I believe that the prices of homes will not come down until people stop buying homes at astronomical prices! If someone lists a home at an unreasonable price and someone else buys it...the Comparative Market Analysis will increase the value of all the other homes in the area. Making the asking price of everyother home increase.
Prices of homes are insane and if we dont do something about it soon, LI will be for the rich and the poor only...say goodbye to the middle class.
Don't take offense to this...I am merely venting because it kills me to see all of my friends moving out of the state just to get by.
WeddingsRock
Posted:
Member since
Re: People Need To STOP Buying~
When interest rates rise (as they are doing now) the prices of houses will come down. Historically, that is what happens.
In the 60s, my father bought his first house in Brentwood for 30,000. 45 years later, we sold that house for over 600,000. Not a bad investment. Had we waiting until this year or even this summer, the house would not have been that expensive.
In NYC, my apartment 16 months ago was sold for 250,000. Recenet appraisial put is over 420,000. Mind you, we couldn't sell and then buy somewhere else, but in the future we see ourselves moving out of NYC
cluelessbride
Posted:
Member since
Re: People Need To STOP Buying~
God I wish I hadn't promised DH I'd live out here...it's just insane. Not that the city is any better (it's probably worse) but I really miss it.
LuckyMe
Posted:
Member since
Re: People Need To STOP Buying~
I totally agree with you but unfortunetly I believe people feel if they have to pay rents that are twice the amount of a mortgage why not spend that kind of money and own something. The market is ridiculous for everyone especially people like me who are going to school fulltime and have one income. Im kinda stuck because if I go to work full time without a degree I'll never make enough to survive but trying to get by while living off one income has us stuck with our inlaws still scrapping by to survive because of the rents out there. It's truly a shame but your right the middle class is just going to disappear.
cluelessbride
Posted:
Member since
Re: People Need To STOP Buying~
Posted by Capulet72
I totally agree with you but unfortunetly I believe people feel if they have to pay rents that are twice the amount of a mortgage why not spend that kind of money and own something. The market is ridiculous for everyone especially people like me who are going to school fulltime and have one income. Im kinda stuck because if I go to work full time without a degree I'll never make enough to survive but trying to get by while living off one income has us stuck with our inlaws still scrapping by to survive because of the rents out there. It's truly a shame but your right the middle class is just going to disappear.
I totally feel your pain re: school. I can kick my own azz everytime I think about when I dropped out of school to make $$$.
