Re: anyone else depressed about house hunting??

all the signs are in place for prices to start dropping in the next 6 months to year

I have seen it first hand in Long beach where I live- houses are sitting for a long time- people are still asking for super high prices that they could have gotten a year ago- but not now

there are at least 3 houses for sale on most streets right now

things are going to turn - to a buyers market

we all feel like the houses are over priced and they are- I havn't seen a thing under $700K- and they were not worth more then $600K

what's the worst that could happen by waitng- you have more of a down payment?

it would be far worse to buy a house for $700K and 6 months later have it worth $600K or $650K- b/c you spend the first half of your mortgage paying down the interest

so now you own a house worth negative $100K

that it's going to make it impossible to sell and refinace

even if rates go up- it's still better to pay .5% more then buy a house that's over priced

can you tell I am married to mortgage banker!

he wont buy me a house- for at least another year- that tells you something-

Re: UPDATED: anyone else depressed about house hunting??

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Posted by sarahradio5

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Posted by dbleplay17

we were upset yesterday we found a house we loved loved it was going for 329 and someone offered 315 and he was taking it unless u can do 320...we were going to offer 310 but the 320 we couldnt do right now if this was august after the wedding we could

ugh

whatever we will just rent a lil while and see what comes up

but the market SUCCCCCCKs

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don't lose a house you love for a ten thousand dollar difference! That's not a lot in the long run... only a little bit more monthly! We bought the house we loved for fifteen thousand more than we offered... 5 thousand less than they did. Hey... anything in the 300's these days is as affordable as it gets!

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I agree. You have to stop and think, 'what's 10k in the grand scheme of things' really not all that much more per month.

Re: UPDATED: anyone else depressed about house hunting??

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Posted by FallBride05

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Posted by sarahradio5

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Posted by dbleplay17

we were upset yesterday we found a house we loved loved it was going for 329 and someone offered 315 and he was taking it unless u can do 320...we were going to offer 310 but the 320 we couldnt do right now if this was august after the wedding we could

ugh

whatever we will just rent a lil while and see what comes up

but the market SUCCCCCCKs

---

don't lose a house you love for a ten thousand dollar difference! That's not a lot in the long run... only a little bit more monthly! We bought the house we loved for fifteen thousand more than we offered... 5 thousand less than they did. Hey... anything in the 300's these days is as affordable as it gets!

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I agree. You have to stop and think, 'what's 10k in the grand scheme of things' really not all that much more per month.

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I agree also- anything under $500K is a deal to me

Re: UPDATED: anyone else depressed about house hunting??

UPDATED: Okay so lately... we've gotten very discouraged about our options. Right now we're looking into just buying land and then my FH's uncle has a modular business. So that's an option. Unfortunately we've been looking at land and there's nothing good. My FH doesn't want anything under 1/2 an acre and is particular about where the land is.

BUT can i just say this... i HATE real estate people! First off... how come all the websites are OUTDATED?? Why put the **** up if it's already sold!!!! Then there's property listed as East hampton when in fact it's located in Montauk!!! What is wrong with this picture? And they call themselves a business!!! You don't do business like this. It's so aggravating!!!

Re: UPDATED: anyone else depressed about house hunting??

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Posted by Beth1210

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Posted by FallBride05

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Posted by sarahradio5

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Posted by dbleplay17

we were upset yesterday we found a house we loved loved it was going for 329 and someone offered 315 and he was taking it unless u can do 320...we were going to offer 310 but the 320 we couldnt do right now if this was august after the wedding we could

ugh

whatever we will just rent a lil while and see what comes up

but the market SUCCCCCCKs

---

don't lose a house you love for a ten thousand dollar difference! That's not a lot in the long run... only a little bit more monthly! We bought the house we loved for fifteen thousand more than we offered... 5 thousand less than they did. Hey... anything in the 300's these days is as affordable as it gets!

---

I agree. You have to stop and think, 'what's 10k in the grand scheme of things' really not all that much more per month.

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I agree also- anything under $500K is a deal to me

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I personally would not spend half a million dollars for what generally look like shacks!

Re: UPDATED: anyone else depressed about house hunting??

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Posted by Beth1210


things are going to turn - to a buyers market

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I'm not so sure about that. the market has stabalized, but it will not suddenly shift so dramatically, IMO.

there was an article about it in Sunday's paper. they don't see it happening and said the true test of the market will be in Spring.

