2023 Real Estate Observations (Boston, Worcester, Saugus: Wednesday, native, affect)

[msRB311]

Originally Posted by newenglandgal123

Is there even such a thing as a forever home anymore? With the way companies lay people off, people voluntarily switching jobs every couple years and move, etc. it seems the only people who can truly say they have a forever home is those who paid cash and don't need to depend on a high paying job to support their housing.

I know a lot of people who have been in the same home for decades. Things can change but not always.Some people maybe will be in trouble in this current environment or if they bought the last two years at the top of their budget. just because someone gets laid off doesnt mean they have to sell their house either.

[newenglandgal123]

Originally Posted by msRB311

I know a lot of people who have been in the same home for decades. Things can change but not always.Some people maybe will be in trouble in this current environment or if they bought the last two years at the top of their budget. just because someone gets laid off doesnt mean they have to sell their house either.

Not to mention, I'm sure the divorce rate spiked during/after Covid too which is another reason to sell/move.

[newenglandgal123]

Originally Posted by msRB311

I know a lot of people who have been in the same home for decades. Things can change but not always.Some people maybe will be in trouble in this current environment or if they bought the last two years at the top of their budget. just because someone gets laid off doesnt mean they have to sell their house either.

Nope, not if they have an emergency fund or if they can line up another job quickly, otherwise they could wait for the foreclosure proceedings to start.

[msRB311]

Originally Posted by newenglandgal123

Nope, not if they have an emergency fund or if they can line up another job quickly, otherwise they could wait for the foreclosure proceedings to start.

Have you seen many foreclosure listing? I haven't. I also havent heard of all that many layoffs. The people who do get laid off seem to find work quickly. I just dont think MA is going to have a big problem unless the pharma/tech industries disappear.

[newenglandgal123]

Originally Posted by msRB311

Have you seen many foreclosure listing? I haven't. I also havent heard of all that many layoffs. The people who do get laid off seem to find work quickly. I just dont think MA is going to have a big problem unless the pharma/tech industries disappear.

MA is not immune. There have been layoffs recently.....in May some larger pharmas laid off a few hundred folks based in MA and here's some more recent ones.....https://www.biospace.com/article/bio...ty-cuts-staff/

[newenglandgal123]

Originally Posted by msRB311

Have you seen many foreclosure listing? I haven't. I also havent heard of all that many layoffs. The people who do get laid off seem to find work quickly. I just dont think MA is going to have a big problem unless the pharma/tech industries disappear.

They definitely won't disappear but many of them are 'right-sizing'

[msRB311]

I can think of a few hedge fund bros and greedy real estate investors who could use a dose of humble pie but I don't want to see people get laid off and lose their homes.

[newenglandgal123]

Originally Posted by msRB311

I can think of a few hedge fund bros and greedy real estate investors who could use a dose of humble pie but I don't want to see people get laid off and lose their homes.

I mean if someone in pharma lost their job and they were already commuting in to Bos/Cambridge then they likely still will with a new job since so many of those companies are based there. What might be concerning though for any of them who lose their job is if they don't have an emergency fund and they have like a $6k/month mortgage b/c they overbid on a house in 2022. It might be dicey for awhile until they get a new job which sometimes takes longer than one expects, even with so many companies in our backyard.

[msRB311]

Originally Posted by newenglandgal123

I mean if someone in pharma lost their job and they were already commuting in to Bos/Cambridge then they likely still will with a new job since so many of those companies are based there. What might be concerning though for any of them who lose their job is if they don't have an emergency fund and they have like a $6k/month mortgage b/c they overbid on a house in 2022. It might be dicey for awhile until they get a new job which sometimes takes longer than one expects, even with so many companies in our backyard.

Right I have a hard time understanding these prices and why people are buying these homes and am constantly told here that people need a place to live. OK, but do you really need a 1.4M house to live in that not too long ago cost someone else 800k? The market is just a mess....but apparently some folks don't care. I would never assume that I would never lose my job but many folks seem to have that mindset.

[newenglandgal123]

Originally Posted by msRB311

Right I have a hard time understanding these prices and why people are buying these homes and am constantly told here that people need a place to live. OK, but do you really need a 1.4M house to live in that not too long ago cost someone else 800k? The market is just a mess....but apparently some folks don't care. I would never assume that I would never lose my job but many folks seem to have that mindset.

Me too, I've never been laid off in my industry but always err on the side of caution. These companies sometimes make haphazard decisions and next thing you know 30 of your colleagues are gone....and oh wait, that was only round 1. That's why even if I'm not seriously looking to make a move, I'm always interviewing. It may only be once or twice every few months but when a recruiter reaches out a lot of times I talk to them b/c one never knows. There's no loyalty really from either side anymore. Companies churn and burn their employees and employees churn and burn their employers. Gone are the days of retiring at a place you've been at for 30 yrs w/few exceptions of course.