Re: Long Island, I just went to an open house

wacky Posted: Jan 12, 2003 08:53 PM

Re: Long Island, I just went to an open house

in Wantagh. House was $359,00 taxes were $8,000. Im sorry just venting. There is no way the house was worth it.

Anyone else getting discouraged about buying a home on Long Island?

Teri Posted: Jan 12, 2003 09:23 PM

Re: Long Island, I just went to an open house

Yep, I think that's the feeling from everyone right about now! The LI market is insane, and has been for a few years now. It's getting harder and harder to find a reasonably-priced home in Nassau, that won't break the bank and won't need a ton of work.

Some are saying the market will level off soon - I sure hope so!

wacky Posted: Jan 12, 2003 09:39 PM

Re: Long Island, I just went to an open house

Its ridiculous, I have heard that also but when? I defintily dont want to buy a house in this overrated market only to find out in a couple of years tht the market valu is the same..

Teri Posted: Jan 12, 2003 10:03 PM

Re: Long Island, I just went to an open house

I don't think anyone knows when it will happen, if it even does. I don't think the value will decrease too much - if anything, it will just plateau temporarily. I have noticed houses on the market for longer periods of time than in the past, but they seem to still be getting asking price.

drjenn10 Posted: Jan 12, 2003 10:26 PM

Re: Long Island, I just went to an open house

I totally feel your frustration wacky. I've been aggressively trying to buy a home over the past few months and finding a lot of crappy homes for alot of money. We came very close to buying a home just before Christmas, but someone out bid us. Oh well, i guess everything happens for a reason.

jennbaby Posted: Jan 12, 2003 10:32 PM

Re: Long Island, I just went to an open house

wacky you may need to live in an open house literally-no doors or windows may be all you can afford

wacky Posted: Jan 12, 2003 10:33 PM

Re: Long Island, I just went to an open house

Oh sorry to hear that. I am a true believer in that.
We saw anohter one in Merrick for $379 and its was a starter home, I dont understand. But people are buying them

wacky Posted: Jan 12, 2003 10:34 PM

Re: Long Island, I just went to an open house

Jenn I like that idea but I dont htink the neighbors would Im pretty loud

Claud2001 Posted: Jan 12, 2003 10:39 PM

Re: Long Island, I just went to an open house

Hi ladies...just wanted to say... hang in there, and KEEP LOOKING. Don't settle for something just b/c of the market. If a house doesn't 'feel' right, than it probably isn't right for you.

Just a word of advice that you might not have been told before (maybe it will help how you are feeling): Buying a home is an emotional decision, not a financial one. While it does require money, it also requires that you are happy and comfortable there. If you don't 'feel' that a house is right for you, then continue your search. Ask yourself each time you look at a house - 'can I picture us living here for years?' 'can I picture our children playing in this neighborhood?' If you are sure about what you want, you will know you found it either when you drive up to it, or when you walk in.

Good luck - I personally understand what you are going through. We are closing on our first home next week, after looking agressively since the beginning of August. It was a little more than we were hoping to pay, but it is still in our price range and in a fabulous family neighborhood, top-rated school district, and big enough for us to grow as a family in for many years. Remember - buy LOCATION, not the house. Real estate is one investment that rarely goes down.

wacky Posted: Jan 12, 2003 10:50 PM

Re: Long Island, I just went to an open house

Oh congrats Claude and thanks for the insight

Jenny5150 Posted: Jan 12, 2003 11:09 PM

Re: Long Island, I just went to an open house

Ohhh, the tears I cried over lost bids.
Just keep on looking!!!
And like Claude said, it's Location, Location, Location.

We looked for well over a year for the same reasons you stated. And I too thought the market would level out. (It never did.) None of the homes seemed worth the price they were asking. We were often disappointed at viewings. My FH and I put bids on 3 homes and lost them all in bidding wars. These homes were getting $60,000 over their asking price!

We finally stumbled upon our home...a ranch. Everything we never wanted. But, the property and location were (are) worth it. The house we can always change. I was really hesitant in the beginning and didn't want my FH to sign the contract. I finally agreed and now I'm kissing his arse for convincing me into purchasing the house! I look back and thank god every day that we lost those bids!!!

