Even if rents are up 1000/mo above normal (they're not) that's still just 12k/yr. Everyone expects New England to fall around 10% in 2 years time.

Even with a $300k home that means it's better to rent at excessive prices for 3yrs in order to buy once prices / interest rates have aligned.

Date the rate, marry the house. Inventory is what matters most though to ensure a good purchase and there's simply not enough around to bother.

This is to be fair the only time I’ve heard of a good reason to not buy.

But for the most part if I don’t buy now, when I buy when everyone says it’s a good time to buy I’ll have to bid against 4 different people again. At least in this market people are taking at offer price or less or simply dropping their asking price.

But because of how terrible inventory is and the pricing I might wait at this point. If prices fall great but houses tend to appreciate if only by a little lol I’d feel more confident if a bunch of good neighborhoods sold their house 2/3rds less than comps in the area I’d love that so that it can just reset prices all around.

Green energy is not cheaper than fossil fuel energy... Unless you're talking nuclear, but cost per Kilowatt is always higher with wind and solar. The only reason this seems untrue is likely due to your local government. My electric bill in SC is $90 a month when I'm there. In CT, with similar conditions, it is about $400 a month right now. Beyond that, EV's cannot generate, they don't have the reliability of a gas car, which is why they don't make sense in more spread out parts of the country.

If it's going to work out just like GE we should all just short the stock because it's going to dive when they move.

Don't get a FHA.

They changed the rules so you can never get rid of PMI now.

You can get a conventional loan for only 5-6% down and PMI goes away once you get 20% equity.

People, do NOT buy a house right now. Is anyone listening to the Fed? They've literally guaranteed they will keep rates high until asset prices continue to fall.

This is the lowest point of the season for inventory in New England. Couple that with the lowest recorded volume of both homes being sold / homes being listed = no go. There is no trust in the recent price / sqft at this low of inventory, it's smoke and mirrors.

Other states are already seeing drops up to 15% in 8mo times from the mid-2022 peaks. That's simply unheard of historically. As other states cheapen more people can spread out frm the New England area and inventory will increase. Sit on your lease and wait for inventory.

"Date the rate, marry the house" means your entry price is what matters for long term asset growth.

I like the dark.

The cost to refinance is nowhere near 30k. I think I paid like 5k to refinance around a 330k loan, and they can just roll the closing costs in to the loan of you don't have the cash.

How much money will they piss away on rent in 2-3 years?

The refinance would pay for itself vs a few months of renting.

Aha right now it’s my spouse and her mom that are for the most part set on Waterford. it’s tough but if we can find a decent house in a good location sell it in like 5-10 years we can use the equity we built and or money we’d make selling to get a house in new london county or wherever else. That’s my thought process right now

My spouse and I AND my mom were also set on a different location originally (Farmington Valley) but after a little while seeing what we could get in the valley for the same price as somewhere out East, we sucked it up and just did it. We were pleasantly surprised!!

But also, if she wanted to be closer to the shore, towns like Salem might better fit the bill.

Does that $326k average include Fairfield County though?

Look at the list of bills filed in the house last wednesday. Plenty of one-sentence concepts. https://www.cga.ct.gov/2023/lob/h/pdf/2023HLB00118-R00-LOB.pdf

I’d expect the governors bill will have more legs than that of some random member of the minority party

Carve out Fairfield County from the CT’s average and see what it is - guarantee it’s a lot lower. Every house south of Monroe is close to a million or more. Central CT is a lot more affordable

Location really isn’t a bother for me I’d possibly move out of CT given the chance. My wife though would rather stay somewhere in new london county 90% set on Waterford, 10% on Groton or Montville / 😅 so kinda stuck here lol but getting a house under 300k in Waterford without problems seems like a lottery ticket winning

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People don't want to live in New Haven? (Not from the area, genuinely asking why this would be the case)

I totally feel you and it’s a national problem. However, might I recommend eastern CT? Depending on the type of town you’re looking for, I’ve always found eastern CT to be underrated. Willington is a nice, bigger town with a good amount to do. Anywhere near Storrs. Even further east towards RI, you’d be close to providence.

Edit: clarifying that eastern CT is generally far cheaper than the rest of CT. Forgot to state that explicitly haha

They shouldn’t, but they should be seeing a doctor before taking it.

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Growing up, I idolized city life. One of my aunts lived in Manhattan, and my other aunt lived in Back Bay, Boston. I thought it was so cool and glamorous and figured I'd end up in either city someday. As a kid, I wasn't thinking about the fact that they both had two roommates and lived in buildings so old, the elevators still had accordion gates.

Then as a young adult I actually looked at rent prices for anything resembling a "cool" neighborhood in either city. That was a wake-up call. Anyway, I scratched my itch by doing my senior year of college in Boston, then working downtown for two years after that. Now I'd rather live on 40 acres somewhere in Hartford, Tolland, or Litchfield counties.

truly heartbreaking

I wish someone would tell the rival buyers who keep going $100k over asking that no one wants to live in New Haven. 🙄

Walk me through it. Why must the people who most direly need to avoid an unplanned pregnancy, and are more likely to make risky decisions, be kept from birth control?

The difference is, gas cars are bad for the environment and will not get better. EV’s are not, and will only get better. Especially with the push for green grid energy, which is cheaper than fossil fuel energy.

Yes I realize that. Those that always complain about housing need to be reminded that there will almost never be a picture perfect house with that white picket fence. Sacrifices need to be made if you want to find a house and that includes an area you might not have considered in the first place.