My question to anyone house hunting on LI

My question to anyone house hunting on LI

I have been looking for a couple of months now - the prices are so crazy. My husband sold his house last Oct. which we thougt was a good time to sell but... this past summer the increase in home was insane. I would look up when and what people had paid for their homes and what they are currently asking - I will give you an example - we looked at a home in RVC and they were asking 439 this couple only bought the house in 1999 for 260 (Now I don't think if she wanted to try and get around 3 something but what she was asking I would never give. (I wouldn't of bought the house for even 300 it needed a lot of work... but anyway I just wanted to vent. If we were to buy now isn't it a lose situation? Houses cannot be worth what they are asking - A home that was bought last year is now being priced a 100,000 more - I just can't see that next year the house would be worth anymore - I think they can only go down to a more realistic price? Anyway, I'm starting to think I am never going to find a house the we love and is a good price.

My question to anyone house hunting on LI

I know what you mean!!! We`ve looked off and on over the past few years, and it`s pretty depressing - especially when you factor in the property taxes!!!

Unfortunately, I don`t think the housing prices will drop that much unless we have a really bad recession. I`m living near Boston and when we first moved here 5 years ago you could find a decent older home for $250,000 - $300,000. Now they are going for twice that. What is selling in the 250 -300 range is a 'condo' - they`ve taken 2 family homes and split them up to sell as condos. We`re renting the lower floor of a 2 family right now, and I can`t imagine anyone paying $250,000 to buy the place! Long Island isn`t the only place where prices are skyrocketing.

We have considered Arizona, where my family lives. You can get a nice, new house in the $175 - $275 range and the taxes range from about $1500 - $2500 a year. Salaries are not as high, but it`s proportionally still a better deal.

Since I have a potential job opportunity on LI, we`re going to give it a shot and hope to find something good, but I`ve already warned hubby that we`ll probably have to retire somewhere else. I can`t see how we`ll be able to pay what will probably be $10,000 - $15,000 a year in property taxes on retirement income!

house hunting on LI - recent experience

UGH I know what you mean. Here is my fav. real estate experience so far. We live in Little Neck and would love to stay there. One night hubby and I are riding our bikes around the neighborhood and we see a house for sale that looks vacant (grass is high, no curtains etc.) The next day I call the realtor and they tell me the house is in contract and that there are back up bids as well. Ok, Im disappointed and I ask what the house went for. Of course the realtor wont tell me but she does say I don't know if you would want that house it has No Bathroom or Kitchen. WHAT IS THAT ABOUT?? She tells me that it was an estate - sold to a contractor who gutted the kitchen and 2 bathrooms and was selling it as is. The contractor would of course be happy to put in a new kitchen and bathrooms for the buyer. I finally got her to give me a ballpark price. Are you ready?

$469,000.00

I almost dropped the phone.

house hunting on LI - recent experience

Fran - how about $600,000++ for a non-descript contemporary in Bayside that was nothing special - apparantly in decent shape, but needed a GOOD cleaning and TLC. The 2nd floor 'Deck' was astroturf on the roof of the den below. You had to negotiate around the skylight that was in the middle.

This is why we live in NC

I grew up on LI and when I come home for a visit I think about how nice it would be to be able to live there again. But there is no way we could EVER afford to live there unless we won the lottery. The taxes by themselves are outrageous.

When we bought our house here in NC I was talking to my mom about the taxes. What we pay for the whole year is about 1-2 months taxes up there. CRAZY!

We have a little over 1500 square feet, 3 bedroom, 2 1/2 bath colonial with about .25 acre, a deck and garage. I wouldn't normally talk about how much we paid but it really points out the difference of locations. We bought the house a year and a half ago for $136,500.

So why don't y'all come on down to North Carolina (said in my best southern accent) because I could sure use some yankee company :-)

I wish all of you looking for a house good luck. It is such a frustrating experience. But when you find something you'll be so glad you OWN something rather than throwing you money away on rent. Okay the bank OWNS it for awhile -- but you know what I mean.

house hunting on LI - recent experience

Oh ladies, I can sympathize. I have been looking for a house in Middle Village, Queens for about 2 years now. The prices are killing me, and the one's that I can afford are in areas that I am not interested in. I just hope one day I'll be a home owner!!!!!

house hunting on LI - recent experience

My friend is going to closing on a house in Merrick (South Merrick I think) and it was
just under $300,000 with taxes a little below $5,000. I don't think the house is huge
but she has an 11 yr old daughter and she said the schools are really good and she said the house is adorable (I'll see it this weekend). My
husband is in the process of selling his mother`s house in Bayside if anyone is
interested in finding out more, let me know, my email is [email protected]

I was hoping for some happy news from just one person...

