The idea that buyers are chumps, easily conned into blowing hundreds of thousands on overpriced homes by slick real estate agents, is remarkably patronizing.
Yet it is a theme sounded all too often on the comment board for this blog by some otherwise very sharp and insightful observers of the Greater Boston real estate market.
This is probably one of the toughest real estate markets in the country for middle class buyers to get a foothold in.
There are simply too many people with fairly decent incomes vying for a limited pool of overpriced, run down homes.
It was true a decade ago in the Boston market and it is true today, despite all the dramatic changes we have seen in the economy and in real estate in general over the last several years.
Buyers braving the market in the Boston area deserve empathy - not ridicule. Real estate can certainly be a racket, but why pick on poor buyers?
Here's what defkon4 had to say to all the "armchair analysts" out there.
Sorry, folks, but as a new buyer, I'm tired of being called "overeager" and "naive" and being told to keep renting and being treated like I'm some sort of idiot or chump. I'm in my late 30's and have been renting for the past 2 decades and am TIRED of it. Maybe you haven't checked recently, but rents are RISING in Boston due to low vacancy.
Also, some of you may not realize it but a lot of Boston renters are on June - June annual leases or Sept - Sept. We don't have the option to wait it out or take our time and buy whenever we please. You either buy in April, or you're s**t out of luck till next year, unless your landlord is nice enough to let you go month-to-month.
I just bought in a "hot" community North of Boston (not on Boston.com's "top 10 list either) and had to go up against 5 other real, blind offers. I paid over purchase price and have no problem with it. I bought what I knew I could safely afford. The property was under priced to begin with to get it to move and attract offers. And I paid less than what the original owners paid 5 years ago. The property is also move-in ready needing little more than a new paint job, a new fridge, and a few touch ups.
Some of you armchair analysts should actually try bidding on a house right now. Go to a open house in Arlington, Watertown, Melrose, or Wakefield (not on Boston/Warren's top 10) this weekend. Good luck trying to make it in the door behind the 50 other couples in there.
Not all of this is some sort of intricate conspiracy by some dark real estate underworld.
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