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bugelrex
Joined: 24 Feb 2009
Posts: 16
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 Posted: Tue Jan 17, 2017 7:03 pm GMT Post subject: What is your trigger point to eventually buy? |
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It would be interesting to see everyone's trigger point which will push them into eventually buying. In hindsight, its looks like 2011 was probably the best in terms of risk/reward (prices stabilized and creeping up)
Looking into the future what is everyone waiting to see?
1) mortgage after 20% down = rent for the same property
2) back to 2011 prices
3) DOW at 10,000
4) DOW at 30,000
5) employment rate at 3%
6) 30% of listed houses for sale go through at least 1 price cut
7) foreclosure rates back to 2009 levels
etc etc.
Everyone's situation is different, but would be good to see how realistic or unrealistic people are really being |
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victorgbishop
Joined: 03 Oct 2016
Posts: 25
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| Posted: Tue Jan 17, 2017 7:10 pm GMT Post subject: Re: What is your trigger point to eventually buy? |
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| bugelrex wrote: | It would be interesting to see everyone's trigger point which will push them into eventually buying. In hindsight, its looks like 2011 was probably the best in terms of risk/reward (prices stabilized and creeping up)
Looking into the future what is everyone waiting to see?
1) mortgage after 20% down = rent for the same property
2) back to 2011 prices
3) DOW at 10,000
4) DOW at 30,000
5) employment rate at 3%
6) 30% of listed houses for sale go through at least 1 price cut
7) foreclosure rates back to 2009 levels
etc etc.
Everyone's situation is different, but would be good to see how realistic or unrealistic people are really being |
My trigger is this - currently renting in Boston (Rozzie) for 1725 - 2b 1 bat. Wife and I both have 2 degrees, 19 m/o and wife is 21 weeks preg. There is absolutely NO WAY that we could save up 20% down. Virtually impossible in the Boston market. Both work in Boston area. How can one save 20% for a down payment without touching 401k, paying daycare on top of rent?? IMPOSSIBLE.
Move now in BOSTON - probably Hyde Park or Lower Mills area. Payments will KILL US but have to try and make it work. we got a 4.375 % rate and when we began it looking it was 3.8% |
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bugelrex
Joined: 24 Feb 2009
Posts: 16
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| Posted: Tue Jan 17, 2017 7:36 pm GMT Post subject: Re: What is your trigger point to eventually buy? |
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| victorgbishop wrote: |
My trigger is this - currently renting in Boston (Rozzie) for 1725 - 2b 1 bat. Wife and I both have 2 degrees, 19 m/o and wife is 21 weeks preg. There is absolutely NO WAY that we could save up 20% down. Virtually impossible in the Boston market. Both work in Boston area. How can one save 20% for a down payment without touching 401k, paying daycare on top of rent?? IMPOSSIBLE.
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Your situation is definitely tricky, which young children it is hard to save and it would be fair to sacrifice the basics for them. The daycare costs are so insane it makes no financial sense for both spouses to work unless both have very high income.
The government could help by killing the marriage penalty and perhaps remove the low caps on child care. MA could help by introducing universal pre-K 3 and 4 and build more micro-units to allow people to least get a foot in the property market without enduring 2 hour commutes. |
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victorgbishop
Joined: 03 Oct 2016
Posts: 25
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| Posted: Tue Jan 17, 2017 7:48 pm GMT Post subject: Re: What is your trigger point to eventually buy? |
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| bugelrex wrote: | | victorgbishop wrote: |
My trigger is this - currently renting in Boston (Rozzie) for 1725 - 2b 1 bat. Wife and I both have 2 degrees, 19 m/o and wife is 21 weeks preg. There is absolutely NO WAY that we could save up 20% down. Virtually impossible in the Boston market. Both work in Boston area. How can one save 20% for a down payment without touching 401k, paying daycare on top of rent?? IMPOSSIBLE.
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Your situation is definitely tricky, which young children it is hard to save and it would be fair to sacrifice the basics for them. The daycare costs are so insane it makes no financial sense for both spouses to work unless both have very high income.
The government could help by killing the marriage penalty and perhaps remove the low caps on child care. MA could help by introducing universal pre-K 3 and 4 and build more micro-units to allow people to least get a foot in the property market without enduring 2 hour commutes. |
Which is why I'm so peeved right now, because what do you sacrifice? living with a 2 hour commute and AWAY from your home, which then also leaves you with less time with your kids...this is a market is a joke |
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Guest
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| Posted: Sun Jan 22, 2017 12:08 am GMT Post subject: Re: What is your trigger point to eventually buy? |
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| bugelrex wrote: | It would be interesting to see everyone's trigger point which will push them into eventually buying. In hindsight, its looks like 2011 was probably the best in terms of risk/reward (prices stabilized and creeping up)
Looking into the future what is everyone waiting to see?
1) mortgage after 20% down = rent for the same property
2) back to 2011 prices
3) DOW at 10,000
4) DOW at 30,000
5) employment rate at 3%
6) 30% of listed houses for sale go through at least 1 price cut
7) foreclosure rates back to 2009 levels
etc etc.
Everyone's situation is different, but would be good to see how realistic or unrealistic people are really being |
The number 1 trigger point is kids reaching school age. Buying a house is always more expensive than renting, but it's just more convenient to buy a house and stay in one place to raise your kids. It's the same argument as taking the bus or uber versus owning a car. It depends on your situation. |
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Guest
Guest
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| Posted: Sun Jan 22, 2017 4:42 am GMT Post subject: Re: What is your trigger point to eventually buy? |
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| Anonymous wrote: | | bugelrex wrote: | It would be interesting to see everyone's trigger point which will push them into eventually buying. In hindsight, its looks like 2011 was probably the best in terms of risk/reward (prices stabilized and creeping up)
Looking into the future what is everyone waiting to see?
1) mortgage after 20% down = rent for the same property
2) back to 2011 prices
3) DOW at 10,000
4) DOW at 30,000
5) employment rate at 3%
6) 30% of listed houses for sale go through at least 1 price cut
7) foreclosure rates back to 2009 levels
etc etc.
Everyone's situation is different, but would be good to see how realistic or unrealistic people are really being |
The number 1 trigger point is kids reaching school age. Buying a house is always more expensive than renting, but it's just more convenient to buy a house and stay in one place to raise your kids. It's the same argument as taking the bus or uber versus owning a car. It depends on your situation. |
Victor- you're situation epitomizes the imbalance of the present market. Having two or more children in Boston is unworkable.
My wife's second pregnancy was the tipping point for us. 5 years ago we left and headed west. I spent the best years of my life in Boston but folks let me tell you there's a big country out there, much of it sunny and pleasant , and it ain't so bad. You're competing with too many people in Boston- students, rich kids, foreign money, single professionals. Why? It's simply not worth the fight and stress. Trust me you're children will forgive you for leaving, even if grandma won't. |
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