2022 Real Estate Observations (Boston, Newton, Billerica: home search, upkeep, vs.)

[MikePRU]

Originally Posted by msRB311

I remember about 10 or so years ago it was appealing to buy a bigger home in a far out place because the home was cheaper. Billerica and other north shore towns come to mind. Traffic wasn't as horrific as it was 10 years ago as it is today so people with families seemed more willing to make the long commute to have a nice big home that they didn't break the bank for. Today there doesn't seem to be a whole lot appealing about paying 1.3+ million for a big home with a 1.5 hour commute. Might as well buy a smaller home closer to the city with a less soul crushing commute.

But maybe hybrid and WFH is still making these kind of homes attractive?

If anything buying further out to get a bigger home on a bigger piece of property has become wildly popular over the last couple of years much more so than it would have been 10 years ago. This is because of two things . . .

1. The new prevalence of WFH. Most people don't have to commute in 5 days/week anymore. Many people don't go into the office at all anymore. So, commuting has become less of a factor in some people's buying decision.

2. After being stuck inside of our houses for a year, many people decide that they wanted to be better able to entertain themselves at home or that they needed more space in their house because they now WFH. Maybe they wanted space for a home office. Maybe they wanted a bigger backyard for a pool. Perhaps, they decided they wanted their house to have a home theater or a home gym or an outdoor kitchen or a big patio with a firepit and an outdoor TV and a bar.

COVID definitely changed the way people live and therefore changed what they're looking for in a home.

[msRB311]

Originally Posted by MikePRU

If anything buying further out to get a bigger home on a bigger piece of property has become wildly popular over the last couple of years much more so than it would have been 10 years ago. This is because of two things . . .

1. The new prevalence of WFH. Most people don't have to commute in 5 days/week anymore. Many people don't go into the office at all anymore. So, commuting has become less of a factor in some people's buying decision.

2. After being stuck inside of our houses for a year, many people decide that they wanted to be better able to entertain themselves at home or that they needed more space in their house because they now WFH. Maybe they wanted space for a home office. Maybe they wanted a bigger backyard for a pool. Perhaps, they decided they wanted their house to have a home theater or a home gym or an outdoor kitchen or a big patio with a firepit and an outdoor TV and a bar.

COVID definitely changed the way people live and therefore changed what they're looking for in a home.

I would have thought this as well...you're a real estate agent and I'm not so i'm sure you have more of an idea. I guess I thought I'd see MORE people moving out of suburbs close to the city but I'm not seeing that. They are still paying way more than I ever would have thought for small homes with a not so bad commute. I guess MA is just very popular in general...whether it be a big home in the sticks or a smaller home not so much in the sticks. The suburbs close to Boston are just out of reach for many regardless of home size.

I know I have heard home buyers complain about the price increase of homes in 'the sticks'. I've even seen it discussed on this forum in that people are disappointed in how much prices have gone up in places like Foxboro, Hanover, Medway etc. I guess what I'm saying is people used to look to certain towns for 'deals' on a nice family home that wasn't too too far from the city but those deals are now gone for most people.

[MtPleasantDream]

Originally Posted by BostonMike7

Has Billerica really come around? I spend some time there and always got the feel it was sort of a townie town. It was always dubbed "Somerville with trees", except Somerville eventually gentrified. Nutting Lake area still doesn't have a great rep and if you go off the beaten path into some of those neighborhoods, there are still a lot of distressed looking properties with a car or two on blocks in the yard. Is it really turning around?

I did work in the area for 10+ years and always felt if i needed to live in the area, I would choose Burlington or even Tewksbury over living in the 'rica. However as someone who did put an offer in Tewksbury over 10+ years ago, i'm glad it didn't get accepted. Tewksbury seems to have gone from a quiet town into having a ton of development, especially along Rt 38. Traffic through town at commute times can be miserable.

