So what am i suppost to wait for the bubble to burst????

i cant take it much longer. we want to buy somthing wether it be a house or co-op whatever. but now people say ' ohh now is not the time to buy. well when is a good time.

sorry just venting.

I dont know.

YOu have to decide that. It sounds if you dont mind me saying like you just want to buy to buy. You say it like you want to buy ANYTHING whether it be a co-op or condo or a home. THOSE are three very different things. I would think that you would know what you really want to buy first before you jump into buying something.

It also sounds like you are in a hurry cause you say 'whatever'.

If you have the money and are going to buy something where you know you will stay at least 5 to 10 years then maybe you shouldnt wait around to much longer. But if you are thinking of rushing into buying and getting an arm or a 0 down or any of these extremely risky mortgages then maybe you should wait a bit longer.

Its you call just take your time and think it thru and dont buy a 1 bedroom if you can avoid it buy a 2 bedroom its much better investment wise for the future.

Ok Im done.

I wish you all the best:)

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Posted by glenda2004

I dont know.

YOu have to decide that. It sounds if you dont mind me saying like you just want to buy to buy. You say you want to buy ANYTHING whether it be a co-op or condo or a home. THOSE are three very different things. I would think that you would know what you really want to buy first before you jump into buying something.

It also sounds like you are in a hurry cause you say 'whatever'.

If you have the money and are going to buy something where you know you will stay at least 5 to 10 years then maybe you shouldnt wait around to much longer. But if you are thinking of rushing into buying and getting an arm or a 0 down or any of these extremely risky mortgages then maybe you should wait a bit longer.

Its you call just take your time and think it thru and dont buy a 1 bedroom if you can avoid it buy a 2 bedroom its much better investment wise for the future.

Ok Im done.

I wish you all the best:)

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im not 'rushing' im just frustrated. and we started looking at houses before the summer and we decided that we wont have the time to 'upkeep' a house right now. so we started looking for a co-op. so i have done my research. i am just frustrated with this housing market. and we have money down so dont assume we are trying to have 0 down or anything like that.

i was purely venting.

Oh I wasnt assuming you didnt have money I just said if. I was speaking more generally please dont misunderstand. And the word whatever kind of threw me off.

In any case I wish you all the best.

we decided to wait a year also- it's not the end of the world

let's say you bought something now- and next year the prices drop by $50K or more besides sucking .....

it can seriously affect you mortage, ability to refinace, resell- etc

I am marrying an owner of a mortgage company- do you know how many people ask me why we rent still??

but it doesn't make sense to over pay

we can more then afford to buy- even at these prices- but it's not the smart thing to do

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Posted by Beth1210

we decided to wait a year also- it's not the end of the world

let's say you bought something now- and next year the prices drop by $50K or more besides sucking .....

it can seriously affect you mortage, ability to refinace, resell- etc

I am marrying an owner of a mortgage company- do you know how many people ask me why we rent still??

but it doesn't make sense to over pay

we can more then afford to buy- even at these prices- but it's not the smart thing to do

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I know you probably mean no harm but please dont keep saying its not the smart thing to do etc becasue some of us have purchased homes already for whatever reason. It can be taken as offensive to some. JMHO

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I know you probably mean no harm but please dont keep saying its not the smart thing to do etc becasue some of us have purchased homes already for whatever reason. It can be taken as offensive to some. JMHO

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I am sorry if anyone took offense to this- but being that I have inside information from not only my FH but others in the industry- I thought I would give some advice

I am sure your home is lovely- and I hope you didn't over pay- but I am entitled to give my information just as you are yours

if my FH said that now is a great time to buy- I would tell everyone that also

like I said in my other posting- I am happy that you are happy with you house-

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Posted by myasmom

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Posted by Beth1210

we decided to wait a year also- it's not the end of the world

let's say you bought something now- and next year the prices drop by $50K or more besides sucking .....

it can seriously affect you mortage, ability to refinace, resell- etc

I am marrying an owner of a mortgage company- do you know how many people ask me why we rent still??

but it doesn't make sense to over pay

we can more then afford to buy- even at these prices- but it's not the smart thing to do

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I know you probably mean no harm but please dont keep saying its not the smart thing to do etc becasue some of us have purchased homes already for whatever reason. It can be taken as offensive to some. JMHO

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As much as I am in agreement with you that I feel its still 'the right time' to buy. You can't expect someone to NOT voice their opinion.

If someone says its not the right time to buy... I simply give them the reasons why it is. I am not offended by any means.


My reasons to buy:

- Interest rates are currently low (GREAT time to lock in a nice 30yr fixed rate and just SIT on your property for 5-10 years)

- People has been predicting the 'bubble' would burst back in 2002. Hasn't happened yet. Those people are now regretting bigtime they didn't buy back in 2002-2003. I bought then and am making 50% profit. Don't think its going to happen. I'll agree the days of 30% yearly profits are over. But there won't be any 'bubble'. I really think its hogwash.

- Intrest rates will REMAIN low (you will not see rates 7% or higher for at least another two years minimum)

- The government will be really HOT to rebuild New Orleans. This will keep interest rates low. What incentive do they have to rebuild if rates jump to 7-8%. Greenspan will never allow this to happen.

