2023 Real Estate Observations (Arlington, Saugus: toddlers, comparisons, tools)

[simplexsimon]

Originally Posted by newenglandgal123

Did you check out the street view on that place?! Can you imagine how awful it would be trudging down that steep, snow covered hill to get to your car in the winter?

That's why it's priced where it is. What do you expect?

[MtPleasantDream]

Originally Posted by BostonMike7

What do they define as a starter home? 2BR at 750K in greater boston?


I mean if you lower expectations a bit, there are cheaper homes to live inside 95/128.

https://www.redfin.com/MA/Saugus/3-C...6/home/8394409

Now the mortgate rate is 8%. That means if you borrow $500k, your monthly payment for the loan would be nearly $3700. Then there is also property tax, insurance and PMI if jumbo loan... The monthly payment easily exceeds $4500.
Suppose you already have some auto loan, student loan, credit card balances... $200k income makes sense.

[newenglandgal123]

Originally Posted by simplexsimon

That's why it's priced where it is. What do you expect?

I'd expect lower....$550K for a 2 bedroom 925 sq ft place seems absurd.

[newenglandgal123]

Originally Posted by MtPleasantDream

Now the mortgate rate is 8%. That means if you borrow $500k, your monthly payment for the loan would be nearly $3700. Then there is also property tax, insurance and PMI if jumbo loan... The monthly payment easily exceeds $4500.
Suppose you already have some auto loan, student loan, credit card balances... $200k income makes sense.

omg....all that taken into account when just trying to 'barely' afford a 925 sq ft tiny house way up on a steep hill

[MtPleasantDream]

Originally Posted by newenglandgal123

omg....all that taken into account when just trying to 'barely' afford a 925 sq ft tiny house way up on a steep hill

And Saugus high school is rated 4/10.

[simplexsimon]

Originally Posted by MtPleasantDream

Now the mortgate rate is 8%. That means if you borrow $500k, your monthly payment for the loan would be nearly $3700. Then there is also property tax, insurance and PMI if jumbo loan... The monthly payment easily exceeds $4500.
Suppose you already have some auto loan, student loan, credit card balances... $200k income makes sense.

Real estate propaganda would have you believe renting is the worst thing possible but renting makes so much more sense if these are the numbers.

[MtPleasantDream]

Originally Posted by simplexsimon

Real estate propaganda would have you believe renting is the worst thing possible but renting makes so much more sense if these are the numbers.

Yeah, since landlords typically have a very low mortgage rate, if any, they do not need to charge too much to maintain a positive cash flow. Renting makes sense nowadays.

[CaseyB]

Originally Posted by newenglandgal123

Did you check out the street view on that place?! Can you imagine how awful it would be trudging down that steep, snow covered hill to get to your car in the winter?

I was thinking how bad it would be to have to trudge up the hill with bags of groceries.

[charolastra00]

Originally Posted by BostonMike7

What do they define as a starter home? 2BR at 750K in greater boston?


I mean if you lower expectations a bit, there are cheaper homes to live inside 95/128.

https://www.redfin.com/MA/Saugus/3-C...6/home/8394409

It's still $3700 a month assuming you have 20% down (over 100K). And that's not counting the chairlift you'd probably want to build. Saugus is fine with me and one of the towns I will be looking at when I buy, but with stairs like that just to get in the front door you better pray you don't develop a disability, need surgery, or sprain an ankle. With 2 bedrooms, you aren't very likely to want to have kids there (though people certainly do) and it would be a real challenge navigating the stairs with a stroller, not to mention a stroller AND groceries.

[redplum33]

Street View: https://maps.app.goo.gl/eztTZS8sVs8asCbK9