Just curious...we want to buy something soon after our wedding. We cant believe the prices of homes these days! We live in Ronkonkoma now, and are trying to stay in a 15 - 20 minute radius of where we are now. Has anybody been out looking and if so, where are you looking to buy?
Teri
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Re: Anyone looking to buy a house soon??
Unfortunately - yes! I'm really not looking forward to it all, since it will be very hard to afford anything really decent. Another problem is that FH works in NYC, so the fartthest out East we can only go out to Western Suffolk, and it has to be a good train line! I'd really prefer to stay in Nassau so we'll see.....
Samanthas Mom
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Re: Anyone looking to buy a house soon??
definitely will be cheaper where you are in ronkonkoma i wanted to look near my mom in massapequa and seaford, oh, forget it a decent house is almost 400,000 and needs work suffolk you getmore for your money
missmmpr
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Re: Anyone looking to buy a house soon??
we started to look, but can't afford anything!! We will have to go out east, but the prices are still very high!
taraalissa
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Re: Anyone looking to buy a house soon??
We have been looking at Nassau, but since the prices are so high, we have been considering Suffolk. At this point, with the way the market is though, we will end up waiting.
jgandg
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Re: Anyone looking to buy a house soon??
We recently began looking just to see where and what we could afford. In Western Suffolk (east - west from Huntington to Ronkonkoma, and north-south from Smithtown to Bayport/Patchogue) there is nothing for under 300k that doesn't require major work. Considering that at his time we can't afford more than 225k, it looks like we'll have to look at co-ops. It's a shame, b/c I don't think we are alone. Almost everyone I know has student loans and even with pretty good jobs - where the couple a whole makes near 100k - there is still an inabilty to afford a home on Long Island. Ugh...
michele31
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Re: Anyone looking to buy a house soon??
I already own a one-bedroom condo, but that is not big enough when we start a family. Holbrook has some homes for $250Kish. It is totally insane that the housing market is sooo high, for small 3 bedroom homes. We may end up moving because the cost of living here is so high, and we make over $100K. Maybe we should be writing to the local gov'ts about the housing market.
Melissa
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Re: Anyone looking to buy a house soon??
Too bad you girls couldn't move down here to North Carolina! It's a beautiful, super clean, landscaped Long Island. We lucked out because we moved down here before we had any real committments (great jobs, etc.) If you could find work here, it's so worth it! I know you guys have priorities there and stuff, I just think it's something you should look into, if not now maybe in the future! For $150,000 you can get a 4BR house, brand new, over 2200 sq. ft. A house that goes for $400K there on LI, would go for $150-$225 here. Probably even less. I don't want any negative remarks about this post, it's just so beautiful here... Another reason my FI and I moved down here is because we couldn't afford to live on our own up there. I mean right now we're renting an apartment in a great community. It has Tennis Courts, basketball, a pool, clubhouse, dog run, gym, etc. Our apartment is 1300 sq. ft., 2BR/2BA, brand new, and we're paying $766.00/month. I can't forget about the Central Air Conditioning either. You couldn't find anything like that in NY. I have friends and relatives on LI in Suffolk county that are paying $1200/month for only 700 sq. ft. I just couldn't do that! My FI and I are only 24. We're hoping to buy a house when our lease is up. But we wouldn't even be able to do that on LI. Maybe 5-10 years ago, but not now a days!!! It is possible to find work for the same money as LI (depending on the job) or close to it. And what's even better, is that you're not too far from LI either. It's an 8 hour drive. Anyway... I'm just saying there's so much off of LI that nobody knows about. We didn't even know it ourselves until we visited friends of ours. But, you do what you have to do... I'm sure everyone will find something they like for a good price. It just takes time! Good luck everyone!!!
Teri
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Re: Anyone looking to buy a house soon??
Melissa - I get so frustrated when I hear all that our $$ will buy out of state! LOL That's great that you're so happy down there - it sounds like a great area.
For me, I could never leave my friends and family, and they're all permanent LIers. Another big reason we could never leave is my FH's career - he needs to work in a major city, with international airports nearby. I think that's one of the biggest reasons LI and the NY area is so out of control - people that can afford to pay more will continue to buy close to the city, and that will continue to make the market increase in demand and cost. Honestly, I don't see it changing anytime soon :( Even if we lived way out East, we could get a lot more of our money, but I'd never see my FH!
Buttafli1277
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Re: Anyone looking to buy a house soon??
We went to an open house yesterday in Nassau county. The price was great and reasonable, everything inside and out was brand new. New siding, doors, kitchen, floors, paint etc. It was move in condition, but there were just things about it we didn't like. We're going to keep looking around, but I have a feeling it's going to take awhile since the prices now are crazy. Someone we know bought a nice house real cheap from someone that had to relocate ASAP so she got a lucky deal.
gracejilly
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Re: Anyone looking to buy a house soon??
I bought a house myself 5 years ago. I live in Lindenhurst, south of Montauk Hwy just a block in from the Bay. The area is known as American Venice because of the canals. I bought it for $117,000 in 1997....worth about $175,000 now. The houses down here are small, because they used to be summer bungalows, but people are adding to them all the time and it is one of the few places you can buy for under 200K. Great area for a starter home, and since it is not a thru neighborhood, low low traffic. The kids can play in the street here
Marnles
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Re: Anyone looking to buy a house soon??
