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I suspect that the cost of doing business is higher in MA.
But, that should include the selling price of comparable housing, too. At least, that is what my clients coming from MA tell me.
7% on a $1.5 million loveshack. My heart palpitates....
The 7% was real estate valuations increasing YoY.
If you buy a house there that isn't doing that, on average, you didn't do it right.
People who haven't sold/bought houses always argue with me on this. I am probably one of the older millennials (they are calling us Geriatric Millennials now...), and unfortunately people of my generation and 5-6 years younger are now just buying their first house. When I tell them that its the buyer who pretty much covers everything they really argue with me. They are like, oh no, seller actually pays for agents fees. And, I am like but who is paying for the house? They do not get it. I usually tell them that it's like you getting allowances from your parent, and then using that money to buy him/her a gift. If there is no buyer, there is no $$ and no transaction. That transaction pays for everything.
And, don't get me started on re-financing. I had a long discussion with a friend who wanted to re-finance back to 30 year mortgage just because it would somewhat lower her monthly payments. I had to literally walk her through the amortization schedule to show what she'll be paying in interest, and what break even would be. I convinced her to pay $200 more and switch to shorter term mortgage at a really good interest rate. She would save so much in interest!
I think colleges really need to have mandatory personal finance classes. A lot of people even my age do not understand the current and future value of money.
Start in High School.
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), and unfortunately people of my generation and 5-6 years younger are now just buying their first house. When I tell them that its the buyer who pretty much covers everything they really argue with me. They are like, oh no, seller actually pays for agents fees. And, I am like but who is paying for the house? They do not get it. I usually tell them that it's like you getting allowances from your parent, and then using that money to buy him/her a gift. If there is no buyer, there is no $$ and no transaction. That transaction pays for everything.