Billerica is a big town with 41k residents. There is a relatively big diversity in terms of income and social status. (However, the racial diversity is still low.)
From North Billerica to Pinehurst is quite some distance (by New England standard) and there are very different types of neighborhoods in between.

[WestieWhitie]

Originally Posted by MtPleasantDream

Billerica is a big town with 41k residents. There is a relatively big diversity in terms of income and social status. (However, the racial diversity is still low.)
From North Billerica to Pinehurst is quite some distance (by New England standard) and there are very different types of neighborhoods in between.

I heard Brockton and Lawrence are great if racial diversity is an absolute must have...

[MtPleasantDream]

Originally Posted by WestieWhitie

I heard Brockton and Lawrence are great if racial diversity is an absolute must have...

Lawrence is 80% Hispanic, so it is as low as Billerica.

Lexington has a very high racial diversity.

[thinkingotherthings]

Originally Posted by msRB311

I would have thought this as well...you're a real estate agent and I'm not so i'm sure you have more of an idea. I guess I thought I'd see MORE people moving out of suburbs close to the city but I'm not seeing that. They are still paying way more than I ever would have thought for small homes with a not so bad commute. I guess MA is just very popular in general...whether it be a big home in the sticks or a smaller home not so much in the sticks. The suburbs close to Boston are just out of reach for many regardless of home size.

I know I have heard home buyers complain about the price increase of homes in 'the sticks'. I've even seen it discussed on this forum in that people are disappointed in how much prices have gone up in places like Foxboro, Hanover, Medway etc. I guess what I'm saying is people used to look to certain towns for 'deals' on a nice family home that wasn't too too far from the city but those deals are now gone for most people.

I was gonna say, despite the rise of WFH, it looks to me like prices have shot up even more in towns with close proximity to Boston and Cambridge. Prices in Cambridge itself – even rougher parts like Central Square – and Somerville, not to mention Watertown, Waltham, Medford, Melrose. I haven't run any broad analysis but just my impression from keeping an eye on the market. And of course the top tier suburbs with good proximity like Brookline, Newton, Belmont, Arlington, Winchester, and Lexington also continue to get even more insane.

[msRB311]

Originally Posted by thinkingotherthings

I was gonna say, despite the rise of WFH, it looks to me like prices have shot up even more in towns with close proximity to Boston and Cambridge. Prices in Cambridge itself – even rougher parts like Central Square – and Somerville, not to mention Watertown, Waltham, Medford, Melrose. I haven't run any broad analysis but just my impression from keeping an eye on the market.

Yeah. I think the problem is that traffic is just so horrific that even people who only commute in twice a week still don't want to have to deal with it. I think at one point people thought they could stomach the bad commute if it was less than 5 days a week but maybe not. Dealing with it once a week can be that bad for some people. It's really sad how much traffic seems to drive the real estate market but it does. Taking the train is no better. These are all reasons why I would have thought there'd be more of a push for WFH to continue...but seems like hybrid is where it's at. And of course there are people who can't WFH at all and never could.

The real estate market just blows in this area. People pay insane amounts for the 'burbs close to Boston but it's not like you get a much better deal moving further out. You still are going to pay a lot and get a crappy commute.

I am fortunate to not to be looking and probably never will again lol.

[bricka]

socioeconomic diversity is true diversity.

racial diversity in lexington without socioeconomic diversity is not true diversity.

it is what it is

[MtPleasantDream]

Originally Posted by bricka

socioeconomic diversity is true diversity.

racial diversity in lexington without socioeconomic diversity is not true diversity.

it is what it is

yes, and that is why I used "racial diversity" to begin with .

[WestieWhitie]

Originally Posted by bricka

socioeconomic diversity is true diversity.

racial diversity in lexington without socioeconomic diversity is not true diversity.

it is what it is

Let's be honest though, seven figure buyers who go out of their way signaling their virtue are definitely not looking for socioeconomic diversity. They might want a black neighbor but that neighbor must have a PhD and a million or three in the bank.