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I don’t need to face what your reality is. I own a home. Its beautiful and worth every penny I would ask for it if I were to sell. I am not selling for the next 20 years at least. At that time my Mortgage will be paid off and I will probably walk away with a huge sum of cash regardless of today situation. What I do know is keeping home values up in my area will preserve the neighborhood and the value of it. What people like you need to understand is there will always be expensive homes on LI and LI will always be an expensive place to live.
When I purchased my home 9 years ago for 400K it needed a tremendous amount of work. Was it overpriced? Yup. I was not only paying for the house I was paying for the location. People like you don’t seem to understand that location is huge on LI and the good areas will show WAY less depreciation than other areas on LI that have already hit bottom or close to it.
If you are waiting for the good areas to drop in price to what you consider "Value for your money" you are dreaming. That 350K house I linked to you is not worth 350K by any means. The neighborhood and SD is though. I can site many other examples of house location and value.
You can't link to MLS listings directly, you have to give the number so people can link to it themselves.
I'll put my "wishful thinking" against yours, any day.
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People may not recall what you said to them, but they will always remember how you made them feel .
In some areas im sure that is correct. Not in all areas. That is unrealistic. The "Good" areas on LI will maintain prices. I would say maybe a 5-10% decrease at most in the worst cases of homes in "Good" areas artificially inflated based on area and not value.
Dusting off a 2 year old thread here, but obviously things have continued to slide...
Yes, "Things" have continued to slide...
According to Newsday, Long ISland median home prices were up 1% over last year (YTD) while "Western Suffolk" (That's seems a bit odd to me but i'm just quoting) were down 3.2%.
Interest rates are down.
Now explain to me why NOW is not a good time to buy?
The market, if anything, has stabilized quite a bit. Long Island's market, when viewed as a whole, was up.
Now explain to me why NOW is not a good time to buy?
Here are a few...
1. A person's job situation is at risk.
2. A person's earning power has been reduced and won't keep pace with the expense of owning a house.
3. Accumulated debt.
4. Wanting to stay liquid.
5. Cash burn.
6. They don't want to be saddled with something that's stagnant or depreciating.
Here are a few...
1. A person's job situation is at risk.
2. A person's earning power has been reduced and won't keep pace with the expense of owning a house.
3. Accumulated debt.
4. Wanting to stay liquid.
5. Cash burn.
6. They don't want to be saddled with something that's stagnant or depreciating.
Job situations are always at risk. When the economy is doing GREAT large corporations lay off 12000 workers so they can move to China.
No different right now than 5 years ago, or even 10 years ago.
Earning power? I assume you mean "How much they get paid". How has it been reduced? My salary has not been reduced-it's gone up. Besides, this is each person's decision to make when thinking about buying a house. If you don't pay your rent you will be out on the street FASTER than if you don't pay your mortgage.
Debt. Yes, it's called a mortgage and has no revelence to buying now, last year or next.
# 3,#4 and 5 are basically the same thing and it's up to each indidual person to decide.
Yes, buy a new car instead. Cars lose value the moment you sign for the loan. Historically homes are a great investment. They are also a great place to LIVE.
No offense but every reason you stated has no refection on buying a home NOW. All of these factors have to be weighed regardless of when you buy a house. If you can figure out a way to avoid all of these potential disasters for THIRTY YEARS more power to you. The best way would be to NEVER buy a house.
Yes, "Things" have continued to slide...
According to Newsday, Long ISland median home prices were up 1% over last year (YTD) while "Western Suffolk" (That's seems a bit odd to me but i'm just quoting) were down 3.2%.
Interest rates are down.
Now explain to me why NOW is not a good time to buy?
The market, if anything, has stabilized quite a bit. Long Island's market, when viewed as a whole, was up.
Is your house for sale or something?
Just wondering ... you're evangelizing the "buy now" theory quite heavily ...
Just wondering ... you're evangelizing the "buy now" theory quite heavily ...
Well of course my house is for sale. This is the only reason I could possibly believe i've been right all along.
I'm probably a cop married to a teacher divorced from a union rep and my kids are town officials that sell real estate on the side who are married to mortgage brokers too. I don't even own a home-i'm waiting for median price to hit $95,000 but it has to be in a "Good" SD".
Hmmm buying an overpriced house on Long Island in a sinking economy.
Lets put it this way
If you gave invested $100,000 today and I told you that tomorrow it would all be gone would you do it?
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