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Are We Headed for a Housing Slump in 2016?
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Are We Headed for a Housing Slump in 2016?
Definitely, across the globe, US & Greater Boston
100%
 100%  [ 1 ]
Will depend on global economic trends & next president
0%
 0%  [ 0 ]
Not in Greater Boston, we're immune to headwinds
0%
 0%  [ 0 ]
I don't care, going to buy anyway
0%
 0%  [ 0 ]
No way to tell, delaying homebuying till next year
0%
 0%  [ 0 ]
Other, share response below
0%
 0%  [ 0 ]
Other, would like to hear what others are saying offline
0%
 0%  [ 0 ]
Total Votes : 1

Author Message
RealEstateCafe



Joined: 11 Dec 2007
Posts: 234
Location: Cambridge, MA

PostPosted: Sun Mar 06, 2016 3:52 pm GMT    Post subject: Are We Headed for a Housing Slump in 2016? Reply with quote

In recent years, the Boston Globe has written a front page (or near front page story) on bidding wars during the first week of March. Has anyone seen one there or elsewhere in the media?

What are you experiencing in the field, or Monday or Tuesday nights if you're being told there's a bid deadline?

Last Fall Curbed Boston predicted a "Universal Truce in Bidding Wars," ignoring @CambMA and other investor driven irrational markets, is that trend spreading across Greater Boston?

http://bit.ly/REFallTrending

Maybe even the country? Veteran buyer agents know that housing market slump before an election... are we in for more serious changes as 2016 unfolds? Invite BostonBubble forum to read the pundits in this article, then share their own perspectives. If anyone wants to chat offline, glad to host a Bubble Hour.

Are We Headed for a Housing Slump in 2016?

http://bit.ly/REslump16
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Bill Wendel
The Real Estate Cafe
Serving a menu of money-saving services since 1995
97a Garden St.
Cambridge, MA 02138
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bsg61
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PostPosted: Tue Mar 08, 2016 12:00 am GMT    Post subject: Other, no idea! Reply with quote

I have to move within the next year, so will be forced to either buy or continue renting. Will admit I am kicking myself for not buying beforeā€¦ read somewhere that low inventory will continue through 2016 which is the reason prices are so high.
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Optimus1
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PostPosted: Tue Mar 08, 2016 2:52 am GMT    Post subject: none Reply with quote

Prices are going to remain high as long as inventory remains anemic.
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Richthofen



Joined: 02 Apr 2014
Posts: 69

PostPosted: Tue Mar 08, 2016 1:52 pm GMT    Post subject: Reply with quote

Right on time, here's the globe's article on bidding wars:

http://www.boston.com/real-estate/news/2016/03/07/tales-from-greater-boston-brutally-competitive-home-buying-market/X8tgGYceU6ItX3fi0JYNKO/story.html
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Optimus1
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PostPosted: Wed Mar 09, 2016 2:14 am GMT    Post subject: none Reply with quote

Richthofen wrote:
Right on time, here's the globe's article on bidding wars:

http://www.boston.com/real-estate/news/2016/03/07/tales-from-greater-boston-brutally-competitive-home-buying-market/X8tgGYceU6ItX3fi0JYNKO/story.html


When the mainstream media starts talking about bidding wars, we are due for a slow down. Right?? *fingers crossed*
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bsg61
Guest





PostPosted: Wed Mar 09, 2016 8:17 pm GMT    Post subject: Bidding wars Reply with quote

I've been reading similar articles for at least a year or two.

And then there is this latest issue of Boston Magazine:

http://www.bostonmagazine.com/boston-magazine/march/2016/

http://www.bostonmagazine.com/property/article/2016/02/21/boston-best-places-to-live-2016/[/img]
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RealEstateCafe



Joined: 11 Dec 2007
Posts: 234
Location: Cambridge, MA

PostPosted: Thu Mar 10, 2016 10:30 pm GMT    Post subject: Reply with quote

Richthofen wrote:
Right on time, here's the globe's article on bidding wars:

http://www.boston.com/real-estate/news/2016/03/07/tales-from-greater-boston-brutally-competitive-home-buying-market/X8tgGYceU6ItX3fi0JYNKO/story.html


Rich, Right on time, but this time my text search don't see the dreaded words, am I missing "Bidding War(s)"? Or does six uses of the word "offer" spell bidding war in code?

