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Future of Massachusetts Real Estate?

 
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PostPosted: Sun Jul 19, 2020 8:34 pm GMT    Post subject: Future of Massachusetts Real Estate? Reply with quote

We are located Northwest of Boston and own a 3 bedroom, 2 bathroom, 1,600 square foot home. We purchased in 2017 for around 370k. This is not our forever home and we are considering selling and moving in with family for a year to save up for a larger down payment.

Is now the time to sell or do people feel that prices with continue to rise and we can put it on the market in the Spring?

Thanks!
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bsg61
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PostPosted: Tue Jul 21, 2020 2:26 am GMT    Post subject: Reply with quote

I know nothing. But CoreLogic recently reported that prices in Boston could drop -11.7% over the next year:

"Home prices are still rising because there aren’t enough homes for sale and there is buyer demand. And if those conditions continue, most forecasts expect home prices to keep holding up.

But real estate firm CoreLogic uses other metrics to predict the direction of home values, and with those indicators, prices could begin to fall.

“One of them is the unemployment rate. The other thing is housing starts. And the third factor is personal disposable income. Taking all three into consideration, it suggests that prices will decline in the next year,” said Selma Hepp, deputy chief economist at CoreLogic.

CoreLogic’s forecast for falling prices is more dramatic in some markets than others. It said prices could fall up to 20.1% over the next year in Las Vegas, 11.7% in Boston and 9.0% in Denver."
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Guest






PostPosted: Tue Jul 21, 2020 2:56 pm GMT    Post subject: Reply with quote

bsg61 wrote:
I know nothing. But CoreLogic recently reported that prices in Boston could drop -11.7% over the next year:

"Home prices are still rising because there aren’t enough homes for sale and there is buyer demand. And if those conditions continue, most forecasts expect home prices to keep holding up.

But real estate firm CoreLogic uses other metrics to predict the direction of home values, and with those indicators, prices could begin to fall.

“One of them is the unemployment rate. The other thing is housing starts. And the third factor is personal disposable income. Taking all three into consideration, it suggests that prices will decline in the next year,” said Selma Hepp, deputy chief economist at CoreLogic.

CoreLogic’s forecast for falling prices is more dramatic in some markets than others. It said prices could fall up to 20.1% over the next year in Las Vegas, 11.7% in Boston and 9.0% in Denver."


I wouldn't buy now, but prices won't drop for another few years. Basically most mortgage holders have the option to not pay their mortgages for up to 12 months and add a year to their mortgage duration. No mortgage payment for 12 months means people can build up their financial reserves to ride out this recession. Eventually some people will use up their reserves and end up in foreclosure. Then prices will fall and it will be time to buy.

The system is stacked against renters. Renters have never been so screwed. 1 in 5 renters will be homeless or will have to move in with relatives. Their credit will be shot if they don't pay their rent after the rent moratorium ends. This crisis ends the argument whether it's better to rent or own. Government policy clearly makes it better to own.
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bsg61
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PostPosted: Thu Jul 23, 2020 6:16 pm GMT    Post subject: Reply with quote

Yes, and owners or loanowners - as always - are clearly superior human beings to renters (sarcasm intended).

I have no crystal ball, but if the virus continues to affect life as we know it for several years, it seems likely that government policy will change to prevent a flood of homeless people which in turn could leave to additional chaos and unrest.

And if all those lowlife, dumbass renters (oops, I am one but don't worry, I'm also a weirdo saver) move in with their relatives, wouldn't that lead to rents falling dramatically? Wouldn't landlords be motivated to lower rents to keep their loser tenants? Or will they somehow benefit from empty units?
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Guest






PostPosted: Sun Jul 26, 2020 1:50 pm GMT    Post subject: Reply with quote

bsg61 wrote:
Yes, and owners or loanowners - as always - are clearly superior human beings to renters (sarcasm intended).

I have no crystal ball, but if the virus continues to affect life as we know it for several years, it seems likely that government policy will change to prevent a flood of homeless people which in turn could leave to additional chaos and unrest.

And if all those lowlife, dumbass renters (oops, I am one but don't worry, I'm also a weirdo saver) move in with their relatives, wouldn't that lead to rents falling dramatically? Wouldn't landlords be motivated to lower rents to keep their loser tenants? Or will they somehow benefit from empty units?


The government certainly favors home owners over renters because no one cares about the bottom 47%, except Bernie and company. If the government really cared, there would be rent forgiveness, not eviction moratoriums.

Let's take a poll to see if renters would prefer to pay their rent in a lump sum when the rent moratorium is over or defer payments for 30 years? What do renters think about the preferential treatment of home owners? What are renters going to do when the eviction moratorium is over and it's time to leave?

Let's take a poll to see how much landlords plan to cope with the rent moratorium? How much are you willing to cut rent prices to fill your empty apartments? Will you be open to renting to the millions deadbeats who will be evicted for non-payment of rent?
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Guest






PostPosted: Wed Jul 29, 2020 3:57 am GMT    Post subject: Reply with quote

Does a rent moratorium mean the government pays the rent, the rent is completely forgiven, or the rent is deferred for the tennant to pay later? I'm not a landlord so I have no dog in the fight, but probably most landlords have mortgages that they need to pay. It's a very complicated situation.
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bsg61
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PostPosted: Thu Jul 30, 2020 6:31 pm GMT    Post subject: Reply with quote

From what I know, a moratorium is simply a deferral of rent payments, a postponement to be repaid at a later time. Of course, an individual landlord can decide to "forgive" rent to a tenant for a few months but this seems unlikely in most cases as yes, landlords have to pay bills and some do have mortgages. With the rise of Wall Street mega-landlords, rent forgiveness seems highly unlikely.

COVID-19 leading to greater unemployment numbers, and more than half of Americans have less than $1,000 in savings. Hang on, it's going to be a bumpy ride and a complicated situation, indeed.
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Guest






PostPosted: Sun Aug 02, 2020 4:45 pm GMT    Post subject: Reply with quote

bsg61 wrote:
From what I know, a moratorium is simply a deferral of rent payments, a postponement to be repaid at a later time. Of course, an individual landlord can decide to "forgive" rent to a tenant for a few months but this seems unlikely in most cases as yes, landlords have to pay bills and some do have mortgages. With the rise of Wall Street mega-landlords, rent forgiveness seems highly unlikely.

COVID-19 leading to greater unemployment numbers, and more than half of Americans have less than $1,000 in savings. Hang on, it's going to be a bumpy ride and a complicated situation, indeed.


Here's one perspective from a property manager. Are food and housing human rights? Ultimately someone has to pay for the food and housing.

https://slate.com/technology/2020/07/covid-eviction-crisis-property-manager-perspective.html

"I’ll ask you this question, though, if you don’t mind me doing that: When someone looks at it from the perspective of—housing is absolutely a necessity, but is it a human right? Do you walk into a restaurant and order food, and walk out without paying? Do you walk into a pharmacy or a grocery store and pick up things off the shelves, and walk out without paying? I think the answer to all those things is no, and these are individuals that own these buildings, and a lot of them are reliant on that income to pay their bills."
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jamesokbet



Joined: 25 Jul 2022
Posts: 10

PostPosted: Wed Aug 10, 2022 7:13 am GMT    Post subject: Reply with quote

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