2023 Real Estate Observations (Boston, Burlington: rental property, engineers, affordable)

[newenglandgal123]

Originally Posted by BostonMike7

I guess I was wanting to see the trends over times. Are foreclosures/short sales increasing in numbers vs this time last year?

Best I can find is this and it's not specific to MA...https://www.attomdata.com/news/marke...market-report/

[jayrandom]

Originally Posted by newenglandgal123

I guess what I am trying to get at is the average homebuyer today doesn't stay in their home 7+ years. It's the boomer generation that did/does, skewing the median.

My experience in a suburban town with good schools is that people try to stay in one place long enough for their kids to make it through school. I could believe the median is 14 now (based on all those boomers) but may trend down over time with the coming generations. A house picked at random is more likely to have someone that's been there for 7 years than not, though.

[newenglandgal123]

Originally Posted by jayrandom

My experience in a suburban town with good schools is that people try to stay in one place long enough for their kids to make it through school. I could believe the median is 14 now (based on all those boomers) but may trend down over time with the coming generations. A house picked at random is more likely to have someone that's been there for 7 years than not, though.

Yes, I can certainly see how that would happen unless there's a factor like divorce, death, or financial trouble in the mix that 'forces' a sale/move elsewhere.

[GeoffD]

Originally Posted by jayrandom

My experience in a suburban town with good schools is that people try to stay in one place long enough for their kids to make it through school. I could believe the median is 14 now (based on all those boomers) but may trend down over time with the coming generations. A house picked at random is more likely to have someone that's been there for 7 years than not, though.

It's easier to blame the Boomers for behaving like every other generation that came before them.


Why would a millennial who bought a house in 2020 and has school age kids be moving? I don't see any difference. Actually, since they are typically older when they have children, I'd think they are less likely to move because they're deeper into their careers.

[newenglandgal123]

Originally Posted by GeoffD

It's easier to blame the Boomers for behaving like every other generation that came before them.


Why would a millennial who bought a house in 2020 and has school age kids be moving? I don't see any difference. Actually, since they are typically older when they have children, I'd think they are less likely to move because they're deeper into their careers.

I'll tell you why...because they probably had to settle for house or location that didn't check all the boxes b/c MA is so darn expensive so they used that as a starting point and then whey they can make a profit, they climb the property ladder until they land where they were originally hoping.

[massnative71]

Originally Posted by newenglandgal123

I'll tell you why...because they probably had to settle for house or location that didn't check all the boxes b/c MA is so darn expensive so they used that as a starting point and then whey they can make a profit, they climb the property ladder until they land where they were originally hoping.

But year over year gains are easily erased through the buying and selling closing costs. Not to mention, if your house is worth more then so will the house you "desire". If your house went from $350K to $525K then that $500K house you originally wanted now costs $750K. It's very hard to stay ahead if constantly moving, unless we are talking about 5+ years in a location.

[newenglandgal123]

Originally Posted by massnative71

But year over year gains are easily erased through the buying and selling closing costs. Not to mention, if your house is worth more then so will the house you "desire". If your house went from $350K to $525K then that $500K house you originally wanted now costs $750K. It's very hard to stay ahead if constantly moving, unless we are talking about 5+ years in a location.

True, but as I mentioned before I've done it and managed to stay ahead. You have to be willing to take on some of the selling yourself to save on selling costs. Not for everyone, I get it.

[yesmaybe]

https://www.redfin.com/MA/East-Bosto...1/home/9115518

Here's something that's affordable yet not. Smallish 1 bedroom in Eastie. Not far from Logan. They want 289k. That's still 1900/month with 20% down. Redfin says it's super popular so maybe it will sell quickly.

Being in the basement might not be a bad thing given how close it is to the airport. Maybe it'd reduce the flight noise.

[newenglandgal123]

Originally Posted by yesmaybe

https://www.redfin.com/MA/East-Bosto...1/home/9115518

Here's something that's affordable yet not. Smallish 1 bedroom in Eastie. Not far from Logan. They want 289k. That's still 1900/month with 20% down. Redfin says it's super popular so maybe it will sell quickly.

Being in the basement might not be a bad thing given how close it is to the airport. Maybe it'd reduce the flight noise.

That one would be a good flight attendant or pilot crash pad if they are based out of BOS.

[redplum33]

Originally Posted by pdw

Like with all markets though, real estate will drop one day. It has to, no one can afford the prices the way they are these days.

The problem is that plenty of people can afford it.