Real Estate: The Future of Boston Real Estate |
- The Future of Boston Real Estate
- How do people easily build off-grid cabins?
- Trying to navigate a home sale with a shady realtor
- Settling vs waiting for a house you love (PHX)
- We just closed! Here is our self-employed, conventional, Covid timeline! 39 days from pre-approval to closing.
- How reliable is magnetometer for detecting undground oil tank?
- Zillow won't let me edit home facts or photos even though I have claimed my house
- Selling after one year?
- Are these normal counter offer terms?
- Needing a little guidance. New home pursuer.
- Property Tax Questions
- Tenant just evicted (Western USA) - notwithstanding CDC COVID moratorium. If eviction is the right move, don't assume the moratorium is a guaranteed no-go.
- Technical Analysis on local or national Real Estate market
- Boston Apartment Renting Question - Is this normal?
- Where are Fourplex the best right now
- Mass amount of re-listings?
- Wait to file taxes or start trying to get preapproved for loans?
- Can a Current Land Owner Even Do This? Help, Please!
- Ghosted by seller’s agent
- Question about Seller Disclosure Statement
- What are some of your nightmare client stories?
- What are the full logistics of buying a quadruplex as a first home to live in, while renting out the remaining units?
- Offer fell through, what happens to earnest money deposit/inspection costs?
- Buy house then rent apartment. If I bought a house then wanted to rent an apartment for my child but they pay the rent without their name being on the lease would I still get approved for the apartment seeing as a I just bought a house?
| The Future of Boston Real Estate Posted: 27 Jan 2021 07:03 AM PST **upfront conclusion/TLDR** Studios / 1 bedrooms were the LEAST affected and will continue to be the least affected. Luxury took a big hit. Trying to get more vaccines. Covid restrictions/curfews have become looser. Q1 & Q2 will provide more clarity on the overall Boston market for 2021. --- For anyone interested in moving to Boston (specifically in the city) this post is for you because I want to set the record straight. First, let me preface by saying that analyzing the Boston Real Estate Market on the surface is complicated because you have a mix of both Luxury & Non-Luxury Real Estate. The news normally combines both and will tell you "the real estate market is down in Boston by X" - which is partially true, but the downturn of the luxury market influenced a heavy portion of that. I've seen a massive shift in the mindset of many people looking to buy in Boston. Most people that contact me and are thinking of moving to Boston for either work, school, retirement, etc., and they feel right now might be a good time to scoop up a property because the market is down. This is only partially true. Most people who are relocating here are buying what I call an 'entry-level/starter' condo in the city, a one-bedroom, or possibly a studio. I'm here to tell you that the non-luxury studio and one-bedroom condos in the city were the LEAST affected by the pandemic. Here are the facts. While the number of sales is down, a one-bedroom saw almost a 0% change from 2019 - 2020. One Bedroom Units / Average Sale Price: - 2019 / 888 Sold / $755,381 - 2020 / 767 Sold / $753,599 Now watch this. While there are fewer studio apartments available in the city, you might be surprised by these numbers: Studio Units / Average Sale Price: - 2019 / 116 Sold / $904,562 - 2020 / 93 Sold / $1,212,981 (34% increase) You might be wondering how the hell studios are more money than a one-bedroom. The reality is a mixture of supply and demand and the condo's age - most are in newer built or renovated buildings with a lot of amenities. The market that has been hit heavy is the 2 / 3 bedroom condos in the city. Being a married dad with two children myself, I *think* the dynamic for these resulted in families wanting to move outside of the city into the suburbs because of Covid-19. The other portion of this is that many of the 2-3 bedrooms are owned by investors/absentee owners that are either renting them out or using them for Airbnb - put them on the market because of uncertainty, and it became saturated. - 2019 / 1487 Sold / $1,348,327 - 2020 / 1336 Sold / $1,235,825 (8% decrease) Three Bedroom: - 2019 / 440 Sold / $2,792,922 - 2020 / 385 Sold / $2,481,409 (11% decrease) So this leads us into 2021. Two things are happening right now in Boston. #1 Restrictions for businesses & curfews have become looser. #2 We're attempting to get more COVID-19 Vaccines. The difference between Jan 2020 and Jan 2021 is that there are currently 387 more condos available in Boston than in 2020, but rates are over 1% less to get a mortgage. This might be wishful thinking, but if rates continue to stay competitive coupled with the covid vaccine I think we can anticipate some 'leveling out' of the condo market. I don't think it will happen in Q1 of 2021 but come Q2-Q3 we will have more clarity. The nuclear opinion is that loosening these covid restrictions would result in more cases and further affect condo sales in Boston. Have a Great Day. - Mike Urban [link] [comments] | ||||||||||||||||||||||||||||||||||||||||
