2022 Real Estate Observations (Boston, Hingham, Norwell: wealthiest, property, business)

[MtPleasantDream]

There is one Starbucks in North Billerica, if it is considered a "liberal" thing. The Panera Bread across the street makes it more intense.

A Dunkin' is right next to it.

[bricka]

it is funny to watch the ram 1500's stack up in the starbucks drive-thru line in billerica

[msRB311]

Originally Posted by WestieWhitie

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.

It's hard to understand why anyone would care how much money their neighbor had in the bank

[MikePRU]

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.

This happens every time prices start running up . . . buyers get pushed further and further away from the city. If values start heading in the other direction, buyers will start heading back in towards the city.

It's not just for commuting purposes that a lot of people like to live in a place that has convenient access to Boston. So, living close to the city will always be desirable to the majority of potential buyers. If you want a 5,000 sq ft house on an acre though the price of that is going to be vastly different in Newton vs. Westborough. So, it all comes down to "what do you want?" and "how much are you willing to spend to get it?"

In talking with people, those that were coming out of the city viewed some homes as "gigantic!" whereas the folks moving out of those houses thought they were "too small for our family" and were either headed out of town to get something more or if they could afford it were upgrading in the same town. It's all about perspective. There's kind of a row of dominoes that falls.

[msRB311]

I think what many people want is a home that doesn't eat up much of their income and provides them with a decent commute. Those things together seem not very possible for a whole bunch of people (none on CD, I know)

[MikePRU]

Originally Posted by msRB311

I think what many people want is a home that doesn't eat up much of their income and provides them with a decent commute. Those things together seem not very possible for a whole bunch of people (none on CD, I know)

Most people I talk to have a lot more parameters to their home search than just the two you mentioned.

Everyone has "affordability" on the list but that word means a lot of different things to different people. To some, that means <$500K. To others, it means <$1M and so on and so on.

A lot of buyers are concerned about the schools in town, what amenities the town offers, commute (as you mentioned), and a lot of other things.

When it comes to the house some people want 1,000 sq ft some 3,000, some 5,000, and so on and so on. Everyone's home search is different and none are better or worse than anyone else's search they're just different.

[msRB311]

I think we all know though that anything good in MA is usually about 1M these days. And 1M will get you good, not great by most people's standards.

[newenglandgal123]

Originally Posted by bricka

it is funny to watch the ram 1500's stack up in the starbucks drive-thru line in billerica

Is that the vehicle of choice for those that live in Billerica? lol I often notice a lot of drivers of those vehicles tailgating and driving like complete animals on the highway!

[newenglandgal123]

Originally Posted by msRB311

It's hard to understand why anyone would care how much money their neighbor had in the bank

Some might care because if they don't have any, then how are they going to maintain their property. Someone might be able to 'afford' the house but can they 'afford' to maintain it too or are they going to let it go to sh*t and have it become an eyesore for their area of the neighborhood? Although you don't necessarily need to have a million in the bank to maintain your property you do need to have some funds. There's always upkeep and things that need to be repaired, painted, replaced, etc. I'm in this situation now where I have a neighbor that's let their property become an eyesore. Although I'm not planning on selling in the near term, when/if I do I now have to worry if it will bring down the sales price and will I be able to get as much if a potential buyer likes my house but then sees the eyesore next door-- will they want to live next to that? If the realtor on here could chime in and let me know about this, I'd be very appreciative. Thank you!

[BostonMike7]

Originally Posted by msRB311

I think we all know though that anything good in MA is usually about 1M these days. And 1M will get you good, not great by most people's standards.

Sadly, i've heard this elsewhere as well within my social circle. It's implied that to get a "decent" home here in MA, you need $1Mil and even then you might get something that needs work.

But I think that speaks more to the demographics of those who are saying this, vs the reality that is the MA real estate market. Quick google search tells me median home sale price seems to be $585K in Q3'22, so buying a $1Mil home is not something everyone is doing despite the rhetoric that I hear suggesting that's what one needs to do to get a "decent" home.