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Post by chang on Sept 8, 2023 21:09:00 GMT
Wow. My house was listed for sale two days ago, and it sold today for 36% over the asking price.
The broker had planned open houses on Saturday and Sunday, now cancelled.
I know the housing market was red-hot a couple of years ago. I thought it had cooled a fair bit. It seems not. Admittedly, the location is considered a prestigious suburb of Boston, and it could be that property prices here have not cooled as much as the average.
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Post by Chahta on Sept 9, 2023 0:11:23 GMT
Good for you. I am surprised the agent was that far off the selling price. Where is the house? In Boston? It just depends on the particular house and in what area. There are houses around me selling for more than asking and some getting no offers.
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Post by archer on Sept 9, 2023 0:46:19 GMT
I think there might be a good bit of variance from state to state as to how hot the market is. I have been getting monthly emails from Compass Realty about home sales in my county and it has been reporting continuing decline in average prices and the number of sales seems low for the population. Anyways, chang, I'm happy for you!
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Post by yogibearbull on Sept 9, 2023 10:53:46 GMT
Great!
Real estate market is like the tale of two (or many) cities. The US housing market varies widely - Boston is among the hot ones. The commercial real estate (CREs) is in distress - offices, Mall, etc remain at partial capacity.
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Post by chang on Sept 9, 2023 11:10:05 GMT
Good for you. I am surprised the agent was that far off the selling price. The house has been neglected for decades, and I believed the only prospective buyer would have been one who would demolish it and rebuild a new (and bigger) house, or at least demolish it down to the brick facades and rebuild it. The location is highly desirable for a family looking to live in an affluent Boston suburb with one of the best school districts in the country. I think the broker agreed and priced it accordingly. I was afraid it might take months (years?) to sell, given what I believed to be the limited customer profile. Obviously, I was wrong.
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Post by richardsok on Sept 9, 2023 15:46:52 GMT
Agree, very spotty market. Ten years ago I bought a nice downtown Philadelphia condo with deeded parking so my daughter could live nicely with no economic stress. Life pitched me a curve ball and she is STILL in the condo paying me zip. I don't mind b/c I paid cash & the HOA is very low. What I DO mind is that the condo is worth just about what it was a decade ago. You can buy your choice of 1-br condos in the very best, Philly trendy neighborhoods for about $300k. I see a unit in the Dorchester (primo bldg right on lovely Washington Sq) with balcony and rooftop pool for about $400k. HOA about $800, though.
I think prices are related to an increase in petty crime, which the city police pretty much ignore. At best, they catch-and-release (just like I do fishing for trout.) The grunge element is ubiquitous downtown -- even in the "best" neighborhoods. Scuttlebut: the only active condo buyers in Center City Phila are investors who rent largely to foreign grad- and medical-students. Ironic b/c when Manhattan residents come to visit Philly they invariably fall in love with the town.
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Post by FD1000 on Sept 10, 2023 3:48:04 GMT
In 2015 my son told me he is no longer wants to leave with us and is going to rent. I told him to wait and let me assess the situation. I came back after a week and told him we can find a condo at around $80K and the mortgage + utilities will be similar to a the rent. I helped my son finding and buying his condo for $81K. In the first several years he had a tenant that paid the mortgage + more, but after he started making a bit more money, he stopped having a tenant. It was a correct life decision, he could never effort it if he waited 2-3 more years.
It is worth now over $200K. Location, low crime, good schools, and good commute are important.
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