2022 Real Estate Observations (Waltham, Marlborough, Westborough: move, license, phone)

[WestieWhitie]

Originally Posted by newenglandgal123

This has got to be one of the oddest looking houses I've seen when browsing listings this week...yuck!
https://www.zillow.com/homes/5-Grand...57054497_zpid/

House itself isn’t too bad but they want $2M for barely 3000sqft in Burlington? Crack is whack!

[gf2020]

Apparently, some of you don't know a "stunning contemporary new construction home from an award winning builder," when you see it.

[newenglandgal123]

Originally Posted by gf2020

Apparently, some of you don't know a "stunning contemporary new construction home from an award winning builder," when you see it.

lol, I didn't even read the write up on it until just now. Award winning?! It has way too much going on. The exterior has siding that is going horizontal, some that's going vertical, roof angles that make your eye go crazy trying to follow them.

[matrix5k]

Originally Posted by MtPleasantDream

I wouldn’t buy such a house in Burlington either.
For Bedford, Andover, Lynnfield etc it makes more sense.

Due to better schools?

[BostonMike7]

Originally Posted by lrfox

Part of the thought process was that we'd continue to see our salaries grow over time and the mortgage would become a smaller and smaller percentage of our income. That would allow us to either pay it off early or keep a very manageable payment later on. But even if we plateaued (or one of us lost a job), we wouldn't be in too much trouble. The lack of stress is really nice. .

That's where we are as well. We bought 7 years ago and at the time we needed both of us to work to cover all the bills, but now we really only need one of us to work. Of course, it helps that the day care bills no longer exist as well.

[WestieWhitie]

Originally Posted by lrfox

Maybe they can, but that's the polar opposite of the approach we've taken. We bought a place with enough (but not a ton of) money down to essentially ensure that our mortgage was about the same as our rent at the time. Part of the thought process was that we'd continue to see our salaries grow over time and the mortgage would become a smaller and smaller percentage of our income. That would allow us to either pay it off early or keep a very manageable payment later on. But even if we plateaued (or one of us lost a job), we wouldn't be in too much trouble. The lack of stress is really nice.

I just wonder about the circumstances surrounding a mortgage like that. You'd think that if they're earning at that high of a level, they'd be able to put more money down. In the days of sub 3% interest rates, I knew some people who were advised to put just enough down to avoid PMI or to continue paying the mortgage rather than paying it all off. In both instances the majority of their money was in investments that were earning more than they'd be saving if they withdrew for a big down payment or mortgage payoff. But I don't know that they'd be given the same advice today.

Most salaries are capped meaning you need to keep getting promoted if you want your salary to keep growing. Now, many of working professionals in Boston outside of nonprofit sweatshops can eventually get to a position that starts at $150K and tops out around $200K but a lot fewer will climb to that $200K+ starting gig with much wider pay range that sits a lot higher up the food chain.

[msRB311]

I've realized that you can't really use someone's house to figure out what their salary/HHI might be. There's many factors at play right down to did Mom and Dad help out.

[newenglandgal123]

Originally Posted by msRB311

I've realized that you can't really use someone's house to figure out what their salary/HHI might be. There's many factors at play right down to did Mom and Dad help out.

Nope and it seems like there are quite a few folks on this thread, myself included, who purchased homes way below their means. So, say you have a neighbor who lives in a similar size/style house as you, it's easy to assume they make around what you make when in reality they could be the highest earner on the street.

[simplexsimon]

Originally Posted by WestieWhitie

Most salaries are capped meaning you need to keep getting promoted if you want your salary to keep growing. Now, many of working professionals in Boston outside of nonprofit sweatshops can eventually get to a position that starts at $150K and tops out around $200K but a lot fewer will climb to that $200K+ starting gig with much wider pay range that sits a lot higher up the food chain.

Even modest inflation adjusted raises (like the old 3%, not 9%) will make the mortgage more manageable after a few years. That's one of the major pros of buying: fixing part of your living costs. Don't get me wrong, there are lots of negatives to homeownership too but I'm just talking about mortgage affordability.

[porterhouse]

Originally Posted by WestieWhitie

House itself isn’t too bad but they want $2M for barely 3000sqft in Burlington?

This one is a good reminder that real estate really has gotten out of whack around here. Boston is the new Bay Area (where sales prices now are pulling back).