2023 Real Estate Observations (Boston, Marshfield, Hingham: permits, directions, porch)

[msRB311]

Originally Posted by simplexsimon

By the time that age/demographic sells their houses, the next generation will say they're waiting for me to downsize or die so they can buy my house.

It's just a weird way of thinking that I personally never thought of until this past year or so. I am on my 2nd home and never while we were looking did i think, wow there are too many old people still living in their homes, they need to get the hell out. But I can see where maybe they are creating some of this low inventory by staying in their homes...oh well.

I mean old people are basically treated like crap in this country. Companies often want them to retire, they prefer young workers for the most part. Even men tend to want a younger partner when it comes to choosing a wife regardless of how old the man is. Everyone wants to stay looking young so basically they think old people are ugly. So I don't feel that bad if old people are staying in their homes, lol.

[simplexsimon]

Originally Posted by msRB311

It's just a weird way of thinking that I personally never thought of until this past year or so. I am on my 2nd home and never while we were looking did i think, wow there are too many old people still living in their homes, they need to get the hell out. But I can see where maybe they are creating some of this low inventory by staying in their homes...oh well.

I mean old people are basically treated like crap in this country. Companies often want them to retire, they prefer young workers for the most part. Even men tend to want a younger partner when it comes to choosing a wife regardless of how old the man is. Everyone wants to stay looking young so basically they think old people are ugly. So I don't feel that bad if old people are staying in their homes, lol.

Weird thoughts occur whenever money and self interests are involved.

[newenglandgal123]

Originally Posted by Iced_Coffee

Being totally honest, that's exactly what I wanted. My wife and I managed to make it happen a couple years ago but budget wouldn't allow for it to be a grand or impressive house, to say the least. So instead, we had to settle for a not-so-great house that luckily met the SFH, town/school district, location requirements. Our backup plan was a condo in a good town close to Boston, but as parents who had lived through the start of the pandemic in an apartment (in a 2-family), we wanted some privacy and separation.

I'd still like to get out from under the house in a perfect world, but current market pricing doesn't really allow for that since I'd have to discard a 2.8x% mortgage and buy back into this market.

Similar situation here except I settled for location/lot vs settling for the house. I have a house I actually like but the lot/property location within the town not so much (and I have bad neighbors on one side too). I've read a few articles recently and they're calling it the golden handcuffs. A lot of folks want to move but can't/won't because of the ~3% rates holding them hostage in their current place.

[msRB311]

Rather than blame old people for staying in the homes that they own I think it could also be said that there are too many people living in the Boston area at the same time who all want the same thing and can afford it. Seems like the influx of people into the area over the past decade or so also created the problem where old people can't find more affordable downsizing options. The timing is just all around not great for housing.

[Iced_Coffee]

Originally Posted by newenglandgal123

Similar situation here except I settled for location/lot vs settling for the house. I have a house I actually like but the lot/property location within the town not so much (and I have bad neighbors on one side too). I've read a few articles recently and they're calling it the golden handcuffs. A lot of folks want to move but can't/won't because of the ~3% rates holding them hostage in their current place.

Golden handcuffs is pretty much it, exactly.

[robr2]

IMHO, the issue with elderly/retired folks staying in big houses is often their complaint that they can no longer afford the taxes and upkeep on the house on a smaller income.

I worked with a older guy who has a paid off house in a tony North Shore house - nothing huge or special but could probably sell for around $900K. He lives alone in this 4 BR house and currently harps about the increasing taxes to pay for schools and other amenities and the ongoing cost of maintaining the house. I don't know his income streams.

He could sell the house and buy a condo or townhouse in the area for about $650K and many of those worries would go away. But he likes his garden and storing his little boat in the yard and hopes he can pass the house onto his kids who all live out of state.

I can understand wanting to stay in your home. It's an emotional thing. But from a pragmatic perspective, it would be much simpler to sell the house and figure out a way to continue your lifestyle without all the worrying and complaining.

[simplexsimon]

Originally Posted by robr2

IMHO, the issue with elderly/retired folks staying in big houses is often their complaint that they can no longer afford the taxes and upkeep on the house on a smaller income.

I worked with a older guy who has a paid off house in a tony North Shore house - nothing huge or special but could probably sell for around $900K. He lives alone in this 4 BR house and currently harps about the increasing taxes to pay for schools and other amenities and the ongoing cost of maintaining the house. I don't know his income streams.

He could sell the house and buy a condo or townhouse in the area for about $650K and many of those worries would go away. But he likes his garden and storing his little boat in the yard and hopes he can pass the house onto his kids who all live out of state.

I can understand wanting to stay in your home. It's an emotional thing. But from a pragmatic perspective, it would be much simpler to sell the house and figure out a way to continue your lifestyle without all the worrying and complaining.

Yeah and the irony is the kids will sell the house anyways, especially if none of them live nearby.

[matrix5k]

Originally Posted by Williepaws

its typical Ma. sentiment! Its what Ma. has become. I have young neighbors who can afford to buy a 500,000 small house and some of them firmly believe the elderly have no right to own single family homes. They give lip service to the leftist philosophy but when push comes to shove dont expect these young people to help anyone. Some of the most selfish individuals Ive ever met. Affluence breeds arrogance, very alive and well in Ma.

When we were bidding on homes, we were competing with elderly couples. I can see why younger folks can feel resentment towards them. They have more money and it's just two of them, so why do they need a 3-4 bedroom house with a yard and no kids? Luckily we finally found a house we liked after looking for about a year.

[gf2020]

Originally Posted by yesmaybe

I wouldn't be surprised the sellers get it... but that would be such an awful commute. You'd probably have to leave at 5 or else it'd take you an hour and a half+.

Awful commute for whom? You? An hour and a half+ to where?

Presumably anyone purchasing this home considers their commute acceptable.

[matrix5k]

Originally Posted by gf2020

Awful commute for whom? You? An hour and a half+ to where?

Presumably anyone purchasing this home considers their commute acceptable.

To Boston, obviously.