bostonbubble.com

[Guest]

Has anyone noticed the mass amount of homes droppig prices over the last few days for the houses in the 700K+ range? Some have had huge price drops. I would assume it was due to the small increase in rates we saw this week. Sellers are seeing this as a small sign to as what is to come over the new few months. Hate to say it sellers but I told you sooooooooooo... You didn't see the light over the past 18 months and now it's too late.

[john p]

I hear you, I think there are like a dozen guys on this blog who were specifically telling everyone that the prices in the $700k range were going to hold up. How stupid they must feel right about now huh?

You can lead a horse to water but you can't make em drink....

[GD]

I experienced/observed the opposite.

The properties I like in my price range (350-450K year 2000+, commuting to westborough and boston) have all sold, despite me thinking it's overpriced. Example: Property that's listed as bought with cash in 2007, listing at a premium, now contingent within days of coming back to the market. New build that's listed for a 50K "lot premium" which I refused to pay (I offered 20K lot premium + asked for some upgrades in the first offer), now contingent within days of coming on the market.

This is not quite the 700K market you were talking about of course, but these properties are in similarly good towns, and are just smaller versions of 700K houses. Hardly the typical "starter home", and all sold fast.

Personally, I'm starting to panic - we don't like our rental and want to move, but rent prices are increasing too. Dow keeps going up, and I can't fathom why either. Homes are selling much faster than I anticipated, so prices are unlikely to have dropped much.

[Kaidran]

I would just find a new rental. Rents are supposed to be coming down not going up.