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Old 11-29-2023, 12:50 PM
 
9,093 posts, read 6,317,546 times
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Originally Posted by newenglandgal123 View Post
That's incredible! I usually don't hear of too many who say they have a mortgage that low....whenever I tell someone about mine they are in awe....they'd really be in awe about yours! Next best thing to a paid off house.
I bought a foreclosure at the low point of the market between 2008 and 2013. I've spent roughly $200k or so on upgrades, renovations and maintenance. Real estate costs people one way or another. At least in my case, most of the money I spent was on tangible aspects of the house that I enjoy rather than bank interest.
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Old 11-29-2023, 12:56 PM
 
Location: Providence, RI
12,863 posts, read 22,026,395 times
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Quote:
Originally Posted by newenglandgal123 View Post
Does he contribute to 401k or retirement too? Seems like that would be real tight. Having no car payment is nice but I fear for anyone's safety who is driving a 10 yr old corolla...they just aren't safe with all the crazy drivers on the roads today who are in much bigger and newer cars (advanced safety tech).
I don't know what his contribution is, but he's got a 401k. I'm sure it's real tight, even if they're thrifty. They may even be dipping into savings. He's absolutely convinced interest rates are going to plummet imminently and he'll be in a good place. It's not an approach I'd take, and it's probably an extreme example. But my point was that I think there are a lot of people out there right now spreading themselves quite thin just banking on the same thing.
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Old 11-29-2023, 01:39 PM
 
15,796 posts, read 20,504,199 times
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I don't see a return to previous rates for quite some time. Even looking at the historical charts, there was never a plummet to the rates we say previously.

The last drop from 8%+ to 3% took almost 20 years to do. Coincided maybe with an explosion in home values over the same time period?
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Old 11-29-2023, 05:22 PM
 
1,540 posts, read 1,125,554 times
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Quote:
Originally Posted by BostonMike7 View Post
I don't see a return to previous rates for quite some time. Even looking at the historical charts, there was never a plummet to the rates we say previously.

The last drop from 8%+ to 3% took almost 20 years to do. Coincided maybe with an explosion in home values over the same time period?
I'm currently reading The Price of Time which attributes the explosion in prices to the lowering of rates and gives numerous examples dating back hundreds of years showing that this happens all the time. The author would be very supportive of the US maintaining higher rates for longer but he's a bit of a contrarian so who knows if rates will stay high...the current market is betting on rate cuts.
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Old 11-29-2023, 05:55 PM
 
2,352 posts, read 1,779,566 times
Reputation: 700
The US basically can't afford current Fed rates. It's only a matter of time before rates go back to zero. We're talking a year tops.

Of course mortgage rates aren't entirely tied to the Fed rate and you can't be under water to refi.
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Old 11-29-2023, 06:25 PM
 
3,620 posts, read 1,840,863 times
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Been on the market almost 6 months w/a few price cuts and no takers for this unique looking new construction Mcmansion in Waltham. I guess the builder doesn't realize that Waltham is not the same W status like neighboring Wellsley and Weston...it can't quite support these $2M+ price points yet.

https://www.zillow.com/homedetails/1...56360722_zpid/
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Old 11-29-2023, 06:53 PM
 
849 posts, read 554,024 times
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Quote:
Originally Posted by newenglandgal123 View Post
Been on the market almost 6 months w/a few price cuts and no takers for this unique looking new construction Mcmansion in Waltham. I guess the builder doesn't realize that Waltham is not the same W status like neighboring Wellsley and Weston...it can't quite support these $2M+ price points yet.

https://www.zillow.com/homedetails/1...56360722_zpid/
And it’s still a split entry. High end buyers usually go for colonials or ranches.
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Old 11-29-2023, 07:23 PM
 
3,620 posts, read 1,840,863 times
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Quote:
Originally Posted by MtPleasantDream View Post
And it’s still a split entry. High end buyers usually go for colonials or ranches.
and who would spend north of $2M on that to be in Waltham when they can spend $1.7M for this on 2+ acres in Weston?https://www.zillow.com/homedetails/1...57137044_zpid/
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Old 11-30-2023, 04:43 AM
 
721 posts, read 996,456 times
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How did Chicopee even make it onto this list of top suburbs? Granted it is number 40, but still......

https://www.boston.com/real-estate/r...p_featurestack
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Old 11-30-2023, 04:58 AM
 
2,352 posts, read 1,779,566 times
Reputation: 700
Quote:
Originally Posted by newenglandgal123 View Post
and who would spend north of $2M on that to be in Waltham when they can spend $1.7M for this on 2+ acres in Weston?https://www.zillow.com/homedetails/1...57137044_zpid/
There's plenty of people out there who want new construction versus something built 80 years ago.
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