2023 Real Estate Observations (Newton, Beverly: better, cherry, bargain)

[jayrandom]

Originally Posted by newenglandgal123

In 2019 if I saw a 900 sq ft condo in Beverly sold for $600K I would think that's crazy too!

So what would you do instead? Prices are way up everywhere. It’s easy to say “I’d never pay that price” when “just buy 10 years ago at half the price” is your fallback. For people buying now, the options are:

1. Pay. “too much”
2. Continue renting
3. Move far away

[newenglandgal123]

Originally Posted by jayrandom

So what would you do instead? Prices are way up everywhere. It’s easy to say “I’d never pay that price” when “just buy 10 years ago at half the price” is your fallback. For people buying now, the options are:

1. Pay. “too much”
2. Continue renting
3. Move far away

Well for starters, I don't buy houses/condos where you have to offer $100K+ over list.

[jayrandom]

Originally Posted by newenglandgal123

Well for starters, I don't buy houses/condos where you have to offer $100K+ over list.

What a non answer.

Also, what a weird way of buying houses. List price is a marketing tool, not some sort of official statement of value. Excluding property because of some weird self-imposed list price markup limit is only going to hurt you, though, so stick with it.

[newenglandgal123]

Originally Posted by jayrandom

What a non answer.

Also, what a weird way of buying houses. List price is a marketing tool, not some sort of official statement of value. Excluding property because of some weird self-imposed list price markup limit is only going to hurt you, though, so stick with it.

Hasn't hurt me yet. I've purchased around 5 properties sub list price in the last 8 years and every one of them I've sold, was at a profit.

[jayrandom]

Originally Posted by newenglandgal123

Hasn't hurt me yet. I've purchased around 5 properties sub list price in the last 8 years and every one of them I've sold, was at a profit.

If you’re flipping, paying over list makes no sense, because the entire point of flipping is to take houses that no one else wants and transform them into houses people do want. Whether or not YOU actually want the house is less relevant. Of course it’s easy to be a great stock picker in a crazy bull market. Did you do better than the market average after all expenses?

If you’re buying to actually live in a house, limiting yourself to list price might keep you from something that is the best value. You have to have faith in your own ability to fairly assess a property’s value, though.

[matrix5k]

Originally Posted by newenglandgal123

Hasn't hurt me yet. I've purchased around 5 properties sub list price in the last 8 years and every one of them I've sold, was at a profit.

If you're so good at flipping houses then why don't you just move instead of complaining about your neighbor's lawn?

[matrix5k]

Originally Posted by newenglandgal123

In 2019 if I saw a 900 sq ft condo in Beverly sold for $600K I would think that's crazy too!

Okay. So are you going to cherry pick properties that sold for a high price and post them for the rest of your life here? Prices aren't coming down anytime soon. No one cares if you wouldn't pay these prices. And why do you keep dodging our questions? If the property was listed at 732k and sold for $0 over list, would you still post it? What would you suggest someone do if they were buying today?

[matrix5k]

This one sold for 150k under list. What a bargain!

https://www.zillow.com/homedetails/2...ource=txtshare

[newenglandgal123]

Originally Posted by jayrandom

If you’re flipping, paying over list makes no sense, because the entire point of flipping is to take houses that no one else wants and transform them into houses people do want. Whether or not YOU actually want the house is less relevant. Of course it’s easy to be a great stock picker in a crazy bull market. Did you do better than the market average after all expenses?

If you’re buying to actually live in a house, limiting yourself to list price might keep you from something that is the best value. You have to have faith in your own ability to fairly assess a property’s value, though.

I'm not really flipping in the traditional sense. I buy properties that I actually live in for a couple years then sell them. When I think of flipping I think of investors buying a property, never living in it then selling it a few months to a year after purchase. The ones I buy are all my primary residence.

[newenglandgal123]

Originally Posted by matrix5k

If you're so good at flipping houses then why don't you just move instead of complaining about your neighbor's lawn?

Because, didn't you see one of my previous posts from yesterday? My overhead is so CHEAP. Why do I want to give that up right now?!