Here's my Tweet to Boston.com, invite comment on the video:

Thx4 not using word #BiddingWars! Use #NationalConsumerProtectWeek to regulate them? 3min video http://bit.ly/BidWarHackIntro #NCPW

https://twitter.com/RealEstateCafe/status/707195879342661632
_________________
Bill Wendel
The Real Estate Cafe
Serving a menu of money-saving services since 1995
97a Garden St.
Cambridge, MA 02138
617-661-4046
realestatecafe@gmail.com
http://realestatecafe.com/blog
http://twitter.com/RealEstateCafe
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RennyD
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PostPosted: Mon Mar 14, 2016 2:34 am GMT    Post subject: Reply with quote

Why is inventory so low? I've heard the theory that no one wants to give up their low interest rate mortgage. But interest rates are still at practically all time lows, so I'm not sure I believe it.
Any thoughts?
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Guest






PostPosted: Mon Mar 14, 2016 4:50 pm GMT    Post subject: Reply with quote

Because people who bought in past years can't afford to move into houses of comparable or better quality, let alone upgrade. You think the schmucks that bought Newton ranches for $250K in 1990 could possibly afford to buy their own homes in today's market? I doubt it.
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RennyD
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PostPosted: Mon Mar 14, 2016 5:26 pm GMT    Post subject: Reply with quote

But wouldn't they have a million dollars of eqity to apply to their next home?
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Guest






PostPosted: Mon Mar 14, 2016 6:38 pm GMT    Post subject: Reply with quote

That million bucks would buy an equivalent shitbox. What's the point? That's why no one is selling. The only way it makes sense is if the seller's lot is big enough for some developer to put up a multi-family or a monstrosity of some other kind.
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Guest






PostPosted: Mon Mar 14, 2016 7:19 pm GMT    Post subject: Reply with quote

Quote:
That million bucks would buy an equivalent shitbox.

That is true. Also if you sell and buy, you pay taxes and fees on these transactions, and the new shitbox you buy, you are paying property tax based on the newly sold price, so your tax will go skyrocketing, compare to if you stay in your current home.

People is not willing to sell, when price of their properties' value appreciate in large amount in a relatively short period of time, like what happened the past 4 years. Also inflation is very bad for the past 4 years, due to all the QE1,2,3 effects. Nothing hedge inflation better than holding a long brought, highly appreciated, relatively under taxed, piece of property in a highly desired location, when every necessity in life is getting more expensive around you.
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RennyD
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PostPosted: Wed Mar 16, 2016 3:04 pm GMT    Post subject: Reply with quote

You don't pay capital gains if you buy another house. And realtor fees aren't new.
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Guest






PostPosted: Wed Mar 16, 2016 3:59 pm GMT    Post subject: Reply with quote

Quote:
You don't pay capital gains if you buy another house. And realtor fees aren't new.


so what, I don't want to pay property tax based on the million dollar price tag of those half decent SFH out there. I prefer stay with my current half decent home with whatever the current tax rate is. The rate is still higher then 5 years ago, but the town usually doesn't bother to over jack the tax rate to market level for long term residents.
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mpr



Joined: 06 Jun 2009
Posts: 344

PostPosted: Fri Mar 18, 2016 2:44 pm GMT    Post subject: Reply with quote

@RennyD. I think a big factor is that we are in a low growth economy, so people's economic circumstances aren't changing much, due to raises, new jobs etc. Nor do they expect them to change much - its the 'new normal'. This makes them unable and unwilling to trade up.

Yes, realtor fees aren't new, but they and closing costs represent a hurdle to trading up which is now more difficult to clear.
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