| How do people easily build off-grid cabins? Posted: 27 Jan 2021 08:24 AM PST I can't quite figure this out. I see lots of people just build these things for seasonal use or as getaways, or occasionally more but I can never tell how they do it with zoning and building codes. I think doing something like this in Florida to visit in the winter would be appealing. If one wanted to construct a 100 sqft cabin on a 1-2 acre lot what is the easiest and cheapest way to get land for that legally? I am having trouble figuring out how it fits into existing building codes even though I see lots of airbnbs for this sort of thing. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||
| Trying to navigate a home sale with a shady realtor Posted: 27 Jan 2021 05:53 AM PST My husband and I are selling our former home. Needless to say the market is hot right now, but in addition to that our house has A LOT of things going for it that should bring us top dollar, I'm thinking list price or above and maybe even a bidding war. We went through a lot of trouble to make this house look amazing and ready to show. We are expecting LOTS of people at our open houses, and our showing slots are already booking up quickly. We are currently listed as "coming soon" and will officially go on the market tomorrow night after all pics are uploaded. Our realtor has been pretty annoying for too many reasons to list (see post history). Unfortunately we are under contract so kinda stuck at this point. This realtor has been fishing for his own buyers even before we were ready to sell. And now that we are just about there, he is pushing one particular person on us, who supposedly will have cash, before we have even had a chance to show it! In a buyer's market, I would understand this, but this feels like he is unethically steering us towards "his" buyer so he can collect max commission.The market is so hot right now and this house is so coveted, we want to show it as much as possible over the weekend and then sit back and choose highest and best. His argument is that his buyer has cash, and if we accept a higher offer that isn't cash "I'm worried it's not going to appraise and you'll get beat back down in price." The point is he's making me really uncomfortable with this behavior and I don't see how this isn't a conflict of interest if he's pushing his buyer on us, especially before we've had the chance to show this house like a brand new penny. He's also acting like he deserves a GD cookie for doing such a great job. Dude, Oscar the Grouch could book showings in this market. Thoughts? Advice? Edit: lol get this: he just texted me that he wanted to communicate to all buyers that we will be making a decision on Sunday night. It hasn't even gone live yet! And while we are expecting a lot of activity, he wants us to commit to making a decision on Sunday before we even see any offers? Is he out of his mind? I think he wants to go to HIS buyer and tell her "don't worry they are going to make a decision on Sunday, I'll make sure you are at the top of the list". [link] [comments] | ||||||||||||||||||||||||||||||||||||||||
| Settling vs waiting for a house you love (PHX) Posted: 27 Jan 2021 08:36 AM PST We have been in the market to buy a house for about a year. In the neighborhood we are looking in average houses have gone up at least 20% from this time last year, and the nicer homes have gone up as much as 30%. In 2019/early 2020 there were around 8 houses that would have been great candidates. After covid there has only been 3 that were worth touring and only one we liked enough to put in an offer. These houses are selling in a couple of weeks, when nicer (and much cheaper homes) were taking months to sell in 2019-beginning of 2020. One house just went pending for 685 when it spent a year on the market at 515 and was pulled in March when lockdown began. I know this is because of lack of inventory, but it makes me extremely weary for resale opportunities in the future as if we "settle" I wouldn't want to live in said house for more than 5 years. On the other hand, realtors keep saying that houses will continue to rise, with a 12% prediction for the year. At that point we would just consider a different neighborhood all together as the lack of amenities surrounding the neighborhood is not worth that price point. Rent is also more expensive than a mortgage would be so we are losing money there. I know there is no "right" answer but I keep going back and forth between the pros and cons of buying now or continue waiting for a home I love. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||
| Posted: 26 Jan 2021 01:44 PM PST Hello, everyone! This sub has given me so much help over the course of the last month. I figured it might be helpful to someone to see my timeline. If you have any questions, I would be happy to answer them. Photo: https://i.imgur.com/fJF3KF9.jpg
The Timeline
And that's it! Now we own a(nother) house. We have spent every waking moment since driving hours back and forth and moving our stuff. Now we have 85% of our stuff already moved in, and definitely not unpacked. This has been THE most anxiety inducing process I've ever encountered, but I do live a spoiled life. I do wish that realtors, and especially banks / loan officers, lenders, and processors were more understanding that not everyone has been through this. No one ever told me I was "conditionally approved" or that I had my "final approval" or that my file was "out of underwriting" or that I was "clear to close." A little bit more upfrontness, better communication, and explanations could've gone a long way. I'm fully prepared to never buy a home again. Haha! We plan to rent out our first home to make some extra income, but know nothing about that process. That will be our next feat. Thanks again r/RealEstate TL;DR Started looking 12/16. Found house 12/17. Offer accepted 12/18. Closed 01/22. Hounded everyone to close quickly. 37 days all together. 35 days from submitting purchase agreement to credit union. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||
