex lol. You seems pretty irritated by people wondering what folks spend money on.

He gets just as irritated whenever someone posts about mortgages---guess it bugs him some like to see the trends of what folks are putting down on different priced homes/different towns!

[simplexsimon]

I’d be curious to see what the average buyer looks like right now. How many buyers are outside of the traditional debt-to-income parameters banks use to underwrite? With very low house inventory, higher rates, and lenders tightening up due to forecasting recession I have to think only the strongest buyers are winning bids.

I don’t see prices going down without a serious recession, one where unemployment is 2-3x higher and we’re all afraid of losing our jobs. There isn’t going to be some magic wand that causes prices to decline on it’s own.

[newenglandgal123]

Originally Posted by simplexsimon

I’d be curious to see what the average buyer looks like right now. How many buyers are outside of the traditional debt-to-income parameters banks use to underwrite? With very low house inventory, higher rates, and lenders tightening up due to forecasting recession I have to think only the strongest buyers are winning bids.

I don’t see prices going down without a serious recession, one where unemployment is 2-3x higher and we’re all afraid of losing our jobs. There isn’t going to be some magic wand that causes prices to decline on it’s own.

All you have to do is pick a town of your interest, look up mortgages in the registry of recently solds and that will quickly give you a pretty good idea of what you're looking to find out! I saw one yesterday that was 100% financed...as in 0 down! This was for a $640K house too. I was shocked...didn't think banks allowed that anymore.

[simplexsimon]

Originally Posted by newenglandgal123

I didn't realize it has an Amazon warehouse behind it. I pulled it up on street view and looked like a nice residential neighborhood of pristine manicured properties. That's even more bizarre someone thought the need to offer $300K over list for a home already priced at over $1M....now they get to live abutting a warehouse.

I’m familiar with the neighborhood. There’s no through traffic for Amazon delivery vehicles. Can’t say the same for Forbes Rd and Everett St.

[simplexsimon]

Originally Posted by newenglandgal123

All you have to do is pick a town of your interest, look up mortgages in the registry of recently solds and that will quickly give you a pretty good idea of what you're looking to find out! I saw one yesterday that was 100% financed...as in 0 down! This was for a $640K house too. I was shocked...didn't think banks allowed that anymore.

Ah interesting, who is the lender? That is aggressive especially these days. And it’s a loan that will sit on the bank’s books as it’s not going to be eligible to be sold to Fannie/Freddie.

[newenglandgal123]

Originally Posted by simplexsimon

Ah interesting, who is the lender? That is aggressive especially these days. And it’s a loan that will sit on the bank’s books as it’s not going to be eligible to be sold to Fannie/Freddie.

Keybank

[massnative71]

Originally Posted by simplexsimon

There isn’t going to be some magic wand that causes prices to decline on it’s own.

I keep saying it over and over again. People can't hold onto their homes forever, eventually people will have to start selling again.


Also with the national debt situation, an economy that has become dependent on government handouts and deficit spending is going to face a day of reckoning sometime in the future. It ain't going to be pretty.

[msRB311]

Originally Posted by massnative71

I keep saying it over and over again. People can't hold onto their homes forever, eventually people will have to start selling again.


Also with the national debt situation, an economy that has become dependent on government handouts and deficit spending is going to face a day of reckoning sometime in the future. It ain't going to be pretty.

Why can't people hold on to homes forever ?

[msRB311]

Originally Posted by mikeugh

Some people do. The vast majority don't. There are always some weirdos out there though.

Many people take an interest in human behavior. I was bring somewhat sarcastic with some of the things I mentioned earlier. You're kidding yourself if you don't think people are curious about how so many afford a 1.5 to 2m home. Particularly the one income households.

[matrix5k]

Originally Posted by massnative71

I keep saying it over and over again. People can't hold onto their homes forever, eventually people will have to start selling again.


Also with the national debt situation, an economy that has become dependent on government handouts and deficit spending is going to face a day of reckoning sometime in the future. It ain't going to be pretty.

A lot of seniors pass on their homes to their kids though. So they never really go on sale.