You will own nothing and you will be happy!
My friends live in Melrose. They’re home values have skyrocketed.
Just pick yourself up by your bootstraps. If you can’t compete against a $15 trillion private equity firm, then you’re just not economically viable.
Perhaps you can get a fixer-upper and with a lot of work, flip it. That what a buddy of mine did in the 80s in CA when he got into the rising market late. He worked very hard at it and at his job and now has a 1.6 million dollar paid for home thirty-five years later.
Don’t live in Massachusetts.
You can find very nice starter homes in Texas for less than 200k.
That same house now lists on Zillow for $920,500. But at least we had 2,800 sq ft - almost twice the size of this one here.
Melrose used to be a very nice town where working people could raise a family in a neighborhood where everybody knew each other. We used to sit on our porch on hot nights and everybody else would be out there too, playing transistor radios while the kids and dogs played together.
Now it's full of yuppies and hard core leftists.
I have relatives in Minnesota that bought their homes at about $72,000 some 30 years ago. The price for one of them in the bad neighborhood of Brooklyn Center (last riot was there) is about $430,000. A small single story with a basement and detached garage.
Between inflation, gentrification, extremely tight market (low supply, high demand), and fixed up very nicely - yeah prices are high.
The housing market is so hot buyers are paying $1 million over asking price
The way things are going, a million over asking will be like $10,000 over asking was just a few years ago.
IMHO the big money is investing in realestate. It is a sellers market in certain parts of the country. Where I live here in Southern California it is crazy. The houses are sold in a week way over the asking price.
Just bought an investment house in the Tampa Bay area of Florida and we were getting out bid left and right on the many houses that we bid on. We finally landed this one and escrow will close on July 8. We bought our current house in 1977 for $75K and on Zillow the price is $920K.
I felt the same way in 72 when starter homes were selling for $10k.
I’m from MA but could never afford to go back and have no desire to. Lived in FL for 25 years and left because I could see us being priced out of the game so we moved to MO ten years ago and bought a hunk of woods.
Yep. It’s crazy out there.
Wow. And it’s only a 2 BR house.
My son and his wife tried to buy a house here in Rio Rancho. They pre-qualified for $200K and, at that time, there were plenty of houses in their price range.
Within a couple of weeks all of the “starter” homes had skyrocketed in price. Crappy homes were being listed at $185K, but selling for $220K. It seems that realtors were encouraging sellers to list low to draw interest and encourage bidding wars. Plus, that agent then advertised that they sold X house for over $30K over asking.
Cheapest crap house is now listing for $204K.
To make matters worse, their apartment complex is raising their rent from $1000 to $1200 a month.
This is not a good time to be a young couple.
Been looking for a few weeks down in FL. It’s just nucking futs. Houses are on the market for a day and there is an offer.
Screw it. Sure signs a crash is coming.
West Roxbury’s values are probably falling while Waltham’s are probably rising.
Only $830K? That’s a bargain.
My house on 4 acres goes on the market outside ATL tomorrow. Agent said to lost it at 469,900. I paid 347k almost 3 years ago. Thankfully I have a house we are moving back into that was a rental. We were going to build on the property but the noise levels from the main road and the fact that we have a 1/4 mile drag strip straight away in front of the house after the turn from the main road was the decision maker.
I’ll be elated if we get that much but we’re never that lucky.
Apparently it was not overpriced if it sold...