Housing Market 2023 and Massachusetts: Big Trouble Ahead?
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- Опубліковано 6 тра 2023
- Massachusetts housing market is going through a very uneven and unbalanced period. On one hand properties in Boston and the Boston area and some other regions are flying off the shelf on the other hand, some good properties are staying on the market. For the week ending April 29, 22% fewer new listings hit the market compared with this same time period a year earlier. This downward trend has been going on for a whopping 43 weeks, roughly the same period that the Fed has been raising rates.
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I bought my 1st home at 21 for 87k sold for 197k, 2nd home 170k and sold for 320k, 3rd 300k and sold for 589k and buyers paid all closing costs expenses etc... It is possible and very lucrative as long as all steps and details are followed and then I realized that the secret to making a million is making better investment.
ROCHELLE DUNGCA-SCHREIBER, That's whom i work with!!
Please stop posting this fake conversation in the comments of my videos
What do you think? Would love to read your comments and if you are interested to buy or sell in MA, please reach out to me, always happy to answer your questions.
I was bearish seeing the highs made in 2022 and near record low affordability. I kind of reassessed as an MA prospective buyer this year. Simply put, inventory will remain historically low due to the interest rate increase, even if rates come back down to a more normal 5.5%ish in a state like Mass with so few housing starts. So I pulled the trigger and bought. I think there's a good chance those waiting will be sitting on the sidelines for years to come. Sure, we frontloaded price appreciation and will probably see subdued returns on RE in the coming 5-10 years, like maybe 1-2%/year instead of something like 5-7%. But if your needs call for a home, like my did, I'd rather buy high and ride the flat market than just sit in my little apartment for the next decade... The only way we see a crash (and typically MA is like 0.5 beta on nationwide pullbacks anyways) is if we get mass forclosures due to unemployment -> default. Once that cascade starts it takes years to suss out. If that's the case, we're like 5 years away from the bottom. If you were a prospective buyer in 2020 and sat out due to the frenzy, that's an 8 year waiting period to sit out. At normal historical rates of appreciation... 1.05 ^ 8 = 1.47 so in a "normal market" 47% price increase is "expected" over eight years...
That’s what my next video is about, you nailed it!
The wife and I will be debt free by the end of December then we are going to start to save up for a down payment on our first home our plan is to save around $120k in 2024 and we plan on buying in Shirley Ma or Lunenburg Ma.. We plan on living in the house we purchase for the next 20 or longer we will be retired in about 25yrs. Right now home prices are very high so I figure we might have to save for 2 years and put $240k down. Maybe by then the interest rates will come down.
Good luck with everything!
The government broke the housing market. I’d be crazy to buy now.
We are living in crazy times, for sure. One for history books
Someone said, US needs a recession, sounds ridiculous, but look at Boston, MA housing, I believe it definitely should. Under the name of environment protection, MA has land but doesn't build houses and drive housing prices sky rocketing high. The mostly disgusting thing is they split a house into many "condos". Even 10 years ago, a couple I know having two children, both work for one of the largest banks said it's not affordable for the family to live there and they moved to Charlotte. A brain washed kid loves to live in Boston who's barely get paid enough to live there!
Low inventory & low unemployment are the issue.
The Feds will make unemployment double by the end of the year. Interest rate increase another 2x per Powell
Nobody knows what will happen, I take it one day at a time. Yes, Powell said another rate increase will most likely happen this year (2023), I don't know about doubling - that will completely stop the economy and create a major recession, that's not their goal.
@@BostonAreaHomes powell said 2 more rates for 2023. most likely next week the 1 in september
How about Hampshire county
You can watch my video - Most affordable towns in Ma, I mention several towns from the Hamphire county. Thanks for watching!
They should make a law to only allow people 1 home, no investment properties, because the new generation can not afford a house from all these lords getting richer and richer and buying more houses
Huh, interesting idea
Massive disaster is on the way!! My karma spells on all those who stole homes after the 2008 housing crash are working!! Praise be!😄
One party state. Over 2 generations. You guys get what you deserve!
Thanks for your feedback
Thanks for the video. I like how you concentrate on one region. I'm tired of hearing that the housing market has gone down 20%, yeah, nation wide! I don't care about Idaho! It's tough looking for a house in MA especially when you have school age kids who have been in their respective school system for 3-4 years.
@@HeffewiezenDudeGuy yes, I hear you. I just had an offer sent in Lexington for a $1.2M 'starter' home. They received 10 offers and it went over $1.4M. Very frustrating. On the other hand there are $2.8M homes in Lexington right now that are sitting on the market and having price cuts. The luxury markets in over 1.5M range are showing the signs of slowdown but not the homes that are priced in the sweet spot of prices for that town. In Acton, MA it is the 900K range that is the sweet spot. Every state, town, neighborhood is different.