Re: UPDATED: anyone else depressed about house hunting??

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Posted by dleeny

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Posted by Beth1210


things are going to turn - to a buyers market

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I'm not so sure about that. the market has stabalized, but it will not suddenly shift so dramatically, IMO.

there was an article about it in Sunday's paper. they don't see it happening and said the true test of the market will be in Spring.

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newsday 2 weeks ago they said it is going to turn

it's more a feeling then actual facts- it's how people feel about the market- there are way more houses on the market now then last year at this time

and people aren't buying them- that causes a shift in feelings

I don't thinks it's going to crash- just turn from a sellers market to a buyers one- it's what most people in the mortgage business think and most people in the real estate business fear

Re: UPDATED: anyone else depressed about house hunting??

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Posted by dleeny

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Posted by Beth1210


things are going to turn - to a buyers market

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I'm not so sure about that. the market has stabalized, but it will not suddenly shift so dramatically, IMO.

there was an article about it in Sunday's paper. they don't see it happening and said the true test of the market will be in Spring.

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this past weekend, someone who deals with mortgages and real estate constantly mentioned that he wouldn't envy anyone looking to buy a house on LI in the next 3 years. Even though the market IS turning, it'll be quite some time before the majority of us will probably be able to get a good deal on a house

Re: UPDATED: anyone else depressed about house hunting??

the houses in my neighborhood are selling at listing price or within 10,000 of listing price still (both up and down). I don't see the market turning here in NJ. There are still bidding wars here. Although, there are more homes on the market now than there were this summer.

Re: UPDATED: anyone else depressed about house hunting??

We were very frustrated when looking in NJ. And the pressure to bid is high because if you couldn't decide the moment you saw the house to bid on it, it was gone!

We saw a house a few doors down from friends of ours. It was a very nice house. The style that I was looking for, etc... it needed some cosmetic work (meaning I didn't like the way the house was decorated in terms of the walls). The house was listed at one price and there was a bidding war and it ended up selling for over 100k more than it was listed for! The ironic thing is, is that it ended up selling for just over what we ended up paying for the house we eventually bought which needed no work! Crazy!

Re: UPDATED: anyone else depressed about house hunting??

It is very stressful. Do to circumstances beyond our control, we are being forced to move out of our apartment before we are ready, so we obviously can't afford a house right now (so upset) so we bought a condo for the time being. We are currently in the process of signing the contract.

Re: UPDATED: anyone else depressed about house hunting??

Inventory has been increasing and houses have been staying on the market longer. It is supply and demand, the more supply you have, the lower the demand, then lower the price. FSIL's house has been on the market since october and they lowered the price $5k and still no bites.

No one can predict what will happen, but all signs point to at least prices stabilizing.

All the houses I am looking at (not serious at buying yet, but looking anyway) have been hanging around and prices have been lowerd by $10k on about 5 of them (all in good areas too).

If two college educated people with good jobs cannot afford to buy a house here, there will be worse problems for our economy, bc all of my friends went to college here and bought houses in other states.

Re: UPDATED: anyone else depressed about house hunting??

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Posted by Meaghan729

Inventory has been increasing and houses have been staying on the market longer. It is supply and demand, the more supply you have, the lower the demand, then lower the price. FSIL's house has been on the market since october and they lowered the price $5k and still no bites.

No one can predict what will happen, but all signs point to at least prices stabilizing.

All the houses I am looking at (not serious at buying yet, but looking anyway) have been hanging around and prices have been lowerd by $10k on about 5 of them (all in good areas too).

If two college educated people with good jobs cannot afford to buy a house here, there will be worse problems for our economy, bc all of my friends went to college here and bought houses in other states.

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Well said This is so true

Re: UPDATED: anyone else depressed about house hunting??

I totally feel the PAIN, we looked every weekend on sat 10am-6pm and Sunday 10am-6pm
for weeekkkkssssssss

FINALLY we found one.. After awhile u will give up and consider some...

you will find something i did, and i was soooo picking.. everything has to be perfect!!!!

Re: UPDATED: anyone else depressed about house hunting??

OMG this thread is a year old! How time flies!

I was not even looking seriously last january and we just closed on a house a few weeks ago....

the OP built her own house (she posts it on LIF)...

see how things change in a year

and Beth predicted the buyers market

Re: UPDATED: anyone else depressed about house hunting??

i totally understand ~ we had to choose a smaller house ~ this is what we can afford!