- And the worst case senario... lets say the interest rates jump to 8% like they did in 2000. You simply just DON'T SELL and wait it out. Those that locked in at 5% for 30yr fixed are sitting pretty with their low monthly payments. Those that did IO loans or ARMS will get screwed.

So... anyone doing any sort of ARM mortgage, or interest only, or 100% financing... i don't agree with that.

But if you have money to put down (10-20%)... there are buys to be had.

I bought a house in a nice part of Nassau county... very good schools... taxes are under 6k with the STAR... house price was under 400k for 3br/2bths. Thats still a very good deal regardless of a bubble or inflated prices.

I bought a house in a nice part of Nassau county... very good schools... taxes are under 6k with the STAR... house price was under 400k for 3br/2bths. Thats still a very good deal regardless of a bubble or inflated prices.

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you got a good deal! and in that case I would buy and so would my FH

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Posted by Beth1210

I am sorry if anyone took offense to this- but being that I have inside information from not only my FH but others in the industry- I thought I would give some advice

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Unless you are married to Allan Greenspan ... your inside information is not going to mean too much. Its still anyone's guess whats going to happen in the end.

People have been trying to predict this bubble for YEARS. You are talking about mortgage experts... PhDs... people with TONS of experience. Nobody has been able to nail it down.

They still can't even predict something as simple as which way the rates will go.

If prices go down... they won't go down enough that will help offset the major PREMIUM you will pay with a higher mortgage interest.

A 400k house now at 5.5% will land you a monthly payment of $2271.

Lets say the bubble burts... interest rates shoot up to 8%. That 400k house now sells for 325k.

Your monthly payment is now $2384... $100 more!!!!

I know- I get what you are saying

my intent was not to start a debate-

we are only waiting out the year- if nothing happens we are still buying

unlike you- I haven't seen a thing in nassua under $700k with 15K in taxes

however if we found a great deal we would buy tomorrow- I am sure there are still great deals out there-

I hear you Beth. We shall all see what happens in the end.

I don't get offended when people say its not the right time to buy. Because I just state my reasons otherwise.

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Posted by DjPiLL

I hear you Beth. We shall all see what happens in the end.

I don't get offended when people say its not the right time to buy. Because I just state my reasons otherwise.

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with the deal you got- I wouldn't take offensive either

enjoy!

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Posted by Beth1210

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Posted by DjPiLL

I hear you Beth. We shall all see what happens in the end.

I don't get offended when people say its not the right time to buy. Because I just state my reasons otherwise.

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with the deal you got- I wouldn't take offensive either

enjoy!

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I may be wrong but I think she mentioned she bought in 2002-2003, much different now.

No houses in a nice area in Nassau for under $400,000....

I don't think it's a bad time to buy. I think it's a bad time to buy if you're not putting any money down. And especially, to be prepared in the scenario that the bubble does burst, I think it's very important to get a fixed rate.

I'm glad I'm not buying in Queens like I wanted for a house over 500k. I ended up buying in Suffolk a house for 410k with taxes around 5000 with Star, so I'm pretty happy. I would not have a patio like this house does in Queens. And it's a big enough house to stay in if we have kids. I never thought I would have a house that has a living room AND a family room. Well, not in Queens.

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Posted by KarAnthony

I may be wrong but I think she mentioned she bought in 2002-2003, much different now.

No houses in a nice area in Nassau for under $400,000....

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I am not sure what you mean... but I was saying earlier that I bought what I felt was a nice house in Nassau. 3br/2bth for under 400k and under 6k of taxes after STAR.

Good schools too.


There are deals out there to be had... you just have to look for them.

I just read this today. It sounds like post-hurricane, rates will stay around where they are now for the rest of the year, while next year they might go increase to 6.25 or 6.5%, but not enough to really affect the prices of houses. I hope that's the case.

http://www.bankrate.com/brm/static/mortgage-analysis.asp

honestly. just buy, you will NEVER go wrong with a home investment. NEVER. may parents house stayed at the same price for 15 years - now its worth so much more. just buy it. its great to own something.

i bought in april. its hard but well worth it.
in the tri state area, there will be no bubble burst. however, mortgage rates will go up.
they are already indicating greenspan will raise prime again.

if the home prices go down, the interest rates will rise and in the end, its all the same! so buy!

I just think it's bad to buy if you're buying solely for the intention of making a profit over a few years. You can never depend on that.

I swear though. People have been saying for so long the prices will go down. I think the important thing is not to let yourself feel pressured to buy because the prices are so high. But if you want to buy, why hold off if you have a good downpayment and can get a good fixed rate? I wouldn't go out and buy the most high priced house on the block though.

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Posted by Preshy7

honestly. just buy, you will NEVER go wrong with a home investment. NEVER. may parents house stayed at the same price for 15 years - now its worth so much more. just buy it. its great to own something.

i bought in april. its hard but well worth it.
in the tri state area, there will be no bubble burst. however, mortgage rates will go up.
they are already indicating greenspan will raise prime again.

if the home prices go down, the interest rates will rise and in the end, its all the same! so buy!

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EXACTLY!!! You could not have said it better!!
There is never a good time or bad time to buy!