2023 Real Estate Observations (systems, regulations, valuation)

[lrfox]

Originally Posted by matrix5k

Problem is Americans love their cars. They'd rather sit in traffic for 1-2 hours in the comfort of their 5-7 seater car than take a train or bus. But they also want the cars to drive themselves now so they can play on their phones while on the highway.

And cars aren't going anywhere. The point is that traffic is getting worse and worse and even car loving Americans have a threshold for how much of it they'll be willing to tolerate. Yeah, they'll sit in a traffic for 90 minutes is the alternative is a 90 minute (assuming no delays or breakdowns) train ride plus a 15 minute drive to the train station and a 10 minute walk to the office.

We can't increase our roadway capacity in a meaningful enough way to enable to eliminate or drastically reduce traffic across the metro area. We can, however, drastically improve transit capacity and efficiency without demolishing entire neighborhoods. If you make that 90 minute train ride 60 minutes on trains that run every half hour and improve reliability, you'll encourage many people to reconsider their 90 minute drive in traffic. The goal shouldn't be to try and get everyone out of their cars. People will always choose to drive. The goal should to be to create options so that not everyone is forced to drive.

[msRB311]

Would have been nice if companies kept WFH around but too much greed and insecurity there as well. That was an option so that people weren't forced to drive or take the train but sounds like people don't like this either. This is why I get very irritated with this forum. WFH gave people an option to move further out to find better prices but nope. Let's keep folks miserable.

[newenglandgal123]

Originally Posted by msRB311

It's thoughtless and inconsiderate to just build all over the place because this is a place people want to be. In guess the people already here don't matter ? They just need to adapt to overcrowded roads, new construction everywhere ? People are complaining about this is NH as well. So much for quaint quiet New England towns anymore.

I agree with you on this....I sometimes dread going anywhere ....everywhere is so crowded and then dealing with irate, reckless people on the roads to get to your destination makes it even worse. So thankful for WFH.

[msRB311]

I am also thankful to still be WFH. I am fine with my situation but these threads get me fired up in that no one wants to be part of any type of solution other than build, build, build. Not that that is even an option for everyone. Not everyone can afford a newly built home or even the rent on a newly built apt complex near the city.

[yesmaybe]

Should point out that 1.5 mill/20% down at 300k MFJ is 40% DTI. Would you get approved? Yeah. Is that a good idea?

[newenglandgal123]

Originally Posted by yesmaybe

Should point out that 1.5 mill/20% down at 300k MFJ is 40% DTI. Would you get approved? Yeah. Is that a good idea?

Whatever happened to the golden rule of no more than 25-30% of your gross income goes toward housing costs (mortgage, insurance, taxes or rent)? Is that even remotely possible for people to do nowadays based on the high cost of housing/rates/rents vs incomes not keeping up? I know if I were to sell and buy something else now the % of my income that goes toward housing would skyrocket and probably exceed that recommended % unless I got an even higher paying job. Pretty sad when you already make above the average HHI in MA and have to consider getting an even higher paying job solely for the purpose of trying to move/buy a different place.

[matrix5k]

There you guys go assuming buyers have no assets other than their down payment again.

[newenglandgal123]

Originally Posted by matrix5k

There you guys go assuming buyers have no assets other than their down payment again.

ok, they could also sell their crypto and just pay cash for their house....how's that?

[yesmaybe]

Originally Posted by matrix5k

There you guys go assuming buyers have no assets other than their down payment again.

There are a ton of people here living paycheck to paycheck... even in million dollar homes. That's how crazy things have gotten.

[yesmaybe]

Originally Posted by newenglandgal123

Whatever happened to the golden rule of no more than 25-30% of your gross income goes toward housing costs (mortgage, insurance, taxes or rent)?

I'm not saying it's a good idea. I'm saying people are doing it.