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Home prices in suburbs continue to blow my mine
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Jessica01



Joined: 26 Sep 2020
Posts: 1

PostPosted: Sun Sep 27, 2020 12:52 pm GMT    Post subject: Reply with quote

Guest wrote:
Here’s another one, almost 200k profit in exactly two years.

https://www.redfin.com/MA/Quincy/45-Edison-Park-02169/home/8941069
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I’m kicking myself for thinking the market would eventually correct for this insanity. Clearly, I was wrong. And I missed out on some big gains. Now I wonder if I’ll also be saying this in another two years when prices have gone up another 200%


Hi, thank you very much for sharing
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Guest






PostPosted: Sun Sep 27, 2020 8:08 pm GMT    Post subject: Reply with quote

Glad I bought in 2016. It was overpriced then, it’s more overpriced now, and I doubt it’ll ever be reasonable. Boston is a premier city. Maybe in 30 or 50 years, when parts of the city are under water.
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PostPosted: Mon Sep 28, 2020 1:36 am GMT    Post subject: Reply with quote

Anonymous wrote:
Guest wrote:
Here’s another one, almost 200k profit in exactly two years.

https://www.redfin.com/MA/Quincy/45-Edison-Park-02169/home/8941069

I’m kicking myself for thinking the market would eventually correct for this insanity. Clearly, I was wrong. And I missed out on some big gains. Now I wonder if I’ll also be saying this in another two years when prices have gone up another 200%


If you include the cost of renovations and the realtor fees, the flipper made around 100k profit.

Lots of people are wrong because they don't understand supply and demand. There just aren't enough houses to meet buyer demand in the greater Boston area. You need to move to way outside of 495, NH or RI where you can get a house for the price you can afford.


That wasn’t a flip. It was completely renovated before these people bought it 2 years ago. They fixed up some of the outside landscaping, but did nothing but paint inside. So the owners make 200k(minus realtor fees) free and clear after the 2 years, taking advantage of the capital gains tax you don’t have to pay after that.

I’m well aware of supply and demand, I’m also aware of what comes up eventually comes down! We can’t just live in permanent skyrocketing home price land. That’s not how the markets have ever worked in the past. But you’re right, right now there aren’t enough homes for buyers, but markets are cyclical.

That said, being cautious obviously cost me a lot, but I was trying to be rational thinking that housing has been increasing at such a high rate that as soon as mortgage rates went back to a normal range that we would see stability of prices, or that eventually we would dip into a recession where prices may deflate a little. Obviously, the markets have been propped for a long time now by the government, so honestly, the jury is out on when prices will fall again. I wonder if it will ever happen in my lifetime. It’s starting to look like the government will go into as much debt as possible to prevent a recession.
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