2022 Real Estate Observations (Hingham, Norwell: title, car, finance)

[BostonMike7]

Originally Posted by newenglandgal123

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.

Money in the bank doesn't necessarily translate to spending it on upkeep. I've come across plenty of older folk who had money, but deemed it a waste of money to spend it on things like cutting grass, or replacing an old decaying driveway with a new one. "My xyz is perfectly fine" they would say. My own grandmother (who just turned 98) won't spend one cent towards property maintenance. Instead, I do that on her behalf. Instead, she will overspend on gifts for the grandchildren and great grandchildren. At her age, there is no value in her home (even if it's worth north of $1mil) but rather in making family happy and creating memories. I grew up in a pretty working class environment, and things like beautifying your home were looked at sometimes like trying to impress others or keep up with the joneses, and therefore a waste of money.

I don't think the statement regarding how much money the neighbor had in the bank was to be taken literally but rather metaphorically to suggest that the neighbor be of a like mind in terms of social norms, and societal behaviors. For instance, joining the same Country Club, or having kids both applying to Harvard and other like behaviors regardless of race/religion/etc.

[msRB311]

Originally Posted by newenglandgal123

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!

I guess?? lol. I mean I would try and choose a neighborhood where the houses were already in good shape in the first place. I dont care what someone else does to their house really as long as they mow the lawn and don't make it look like a junkyard in the front which most people don't.

I'm going to stick with my initial thoughts of, I dont care what my neighbors have in the bank. Their houses look good.

[msRB311]

Originally Posted by BostonMike7

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.

Is that 585k the median price for all of MA or the greater Boston area? In July the great boston median price was 900k.

https://www.bostonglobe.com/2022/07/...igns-slowdown/

I just looked up Foxboro out of curiosity and the big new homes are 1M+ but the smaller dated homes are about 500k-600k.

[newenglandgal123]

Originally Posted by msRB311

I guess?? lol. I mean I would try and choose a neighborhood where the houses were already in good shape in the first place. I dont care what someone else does to their house really as long as they mow the lawn and don't make it look like a junkyard in the front which most people don't.

I'm going to stick with my initial thoughts of, I dont care what my neighbors have in the bank. Their houses look good.

I don't actually care what my neighbors have in the bank either but one of my neighbor's houses doesn't look good! lol

[msRB311]

Originally Posted by newenglandgal123

I don't actually care what my neighbors have in the bank either but one of my neighbor's houses doesn't look good! lol

lol, i experienced that in the neighborhood in lived in in the city. Lazy people who didn't care what their homes looks like.

[ben young]

Originally Posted by BostonMike7

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.

Folks on here seem to be quick to fault others home value, 'I can't afford it so it's not worth it'.

[msRB311]

Originally Posted by ben young

Folks on here seem to be quick to fault others home value, 'I can't afford it so it's not worth it'.

If someone can't afford something of course it isn't worth it to them. I think it leads to frustration if anything. And vice versa many people would like to be able to afford something but can't. and as has been mentioned before many people get money from family to be able to afford things which makes it harder for everyone else.

Like i said, I have my house, I'm good, I'm happy. But how most other people get on with things is beyond me. Not everyone makes 300k+ year .

[newenglandgal123]

Originally Posted by ben young

Folks on here seem to be quick to fault others home value, 'I can't afford it so it's not worth it'.

I don't think it's quick to fault so much as it is hard to understand how are some of these folks doing it? I just took a look at the median household incomes in this article and I have a hard time understanding how a household making the median HHI listed can afford the homes in many of these towns. My single income meets the median HHI of some of these towns and I certainly can't fathom comfortably affording a home and the associated maintenance in many of the top tiered. https://www.bizjournals.com/boston/n...tent=nbcboston

[msRB311]

More like how and why some are doing it

[newenglandgal123]

I posted one I saw in Hingham the other day that sold at a loss less than a year after purchase and here's a new listing in Norwell that appears to be following suit. Wonder what's up with this trend? Is it an oops, we bought a McMansion and now realize how much it's going to cost to heat this winter so let's try to downsize before the snowflakes start flying? lol


https://www.coldwellbankerhomes.com/.../pid_49966577/