I guess I am not alone - Does anyone think that prices are coming down???

I was hoping for some happy news from just one person...

We have decided to put hold on the search until the spring. I have idea if that will make a difference its anyones guess. I current have a co op to sell before buying a house so I am torn between selling now when I know I can make a profit to add to our down payment and holding off.

Well there are lots of people in situations much worse than this so I will stop complaining and count my blessings.

Junebride

The price appreciation from 1999 to 2001 sounds in line with other stuff I`ve heard (although the lower 400`s may be more realistic on the one you mentioned). What I am hearing more, as of late, is not so much that the prices are lower prices but less bidders. At least that gives the buyer a slighter advantage in keeping the price under control vs. a bidding war. Also, I've seen alot of data to support the idea that houses are being sold for less or right at the asking price (again not great but not higher) I thought the house I mentioned that my friend bought in Merrick was reasonable. We saw a few houses in Malverne that were in the mid-high 400`s and $6500 in taxes and we would never pay that for the size/location.

Junebride

Also - the interest rates are about as low as you're going to see. That helps cut a lot off the monthly mortgage payment.

Definitely! (Long)

I can sympathize with all of you on your search for a home. My husband and I had done things backwards and bought the house prior to our wedding.

At that time, houses were going for what the owner`s were asking, if not more, and some homes had as many as 15 offers on them. Plus, the interest rates were in the high sevens, low eights. We locked into our mortgage at just above 8%, and that was with paying a quarter of a point, or something like that.

We have been talking about refinancing our mortgage for just about a year now, but the rates just keep dropping, so I guess we`re glad we haven`t gone through the process yet. I`m not sure, but I think rates are in the sixes.

It is definitely the interest rates that get you. I don`t recall all the figures, but it`s really disgusting when you look at the life of your loan, typically 30 years, and you see how much interest you`re paying. I think right now, on our mortgage payment, only about 10% goes to principal, while the bulk is paying interest.

In my opinion, you`re better off taking a higher price on a house, with a lower interest rate, as long as the house isn`t over-valued. Remember, over the long-haul, real estate tends to appreciate in value, not like when you buy a car, which depreciates the second you pull off the lot.

Consider looking a little farther east if prices in your current scouting range aren`t in your budget. We started looking around towns close to the Nassau/Suffolk border, but found wonderful, better-kept houses at lower prices moving just a few exits east on the parkway. If you don`t see children in your future, maybe a great town with a less than perfect school is the way to go.

If you do go back and look at what previous owners have paid on a house you are interested in, keep in mind the type of market it was at that time, and also keep in mind if the owners have made significant upgrades on the house, like new siding, new roof, new water heater, etc. This was the case with our house. The prior owners had bought the house cheaply because of the way the market was playing in favor of buyers and because the house needed work. When they sold to us, the market was surging for sellers, plus they had done extensive upgrades!

Good Luck to everyone on the house hunting. The whole process is very, very stressful .. or at least for us it was. The agent involved in our sale left several threatening messages on our answering machine about how if we didn`t do this or that, the owners were going to call off the deal. Plus, the mortgage company we dealt with made the paper work process very difficult. At one point, they told us they had everything they needed, but weeks later when we still didn`t have a closing date, they said it was because we failed to get them certain other paperwork. Oh, the memories!

But, it is a great feeling when you come home to your home, and as previously mentioned, you`re not throwing money away on an apartment as your landlord skates by with HIS mortgage payments through your assistance.

No doubt it is scary when you think how you`ll manage as your shopping around or approaching a closing date, but somehow you do. It`s the biggest financial investment most of us will make in our lives.

Always keep in mind though, whatever extra you can pay toward principal, whether you send a little extra each month, or one payment per year equal to your mortgage payment specifically designated to principal, you will win in the long run, as your interest will be reduced that much quicker.

Hope this helps!

House hunting

I guess we are all in the same situation. However, we really can't afford a home that is in the 300-400 price range. I also need a decent school system. My husband wants to move to LI (we are in Westchester now)and we will probably be looking in Suffolk. Any reccomendations for towns to look in?