| How reliable is magnetometer for detecting undground oil tank? Posted: 27 Jan 2021 08:37 AM PST House previously had an underground oil tank, which was supposedly removed 20 years ago but no public records. A few years ago the house was sold and a magnetometer study was done of the area showing no tank. I'm wondering - how much to worry about the possibility of soil contamination/tank not detected by the magnetometer? Do I need a ground penetrating radar study? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||
| Zillow won't let me edit home facts or photos even though I have claimed my house Posted: 26 Jan 2021 08:20 PM PST For some reason all of the photos and facts I updated on my home listing reverted back to how ti was before I claimed the house. It still shows I claimed the house, but when I go to edit the photos or facts it gives an error message that says, "We're sorry, currently home facts and photos can't be directly edited on Zillow for this property. As the data for this home is sourced directly from a third party, it must be edited with them. If you are the current homeowner, please contact the agent you worked with to purchase this home and request a change to the data where it is originally sourced. Once edited there, it will be updated on Zillow." What do I do? I don't even think the agent who listed the house even works in real estate anymore, and I don't understand why that would even matter. I should be able to have exclusive access to my own houses listing on Zillow! [link] [comments] | ||||||||||||||||||||||||||||||||||||||||
| Posted: 27 Jan 2021 07:13 AM PST Has anyone had experience selling their home after one year? I bought my house last year before the pandemic started. The house was renovated in 2016 and I've had no issues but am looking to get out of the city for a variety of personal reasons. I've made a few small improvements, but have overall not sank a ton of money into the property. Some considerations:
This was my first home so I'm nervous that even if I sell it for a decent profit, I'll lose money on the transaction costs for selling. I'm also wondering if people would be wary that I'm selling my home so quickly. Has anyone sold their home after about a year and if so, what was your experience? I'm also not looking to rent my place out, just interested in hearing others experiences with selling so quickly. Thanks! [link] [comments] | ||||||||||||||||||||||||||||||||||||||||
| Are these normal counter offer terms? Posted: 27 Jan 2021 10:24 AM PST Hi, I need help. Is this a normal or typical counter offer in a competitive HCOL area?
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| Needing a little guidance. New home pursuer. Posted: 27 Jan 2021 10:23 AM PST There is a home in my area that for the two years I have seen it ,I had wanted it. It went off of the grid for awhile. Don't know what happened but now its back and I don't want it any less. I have a few things I need to work out first ...I am close on my credit but not quit there yet ,the First home buyer credit, and receiving my tax refund back. Is there a way to get my Claws in so to speak so I don't lose the opportunity to get it? I have 3 kids and we have never had a "home". And that house just seems perfect. It's 150k and I think the mortgage is definitely affordable. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||
| Posted: 27 Jan 2021 09:46 AM PST So I am doing some comps with my neighbors just to understand my tax bill better. One of my neighbors renting part of his home, but not sure where or how an exemption can come to be. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||
| Posted: 26 Jan 2021 10:56 AM PST I'm an attorney. One of my clients just called to confirm that he evicted a tenant who hadn't paid in 4 months. The constable was at the property with the client and the handyman was just then changing the locks. The client had assumed that because of state and federal restrictions on evictions, he couldn't evict. In my jurisdiction, this is not true. Instead, the courts require that certain notices be given to the tenant along with the normal eviction paperwork. The tenant must then take action to notify the court that they qualify for protection under a moratorium order. If the tenant takes no action, they will be evicted (assuming the rest of the eviction is solid of course). Moral: You may have a variety of reasons you don't want to evict someone right now - but don't let a moratorium be the one thing stopping you. Chat with an attorney to see if your eviction action is likely to succeed in your jurisdiction - the chances of success may be higher than you think. EDIT: As u/GordonAmanda pointed out below, many jurisdictions have rental assistance money out there, if you just look. I personally think taking what steps you can to prevent an eviction and help people stayed housed during this time is the morally right thing to do, so I would encourage you to look at all possible options before eviction. But as I said, don't let eviction moratoriums be "the one thing" that stops you from moving forward with an eviction, if that's the course you need to take. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||