Like it was said previously, if it's meant to be, it's meant to be!

Keep your chin up! It's out there!

chmlengr Posted: Jan 12, 2003 11:13 PM

Re: Long Island, I just went to an open house

And to think that when we bought in 2000, we were sure we were buying at the top of the market !!

Hang in there. We looked for many years (don't get depressed by the word years, we at first were in more of a fantasy stage before we got serious to buy) and i saw so many houses i had to have, only to get outbid or realize we couldn't afford it.

We saw our house at an open house and after looking through it, decided we wanted it and had to bid on it. But we didn't think the asking price was fair. We bid about $20K less than the asking and our bid was accepted. Then when we had our engineer do the inspection, he told us there needed to be electrical upgrades in addition to the possibility of replacing the two 40-year old cesspools, for an added cost of $10,000. We negotiated with the seller and ended up purchasing our house for almost $30K less than what they were asking.

Just something to keep in mind. And no, we haven't had to replace the cesspools and my husband did the electrical work himself.

Jenny5150 Posted: Jan 12, 2003 11:22 PM

Re: Long Island, I just went to an open house

chmlengr,
We had to replace our cesspool too! And the roof. And the furnace. That's how we got ours so 'cheap'.

We viewed our home the same day it went on the market. There was already a bid on it, but it was for $20K less. Our realtor told us that if we wanted the house, we should offer the asking price. It worked. They signed the same day. The sellers were an elderly couple that just wanted to get the hell out w/o any hassles. My FH knew walking in that the house was going to need a lot of work, but we were getting a pretty good deal on it.

Diane Posted: Jan 13, 2003 07:27 AM

Re: Long Island, I just went to an open house

I know what you mean.....It is very discouraging. I live in Suffolk County, and they are building HUGE houses, and the prices and taxes
are RIDICULOUS
I wantto know who is buying these houses.Luckily hubby bought the house before we got married, otherwise we would never have been able to do th ewedding and house.

Good Luck...Just keep looking.

starhead Posted: Jan 13, 2003 09:13 AM

Re: Long Island, I just went to an open house

We're going to start looking or planning right before the wedding in March, and from what I've heard, it's the most frustrating experience.
My FSIL and her husband are building a huge house, will be moving in around Feb. and would sell us their house, probably for cheaper than what they could get it for but it's all
the way out in Suffolk and my commute would be a nightmare!! Plus, I grew up there and don't want to go back.
But it sounds like we might have consider it, hearing about how tough the market is now.

Happy_Bride Posted: Jan 13, 2003 09:27 AM

Re: Long Island, I just went to an open house

The prices are sooo ridiculous. I keep stressing about how we are going to be able to afford a house on LI. FH wants to move but I like it here. It just seems that we will have a hard time affording a house when we are ready to buy. Now it's like 300,000 buys a shack on an inch of property. Sooo sad...!! Hopefully the market levels off soon. Good Luck to everyone :)

Cira Posted: Jan 13, 2003 09:36 AM

Re: Long Island, I just went to an open house

Many to you! I know the feeling! We just closed on our house two months ago.

I agree with Claud on Location ... it's the first thing they teach you in any Real Estate class. It's very frustrating, this market, but it is impossible to predict. I agree with Teri ... I think there is a possability of a level off but interest rates are still at an all time low and the supply in Long Island is slim. I was looking in the summer and there were more houses on the market then then there are now. But the economy is still weak and people are getting laid off and relocating - so the supply could increase. Who knows what a war would do to the RE market either. It's really a 'wait and see' and for those that 'waited and saw' two years ago ... are killing themselves now for not buying then.

When we bought, we were just looking ... and I didn't think that we'd buy so quickly, but we found a house that we loved and saw the potential in. It was an estate sale and the daughter selling the house wanted a nice couple in the house that was going to start a family, so we lucked out. There were some higher bids and for sure, I didn't think we'd get the house! They wanted a quick sale!

It is very expensive though and my husband still complains about 'what you pay' versus 'what you get' ... but it's always hard in the beginning. No matter what! And it does get easier ... raises, promotions, etc ...

Just keep looking and going to open houses ... you'll never know when you will find it. Don't lose hope and bid ... even when you don't think you'll get it. You just never know!