House hunting - MichelleW

We're looking for something under $300,000 too - with reasonable taxes. I looked on Realtor.com in areas like Patchogue, E. Islip, Nesconsett and Lake Grove and was able to find some nice places. We're also trying to find a 4 bedroom, or 3+Office/Den so that makes it tougher. If you can live with a 2 or 3 bedroom you'll probably have a wider range of choices in that price range.

We're meeting with an agent tomorrow to see some places, so I'll let you know what I find out.

House hunted for 1-1/2 years-LONG!

Rob & I wound up doing most of the work ourselves.
WHen we were 1st engaged, we took a look at what
Bklyn had to offer us. All 2 bdrm apts were
$1200/$1300 and those were in apt buidlings, not private homes.
We needed 2 bdrms since I just sold the home I grew
up in 2 years prior and we both paid rent on
storage units!
So, we figure with THAT kind of rent, lets see if we
can get a home & pay into our own equity.
WE decided on Long beach cuz it was clse to robs job, had a great
school system, great community events and a small town beachy feel
so close to the boroughs.
Rob worked w/ many people who lived there, so we had them also put
feelers out to their frineds/neighbors to see
if anyone was selling.
We learned what the better areas of the town were-and
we wanted a home with some space- not a bungalow where in the summertime
you were not allowed to park your car in front of your own home.

Worked w/ 2 realtors during what is a bidding season(last yr)
You wouldhonetly have 2 or 3 people bidding against each other
for homes int his area and people were getting more than they
their asking price for their homes.
We logged on to MLSLI every day- 2 or 3 times a day, and would call our realtor
w/ the MLS number.
We drove therough the neighborhood street by street evey weekend for months,
writing down realty signs and addresses of homes for sale.
Many that we saw Looked like nice homes from the outside, but inside you
could tell that they werent given BASIC mantainance for years!

One home,they were asking for $350. after months of looking at homes that had no potential,
I could at least see through the neglect at what could be.
But when I questioned the realtor about crack and stains on the inside walls
of the hiome, she indicated that there was a bad storm season the yr prior
and the home had sustained some damage, but dont worry they put on a new roof.
WEll, I told her that unless it was a hurricane, the STUCCO walls should not
show such damage. that there probably were leaksWITHIN the walls and everything
would need to be wrecked down to the bare beams in order to repair it.
possibly needed a LOT of electrical work too.
In one bath, she said she HAD to tell us that the floor was not sound
and would need to be repaired.
I told her, 'no, that would be completely replaced. Do you know
ANY Of the building codes of this town?'
Seems that they saw us as a dumb couple about to married.
Didnt figure that I had worked closely w/ my dad for years
and he was a contruction/plaster/electrical guy!!!
That place wasnt even worth $100.000
Anyways- cut to the case
We found a place owned by a contractor that was in excellant shape,
and spent MORE than we expected. But we got good home and all
the appliances and all the lightening fixtures. Professional stove, dishwasher
clothes washer,central air, beautiful kitchen, catherdral cielings, etc.

So the next thing we were racing against was the interest rate
AT the time it was in the 8s
Wound up working w/ a guy highly recommended to us, paid down the rate to 7-1/4

Now waiting to see where interest rates will hit.
Advisors say next month it will go down a bit more ..so that
may be the time for us to refinance.

Take heart! do as much leg work yoursleves, do not believe ANYTHING the realtor says,
keep after them to make YOU happy.
if you need a mortage guy, or a lawyer...or heck
a financial advisor let me know. I have three
GREAT people to recomend who work on YOUR behalf.

Good luck!

House hunted for 1-1/2 years-LONG!

Phyl;

Hey - I'd definately like to get in touch with your mortgage guy and lawyer as the time to buy our house approaches. Can you post, or send me the info?

Thanks --- Karen
[email protected]

Phyl ?

just curious - what area are you in?

House hunting - Karen H

I hope all goes well with the search and with the job offer. We need a minimum of 3 bedrooms, 4 would be ideal but might not be possible. My main concern is the school system since we already have a school age child. Steve is a fireman so we dont have to worry about him commuting every day, and if we move to Suffolk, I might re-think my working in Manhattan as well.

Hope all gooes well

Long Beach...

'healthest city by the sea'
Long Beach is its own city ...and is in
Nassau County.
Barrier Island- onlys accesible by three different
bridges.

LOVE IT! although I am still getting accustomed
to the fact that you cant find anyplace open after
10ish to get something to eat!
(Especially in the winter)

reply to karen

Hi there-
Yes I will def get this information to you
but I do not have it with me today.
The names, yes, the numbers, no.hehe
so I will post it on Monday,k?