well, if the interest rates keep climbing, something has to give, right? only going by past history here.
Posted by Danielle&Scott
As soon as the spring and summer comes around you will see this decreasing and the houses going back up in price. Maybe not as crazy as last summer, but I dont see a substantial price drop happening anytime soon.
My wife and I stopped looking for houses and that is when a realtor emailed me a listing for the house we own now.
Scott
it would be absolute lunacy for us to buy a house on LI (that is SO overpriced to begin with) at the prices they have been listing for in addition to a higher interest rate. DH and I earn above average salary for LI and we would be living to pay our mortgage. Not doing it.
Posted by KarAnthony
The interest rates climbing makes things very difficult. To counter the higher interest rates the price of the house would have to drop a lot in order to not see a huge increase in your monthly mortage payments.![]()
we're looking in the Holbrook/Holtsville area
Posted by Danielle&Scott
Thats cool - when you are ready then you start looking......You will know when you are ready.
What areas were you looking in?
Scott
Posted by dleenyit would be absolute lunacy for us to buy a house on LI (that is SO overpriced to begin with) at the prices they have been listing for in addition to a higher interest rate. DH and I earn above average salary for LI and we would be living to pay our mortgage. Not doing it.
Posted by KarAnthony
The interest rates climbing makes things very difficult. To counter the higher interest rates the price of the house would have to drop a lot in order to not see a huge increase in your monthly mortage payments.![]()
well good luck to you!!
Posted by KarAnthony
I agree it's going to be hard. FI and I are in contract now for a house we found for $417 in Smithtown. Seems very high and it will be difficult, but the only other option is to wait and hope both the housing prices drop and the mortage rates drop. I doubt both of those will happen anytime soon.
Thanks!
Posted by dleeny
so now the townhouse DH and I bid on has been reduced in price as well. and that a-hole would only go down $3K for us!![]()
![]()
![]()
![]()
his current asking price is $10 LESS than our 2nd offer - shmuck!
Posted by DjPiLL
Posted by dleeny
so now the townhouse DH and I bid on has been reduced in price as well. and that a-hole would only go down $3K for us!![]()
![]()
![]()
![]()
This is why a seller should seriously consider EVERY offer they get. Sometimes sellers want to nickel and dime... and then they get screwed.
That stinks. My DH & I felt the same way about houses when we looked. We found one though after a short amount of time & then dealt with a bidding war with 2 other couples. We ended up winning the war even though we weren't the highest bidders. We felt that if we waited any longer for the housing prices to come down that we would end up just paying for it in our montly mortgage payment because I didn't want to pay any points because we plan on re-fing in a year or two so that we can build an extension on the house we are buying. I feel no matter which way you look at it you can't win you either pay it up front or you pay it to the bank. Good luck.
Posted by Danielle&Scott
Thats because it is the winter and the market is slow right now. This is actually a great time to buy a house, because the prices on the homes that are sitting on the market are dropping weekly.
As soon as the spring and summer comes around you will see this decreasing and the houses going back up in price. Maybe not as crazy as last summer, but I dont see a substantial price drop happening anytime soon.
My wife and I stopped looking for houses and that is when a realtor emailed me a listing for the house we own now.
Scott
Posted by Meaghan729
Posted by Danielle&Scott
Thats because it is the winter and the market is slow right now. This is actually a great time to buy a house, because the prices on the homes that are sitting on the market are dropping weekly.
As soon as the spring and summer comes around you will see this decreasing and the houses going back up in price. Maybe not as crazy as last summer, but I dont see a substantial price drop happening anytime soon.
My wife and I stopped looking for houses and that is when a realtor emailed me a listing for the house we own now.
Scott
Also remember that many more people will list houses in the spring too - further increasing the inventory. I dont think prices will go back up.
No one that I know that is buying a house right now for the first time is buying on LI - EVERYONE is moving.
My FH and I make over $100K and can't buy a starter house here - thats crazy!!!
Posted by dleenywe're looking in the Holbrook/Holtsville area
Posted by Danielle&Scott
Thats cool - when you are ready then you start looking......You will know when you are ready.
What areas were you looking in?
Scott
Posted by Meaghan729
There is a house around the corner from me in Holbrook for sale. Its a very nice one. Let me know if you want the info on it!![]()
