2023 Real Estate Observations (based, current, personal)

[UNC4Me]

Originally Posted by msRB311

I dont see how some of you dont get it...when someone pays 100k over asking for real estate it sets a tone. The person living next door to them then might go, oh wow, now i want to sell my home for that amount too and I can because my next door neighbor did. It's a domino effect.

Anyone who is happy about the prices in MA is either a real estate developer, someone who flips homes or someone who is happy to see other suffer who can't afford these prices. It actually kind of sickens me that people are even even defending the fact that 1M homes are going for 100k over asking in many different parts of the country. Not the kind of US I feel good about when so many others are barely getting by. A case of the haves and have not. But again, glad you're happy about it or wonder why anyone else cares.

You said you bought your house in 2020. Why didn’t you offer 100k or more less based on the FACT that not everyone could afford a house like it in your area in 2020? You offering the price and paying it set a tone (aka A Comp) for what homes were worth and effectively priced out many, many people. What’s happening today is no different. Other than you’re upset in 2023 by other people doing exactly what you did in 2020.

[massnative71]

Originally Posted by UNC4Me

Sellers markets don’t last forever. The super low inventory of the last few years won’t last forever. Just like the 16% interest rates in the early 80s and the buyers market in 2008-2010, this too shall pass. You’re looking at a specific outcome in SOME markets during the last 2-3 years and conflating it into something that will go on forever.

At least somebody understands that the only thing sustaining these prices is the lack of inventory, due to people "sitting" on property that they would sell under normal circumstances. Some are taking this current situation for granted, as though it will not give way at some point like everything does.

[matrix5k]

Originally Posted by massnative71

Let's try again. It's obviously a very stupid way for me to spend my hard earned money and it will force me to make sacrifices in other areas. If I ever fly off the handle like that, I would hope a good friend or somebody talks me out of it. People should also expect sound advice to be given on a "quality" discussion board such as this one, and unwise/harmful behavior ought not be encouraged. It's also the responsibility of others to call out bad advice given here.

Sounds like you can't afford it then. So I would say you shouldn't buy it if it causes you to "fly off the handle". Unlike your situation, most people buying homes today can afford it. Plus a home is an appreciates in the long run and is a place to live. Cars depreciate and you generally don't live in them.

[msRB311]

Originally Posted by matrix5k

I don't see why you keep mentioning 100k over asking. Once again, asking price is irrelevant.

To you

[newenglandgal123]

Originally Posted by matrix5k

Sounds like you can't afford it then. So I would say you shouldn't buy it if it causes you to "fly off the handle". Unlike your situation, most people buying homes today can afford it.

Doubt it, haven't you seen the stats that credit card and other consumer debt is at an all time high? I think people may appear to afford it, but in reality many are stretched to their limits and struggling.

[UNC4Me]

Originally Posted by massnative71

Let's try again. It's obviously a very stupid way for me to spend my hard earned money and it will force me to make sacrifices in other areas. If I ever fly off the handle like that, I would hope a good friend or somebody talks me out of it. People should also expect sound advice to be given on a "quality" discussion board such as this one, and unwise/harmful behavior ought not be encouraged. It's also the responsibility of others to call out bad advice given here.

Please submit all your financial info so we can make an informed decision about your car purchase. You said in your post you could afford it, but now you’re saying you’d have to sacrifice. What? Food or investing or paying other bills?

If people want good advice on a purchase they need to speak to a financial advisor who has the benefit of knowing their exact financial position. If they’re considering a house, a mortgage lender can offer the same. There is NO sound advice without that and especially not on C-D.

[matrix5k]

Originally Posted by UNC4Me

You said you bought your house in 2020. Why didn’t you offer 100k or more less based on the FACT that not everyone could afford a house like it in your area in 2020? You offering the price and paying it set a tone (aka A Comp) for what homes were worth and effectively priced out many, many people. What’s happening today is no different. Other than you’re upset in 2023 by other people doing exactly what you did in 2020.

Exactly!! She paid twice the amount her home was worth in 2010. According to her that's not right and set the tone for others to suffer and she is a bad person for doing so.

[massnative71]

Originally Posted by matrix5k

Sounds like you can't afford it then. So I would say you shouldn't buy it if it causes you to "fly off the handle". Unlike your situation, most people buying homes today can afford it. Plus a home is an appreciates in the long run and is a place to live. Cars depreciate and you generally don't live in them.

Poor comprehension. Because I can afford something doesn't mean I should buy it.

[matrix5k]

Originally Posted by msRB311

To you

To the market.

[msRB311]

Originally Posted by UNC4Me

You said you bought your house in 2020. Why didn’t you offer 100k or more less based on the FACT that not everyone could afford a house like it in your area in 2020? You offering the price and paying it set a tone (aka A Comp) for what homes were worth and effectively priced out many, many people. What’s happening today is no different. Other than you’re upset in 2023 by other people doing exactly what you did in 2020.

scratching my head here. In 2020 we got our current home for slightly under the asking price (about 7k less). We didn't need to offer 100k over asking for it thank god. A year later the house next door which is exactly like ours was listed for 999,999 and the buyers bought it for 1,100,000. We would never have paid that...but those people did. Whether or not they had more money than us isn't really the point. The point is they got a bad deal thanks to whatever the heck happened in 2020/21 with housing going crazy in this area. To me it's a bad deal to pay that much more a year later. Maybe that's a negative way to look at it, but it's true.

The home next to us is newly built and sold for over a million in 2019. It isn't big, wasn't on a very big plot of land and lots of people in the neighborhood thought it was nuts that someone paid that price. They also balked at the home next to us and what it sold for. So it's not just people here on this forum questioning what people will pay for real estate. It's many people.