bostonbubble.com

news · Joined: 14 Jul 2007 Posts: 0 Location: Greater Boston

Use this forum thread to discuss the following link.

Description: Buyers spend $16K+ to get $8K homebuyer handout - Credit sparks irrational exuberance and artificially inflates demand
URL: http://www.boston.com/business/taxes/articles/2009/10/03/8000_tax_credit_has_hom ...truncated...
Info/Broken?: http://www.bostonbubble.com/link_info.php?id=2590

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Renting in Mass · Posted: Mon Oct 05, 2009 4:34 pm GMT Post subject:

“We are looking forward to, hopefully, getting something and using that stimulus money to make it a livable place,’’ he said.

Or you could... I don't know... SAVE SOME MONEY!

gnulnx · Guest

My thoughts are dead simple on this.

If you are looking at houses in Boston and 8K makes the difference for you then you don't have enough money to buy a house.

Every attempt to prop up values will only prolong the slide and ultimately what we are doing now is tricking more people into buying homes that they can't afford...what happens in a couple of years when things get bad again?

The cold reality is that Boston houses are grossly overpriced and people that live here are just used to it. I moved here 3 years ago form Albany NY. I sold my two family house, we kept my wifes to rent out, and moved into an apartment here. No matter how I run the numbers it comes out the same every time. By renting I get, more house for less money, and the money I say every month more than makes up for the equity people will build in their house. Values aren't going up 5% a year for a decade straight again for along time.

So I'd love to buy a house...really. I just don't want to be house poor. BTW My household clears 150K a year.

Renting in Mass · Posted: Mon Oct 05, 2009 7:52 pm GMT Post subject:

If you are looking at houses in Boston and 8K makes the difference for you then you don't have enough money to buy a house.

The cold reality is that Boston houses are grossly overpriced and people that live here are just used to it.

Agreed!

So I'd love to buy a house...really. I just don't want to be house poor. BTW My household clears 150K a year.

What, you mean you think an income that's twice the median should buy more than a rundown 2 bedroom ranch with 1,500 square feet and .25 acre lot (with an hour commute to Boston)? That's crazy talk!

balor123 · Joined: 08 Mar 2008 Posts: 1204

But Boston is, as one my coworkers puts it, "so desirable"!