Teri - you and I are kind of in the same boat. My FH works in the city, so he would really like to stay in Nassau. We live in Long Beach right now, but I commute to Smithtown, so it really stinks (thank goodness for carpooling!!). Our friend used to be a realtor and has access to homes up for sale. She has us on an automatic email system that sends us homes that are in our price range (approx. 250k), and it seems that there are some in Huntington that we may be able to afford. My FH would be willing to move there. Of course, this is just information we get thru an email, so we have no idea what they look like inside! But my FH's father is a general contractor, so that helps a lot with a handyman special. We still have to wait though because with saving for the wedding, it's just really hard to save for both at once. And we really don't want to put anything less than 10% down. So we're hoping by next year...pretty pathetic that we make well over 100k and still can't afford to buy on LI and still have any sort of 'life' that we're accustomed to!
gracejilly
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Re: Anyone looking to buy a house soon??
Be careful with only 10% down. You will have to pay PMI (private mortgage insurance) on anything less the 20%. I only put down 3% and am paying $50 a month for PMI. I am about to refinance because due to the value increase, I now own more than 20% and can get rid of the PMI by refinancing.
But of course that cost a ____load of money too. !
brooke
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Re: Anyone looking to buy a house soon??
I believe PMI (mortgage insurance) has been outlawed. You might want to check that out.
gracejilly
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Re: Anyone looking to buy a house soon??
I have checked, with several banks and Mortgage companies and am told it is definitely still in effect. It should be outlawed. I wish it wasn't so. Even in refinancing, they don't like to give an LTV (loan to value) of less than 75% (obviously, that's now 25% down) yikes!
If any of you find that I have been misinformed, please let me know, because If I don't have to refinance to get rid of it, It would save me a lot of $$$
appreciate it.
JennRenee
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Re: Anyone looking to buy a house soon??
Gracejilly, unfortunately PMI is still alive and kicking, and you DO have to refinance to get rid of it. I stinks, I know. We put 15% down and are looking to refinance ASAP to kill the PMI.
gracejilly
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Re: Anyone looking to buy a house soon??
Damn! I thought I saw a light at the end of the tunnel. But as Murphy's law goes......it's just an on coming train.
brooke
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Re: Anyone looking to buy a house soon??
I just looked up some PMI info...I'm posting it even tho it's really long so only read it if you're interested!! But it does at least sound like there are ways around it or that it does get terminated without refinanancing.
Here goes...
FTC Consumer Alert!
Cancellation of Private Mortgage Insurance: Federal Law May Save You Hundreds of Dollars Each Year
If you put less than 20 percent down on a home mortgage, lenders often require you to have Private Mortgage Insurance (PMI). PMI protects the lender if you default on the loan. The Homeowners Protection Act of 1998 - which became effective in 1999 - establishes rules for automatic termination and borrower cancellation of PMI on home mortgages. These protections apply to certain home mortgages signed on or after July 29, 1999 for the purchase, initial construction, or refinance of a single-family home. These protections do not apply to government-insured FHA or VA loans or to loans with lender-paid PMI.
For home mortgages signed on or after July 29, 1999, your PMI must - with certain exceptions - be terminated automatically when you reach 22 percent equity in your home based on the original property value, if your mortgage payments are current. Your PMI also can be canceled, when you request - with certain exceptions - when you reach 20 percent equity in your home based on the original property value, if your mortgage payments are current.
One exception is if your loan is 'high-risk.' Another is if you have not been current on your payments within the year prior to the time for termination or cancellation. A third is if you have other liens on your property. For these loans, your PMI may continue. Ask your lender or mortgage servicer (a company that collects your payments) for more information about these requirements.
If you signed your mortgage before July 29, 1999, you can ask to have the PMI canceled once you exceed 20 percent equity in your home. But federal law does not require your lender or mortgage servicer to cancel the insurance.
On a $100,000 loan with 10 percent down ($10,000), PMI might cost you $40 a month. If you can cancel the PMI, you can save $480 a year and many thousands of dollars over the loan. Check your annual escrow account statement or call your lender to find out exactly how much PMI is costing you each year.
Additional provisions in the law
New borrowers covered by the law must be told - at closing and once a year - about PMI termination and cancellation. Mortgage servicers must provide a telephone number for all their mortgage borrowers to call for information about termination and cancellation of PMI. Even though the law's termination and cancellation rights do not cover loans that were signed before July 29, 1999, or loans with lender-paid PMI signed on any date, lenders or mortgage servicers must tell borrowers about the termination or cancellation rights they may otherwise have under those loans (such as rights established by the contract or state law). Next Steps
Some states may have laws that apply to early termination or cancellation of PMI - even if you signed your mortgage before July 29, 1999. Call your state consumer protection agency for more information about your state's rules. Fannie Mae and Freddie Mac, which buy home mortgages from lenders, also may have guidelines affecting termination or cancellation of PMI on home mortgages signed before July 29, 1999. Check with your lender or mortgage servicer, or call Fannie Mae or Freddie Mac, for more information.
Contact your lender or mortgage servicer to learn whether you're paying PMI. If you are, ask how and when it can be terminated or canceled.
For More Information
The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop and avoid them. To file a complaint or to get free information on consumer issues, visit www.ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters Internet, telemarketing, identity theft and other fraud-related complaints into Consumer Sentinel, a secure, online database available to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad.
gracejilly
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Re: Anyone looking to buy a house soon??
i don't qualify for the protection
But thanks for the info, I am sure it will help some of the other couples.....
J&A
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Re: MELISSA...NC
Hi Melissa!
I have to tell you that so many people I know have been talking about moving to NC lately! I've heard that it's beautiful there and a hell of a lot cheaper and cleaner than LI! Where do you live in NC? I've heard that Wilmington is amazing! Do you know approx. how much teachers earn in the larger cities of NC? My Fiance and I are seriously considering moving off LI eventually because we want to be able to afford a house, etc. and even though we will be making over $100,000 a year, it's not possible!