| Technical Analysis on local or national Real Estate market Posted: 27 Jan 2021 05:44 AM PST I want to do technical analysis on Romania's Real Estate market, preferrably on certain cities like Cluj,Bucuresti etc. The problem is that I didn't find any charts to do this on. Can you please advise me? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||
| Boston Apartment Renting Question - Is this normal? Posted: 27 Jan 2021 08:49 AM PST I'm unsure if this is the right sub for this so please let me know if there's somewhere else better suited! I'm on the apartment hunt in Boston right now for a one-bedroom. I found a great, affordable spot in a great area and am negotiating move-in date/lease date. But, the agent I'm working with just told me: "The standard rental procedure around here is paying first months rent along with your application. The other deposits would be due before move-in. In this case that is last months rent. You would sign the lease once it's accepted, so those additional payments would be after. But first months rent always begins the negotiating. I would just hold off on actually running the payment through our ECheck System." Can you tell me if this is normal or standard? This is my fourth apartment I'll be renting in Boston, but my first time renting a one-bedroom, so I'm not sure if it's different for one beds? I've never had it work this way before and would just love to get some advice on if this is trustworthy or not, and also what to say back. I'm super nervous and obviously don't want to be rude but also don't want to be taken advantage of. Thanks so much for any help! [link] [comments] | ||||||||||||||||||||||||||||||||||||||||
| Where are Fourplex the best right now Posted: 27 Jan 2021 08:38 AM PST I've done my investing in Alaska but there aren't good options anymore, years ago four plexes were amazing in Alaska but not so much anymore. Is there any other states/cities that they're prominent and good priced? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||
| Posted: 26 Jan 2021 06:38 PM PST I was checking in on houses in my metro area (MSP) tonight and noticed that a HUGE number (in our price range, mid-$300-$400k) have been relisted . These were homes that came on the market, had an offer accepted in 3 days, and have been contingent for a few days to a few weeks. Did something happen in the housing market today ? Is it something to do with financing ? Looking for a sign that it will be easier to get my offers noticed ... On the flip side, I do feel for the sellers in this situation. Not fun to have deals go through! [link] [comments] | ||||||||||||||||||||||||||||||||||||||||
| Wait to file taxes or start trying to get preapproved for loans? Posted: 27 Jan 2021 06:19 AM PST I saw a house that I think really suites my needs, is in my desired location and a little bit higher than my preferred price range, but I think I want to jump in. The issue is that I graduated grad school back in dec of 2019, so I don't have 2 years of work experience at my current job and won't have 2 years of tax returns until I file in mid february. Also if I do decide to apply for a mortgage right now, I have some capital gains from last year that I need to pay taxes on so I'm not sure if it will be a problem if in the loan application I state I have $X in my checking and savings account and when I do file taxes it will show a large payment and my actual cash reserves changes to $X-$Y. Ideally I would want to wait till I file and pay my tax bill, but with this crazy market we are in I'm afraid if I wait the house will be gone by then. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||
| Can a Current Land Owner Even Do This? Help, Please! Posted: 27 Jan 2021 06:04 AM PST Hi, all! I'm interested in a 1.2 acre lot of land currently listed for $24,800. There's a 3.5 acre lot for sale by the same owner right beside it for $33,800. After having an excavator walk and a friend look at the perc tests for both lots, the 3.5 is not good for building at all - lots of rock. I was getting ready to put a modest offer on the 1.2 acre lot this week, but my realtor came back with a response from the listing agent that the owner will not sell the 1.2 acre lot alone. She will only sell the 3.5 acre lot alone or both lots together. The listing agent said the owner let him know this just the other day as this is not what was originally posted. My assumption is she's gotten a whiff that someone is interested in the 1.2 acre lot and doesn't want to be stuck with the 3.5 acre lot because she may know it's basically useless without expensive hoops. She bought both lots back in 2018 for $20,000 total. My question, can she even change her mind like that after it's been listed? It's been listed for 154 days. The listing details now reflect her wishes, but I'm wondering if she can legally do that as buying land is new for me. Any advice on the offer I may make on both lots knowing the 3.5 acre lot isn't a good one? Thank you in advance! [link] [comments] | ||||||||||||||||||||||||||||||||||||||||
