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housing market dead?

douglas

Chocolate Milk Doug
May 15, 2002
9,889
0
Shut up and Ride
NOT!

My sis has been looking for a house (near Boston) for a while

a 1600 sq ft single family on .1 acres went on the market Friday for $400K, by tuesday (yesterday) they were 5 bids submitted........my sis won being she was willing to extend closing date & pay full asking
 

Barbaton

Turbo Monkey
May 11, 2002
1,477
0
suburban hell
Sounds like your sister got lucked out. This from the globe today:

Boston-area homeowners trying to sell their houses are sharply reducing asking prices -- in some cases, by $100,000 or more -- in response to the sudden slowdown in the real estate market.

Demand for single-family homes has declined as prices have risen in recent years and interest rates have begun to climb, causing the number of properties on the market to pile up.

The median price of a single-family home in Massachusetts has dropped 7 percent in the past two months, to $349,000 for sales that closed in October. But reductions in asking prices of 10 percent or 20 percent are now common in both high and moderately priced neighborhoods, according to real estate agents and listings of homes for sale. In Cambridge, price cuts averaged $300,000 in a sampling of a dozen houses listed in the $1.25 million to $4.3 million price range. In suburbs like Tewksbury and Hopkinton, homes originally listed for around $500,000 have been slashed to the low $400,000s.
more here
 

douglas

Chocolate Milk Doug
May 15, 2002
9,889
0
Shut up and Ride
berkshire_rider said:
:stupid:

Does that mean you'll be out to ride with us next year? :confused:

she's been living out that way for a while....

when I visit I usually go over with other family members - makes it tough to go do my own thing for 4or5 hours

but I do really want a tour of Douglas state forest :cool:
 

luken8r

Monkey
Mar 5, 2004
565
0
Melrose MA
stinkyboy said:
:think:

I'm not sure I would post a general location and photo of my sisters house on the internet... I'm just sayin...

I wasnt asking for the address or arial photos or her phone number. Christ, Massachusetts is a big place and the housing market is quite different between the north shore, south shore, west, etc.
 

stinkyboy

Plastic Santa
Jan 6, 2005
15,192
0
¡Phoenix!
luken8r said:
I wasnt asking for the address or arial photos or her phone number. Christ, Massachusetts is a big place and the housing market is quite different between the north shore, south shore, west, etc.
lukenstlkr is a little defensive, no?

:rolleyes:
 

bizutch

Delicate CUSTOM flower
Dec 11, 2001
15,923
9
Over your shoulder whispering
SkaredShtles said:
I think that you'll find that nice houses in desirable neighborhoods will always have a line of people waiting to buy them.

Until mortgage rates hit 12%, that is. :p
knowledge is power my friend. I'm a mortgage loan officer and I can tell you from personal experience....10% was the norm for about 20+ years not that long ago...people just choose to forget about it.
We have every loan under the sunt o compensate though...we now have 40 yr mortgages....:love:
 

bizutch

Delicate CUSTOM flower
Dec 11, 2001
15,923
9
Over your shoulder whispering
oh...and a reason for those prices dropping back down in that range is that Fannie Mae & Freddie Mac (the federally insured invester groups that purchase 90% of all conforming loans) caps a "conforming loan at just over $400,000.00.

So if you go to buy a house at $500k, you pay a HIGH RISK interest rate...and you better have a damn good credit score with plenty of money in the bank...and you can't buy a anything over $200,000 with 100% financing.

Soooo...people all proud of their increasing values are hitting the financial ceiling of values b/c buyers can't finance that big of a loan without a BIG chunk of change down....
 

profro

Turbo Monkey
Feb 25, 2002
5,604
282
Walden Ridge
$400k for 1600 sq. feet !!!! :eek: Man I'm glad I live in Podunk, TN. I can't wait for the housing market to crash. The urban sprawl around here is getting out of hand.
 

stinkyboy

Plastic Santa
Jan 6, 2005
15,192
0
¡Phoenix!
profro said:
$400k for 1600 sq. feet !!!! :eek: Man I'm glad I live in Podunk, TN. I can't wait for the housing market to crash. The urban sprawl around here is getting out of hand.

Do you have any photos of your sisters house?