bostonbubble.com

victorgbishop · Joined: 03 Oct 2016 Posts: 25

hi,
I was a victim of the past housing bubble, where my wife and I purchased, 0% down, in Brockton on an over priced 2 bd condo. Short sold in 2012. 4 years removed considered 1st time homebuyer instead. Now we've rented a place in Roslindale (and would like to stay in Boston-south/JP/HydePark, West Rox/Dedham) and are looking again but this time for a SFH.

As of this week, I've beginning to notice a few newly built home sitting on the market. These are houses that have just been built and I believe are over priced. I saw a 3bd, 2bath new colonial, priced at 499K in Hyde Park, but after 2 weeks down to 479K. I've seen this happening a bit more frequently.

I am asking the Boston Bubble community, what do you think will happen within the next few months? Will housing prices continue to fall? Should we wait another 6 months to see how this thing actually shakes out?

Looking for advice

Guest · Guest

It's possible the price could drop further. Ask your realtor to pul some comps and make your offer appropriately.
People that try to time the market seem to always wait for the perfect moment and then never move on it.
If you like the house, can afford it, it's priced fairly, and you plan to be there a while, then you should buy it.

Guest · Posted: Wed Oct 05, 2016 3:54 pm GMT Post subject:

Guest · Posted: Wed Oct 05, 2016 5:41 pm GMT Post subject:

Boston is the next San Francisco. Insane prices because of tech, but perhaps a bit more stable due to hospitals, pharma, academia, 2nd biggest financial sector after NY, etc.

Shit hasn't gone fully over the top just yet. Buy now and you'll look like a genius in a few years. Especially if you buy in Roz/Hyde Park/Dot or anywhere else that still holds potential for major gentrification. I'd do that if I had extra cash to spare, but I just bought a SFH in Arlington.

Timely:
http://www.cnbc.com/2016/10/04/these-6-cities-are-at-the-greatest-risk-of-housing-market-bubbles-commentary.html

Guest · Posted: Wed Oct 05, 2016 8:37 pm GMT Post subject:

Guest

Don't buy a house!

My family has been sitting out of real estate and it is a very hard decision.

But, it is hardest to stay out of a bubble when you are within 1-2 year of a big pop. Boston is not unique. Home prices have sky rocketed in New York Metro, Washington DC, Seattle, Portland , Miami.

Why is this happening? We are living through the lowest interest rates in 5000 years.

Interest rates are low because the world economy is stuck in low gear to no gear and central banks are terrified of an economic depression.

Read www.mhansion.com

Read www.dollarcollapse.com

Educate your self and hold off buying of at least 6 months or longer. When your relatives are telling you are crazy to buy a home/real estate you should buy 2-3 homes.

Guest · Posted: Thu Oct 13, 2016 11:10 pm GMT Post subject:

This advice offered below has to be a joke. Do not buy a home in Boston until there is a hugh pull back in price.

Guest · Guest

Several years ago when the great recession hit, people thought there would be a big price drop. Yes prices softened somewhat in some towns. There were a lot of forclosures and short sales in a few towns. But prices were overall fairly resilient.

If you want to put down roots, have the house the way you want it, and have pride of ownership, then you should buy a house.

Guest · Posted: Fri Oct 14, 2016 5:53 pm GMT Post subject:

Don't be a dumbass. Buy if it makes sense. This town has a very strong, diversified economy. It's a refuge for those escaping the two most expensive housing markets in the country. Fucking GE is moving here, after FCBK, GOOG, MSFT, NVS, etc. set up shop like 10-15 years ago. It's not just a bunch of amateurs who are blowing a ton of money on housing for the LOLz. This is *already* a town for rich folk. The middle class have about 1-3 years to grab a foothold or be relegated to the backwaters outside of 495.

Former Arlingtonian · Joined: 23 Oct 2013 Posts: 141

Boston has inflated with lots of other towns in USA.

Cheap money is fueling this mess, see

https://fred.stlouisfed.org/graph/fredgraph.png?g=7Jke

Former Arlingtonian · Joined: 23 Oct 2013 Posts: 141

You can but down roots and have pride in your home when you rent.

How I hate that sophomoric argument -

Lots of people live great lives while renting.

Guest · Guest

Sophomoric??
I try to be cilvil on this board.

Renting is not "pride of ownership",
and you just can't (or shouldn't) renovate a rental to the
way you want it.

And btw, I think renting is fine.

Former Arlingtonian · Joined: 23 Oct 2013 Posts: 141

Pride in your home is not the unique privilege of people with mortgages or people who own their home out right.

Look around there are lots of home owners who are ill equipped to own a home. 1. Lack of cash reserves 2. Don't have technical skills to fix anything around a home is a sure way to loses a lot of money

Pride of ownership is worth a hill of beans. Currently , I know two families who are home owners or renters of money from banks who have broken AC systems because they don't want to spend the $5K-$10 to repair /replace.

While my family rents and we take great pride in a neat yard, painting touch up, and what ever needs to be done to keep a neat house.

Guest · Guest

My posting didn't have anything to say about the pride or lack therof in renting.

This board was originally created to discuss the overheated housing market
(well over 10 years ago) by people who wanted to buy homes.

Former Arlingtonian · Joined: 23 Oct 2013 Posts: 141

My point was romantic statements like pride of ownership is folly.

I owned prior to the last crash - sold three years prior to crash because I saw the crash was coming.

Still renting because I think the current run up will crash and I don't want to own I home that I can sell if I need to move.