| Posted: 26 Jan 2021 10:29 PM PST For context, this is in SoCal. Put in an offer on a property three weeks back and got outbid. However that sale fell through and the property went back on the market last week. Put in higher bid on same property the second time and seller's agent replied saying the buyer had accepted and offer but asked if I would be interested in going on a backup position. This happened on Saturday 1/23. Now is where things get irritating and confusing for me. The property is still listed as "active" on the MLS and Realtor.com despite the seller's agent stating the seller accepted an offer. They are also not willing to let me know what position of a backup I would be. Lastly, the agent is not responding to the question of whether or not the sellers are accepting other offers, even after explaining I would like to submit a new bid if they are. So to be on the safe side I have signed the backup contract and agreed to their contingencies, one being that it's a 45 day contract as a backup instead of the usual 30 day. The owners are flippers and have at least one more property on the market currently. I know this is a business for them, so I can't understand why they and the agent are not answering my questions. And I certainly don't understand how the listing is still flagged as "active" if they supposedly accepted an offer and have multiple backup offers including me. I don't know if this is normal or if they are just being non-communicative assholes or if maybe it's personal? Advice? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||
| Question about Seller Disclosure Statement Posted: 27 Jan 2021 05:55 AM PST As a seller, my agent has asked me to complete the Seller Disclosure Statement. For our state, the lengthy form list the following choices - Yes, No and No Representation for things around the house. The statement defines Problems as "present defects, malfunctions, damages, conditions or characteristics" The keyword being 'present' I asked my agent if I should flag issues that occurred in the past but have been fixed. For instance, roof leaks that have been fixed. She said it was good to be transparent and report previous issues. What is the consensus / advice here for home sellers [link] [comments] | ||||||||||||||||||||||||||||||||||||||||
| What are some of your nightmare client stories? Posted: 26 Jan 2021 12:31 PM PST My fiancé is a realtor and I've had permission to post his experience. He's had these clients (an older couple around mid-50s) since November of 2020. He listed their home and was also asked to be their buyers agent (paperwork all signed and dated). The process of selling their home has been an absolute nightmare. They had a radon issue, mold in the attic, a possible encroachment on the property, and multiple other issues on which they've been combative on fixing. Beyond that, while their home is still active they wanted to see homes and put offers on them. The market is hot and with their contingency to sell their own home all 5 of their offers on different homes got denied. My fiancé showed them 70 (yes 70 actual homes) within the span of 2 months and the clients have been unrelenting and picky on each and every one. Mind you, these homes are over an hour away from where we live so you can only imagine the amount of miles and money spent on gas. Fast forward to January of 2021 and they've finally received an offer on their home at asking price. The only problem is that they need a survey done to ensure there isn't an encroachment on the property and the clients refuse to pay for one. But the kicker of the story is this. My fiancé was fed up of showing them homes and denied them one home on the day of our engagement. He said it was an important day for us and until the survey is done and their home moves towards closing then they'd have a great chance of getting accepted. They dropped him from being the buyer's agent after the denial of one home. Made him drive countless hours, won't accept a referral so he can at least make some of his money back, and are still being combative about the damn survey. The offer is on hold until the survey is done and all I can say is that these are the clients from hell. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||
| Posted: 27 Jan 2021 02:27 AM PST I was considering on buying a quadruple as a first home with my partner. Let's say that our loan qualifies us to a SFR for $645,000. And we want to buy a quadruplex that's selling for $1,000,000. Would my loan amount change if I decide to buy a quadruplex instead? Because the remaining units rent can be used to offset the mortgage? And also, do I get taxed on the rent I collect from the tenants, since that would be used to pay the mortgage? Sorry in advance everyone because I have no idea how this works.. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||
| Offer fell through, what happens to earnest money deposit/inspection costs? Posted: 26 Jan 2021 12:36 PM PST Hi, first time homebuyer here. We put an offer on a house that got accepted, and paid the earnest money deposit already. We also paid for an inspection. The seller is refusing to make any repairs (we have an FHA loan so they need to be done before closing), and apparently there was another offer for 10,000 above ours where the buyers are fine with the seller not making repairs. We can't afford to make all of the repairs on our own before closing, so it looks like this house is not happening for us. My question is, will we get our earnest money deposit back in this situation, as well as the inspection costs that we already paid for? Or are we out of luck? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||
| Posted: 26 Jan 2021 11:22 PM PST |
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