It's bound to happen that interest rates will go up eventually and prices of homes will come down. You have to be careful. Thats why we're really making sure a home equity loan is good idea for us, we dont want to end up with a $600k house that we can only resell for $300k.
But they have been saying for a couple of years that the real estate market was going to change, rates go home, prices of homes come down...and all they keep doing is rising. So, I am not too worried.
KimberlyBride
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Re: We are looking and this article scares me!
Don't worry. This is Long Island and there will always be a demand for housing. If I were in another state like Ohio I might be worried. It takes months to sell a house there. But here is NY I think the prices will just keep going up. Maybe not as fast as the last few years but they will never go down here. This is just my opinion.
september2004
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Re: We are looking and this article scares me!
Posted by KimberlyBride
Don't worry. This is Long Island and there will always be a demand for housing. If I were in another state like Ohio I might be worried. It takes months to sell a house there. But here is NY I think the prices will just keep going up. Maybe not as fast as the last few years but they will never go down here. This is just my opinion.
we are in jersey, my biggest concern is 'overpaying' for something. we have placed bids that i feel are too high but DH doesn't. we have yet to have anything accepted, however we haven't lost to anyone else either...which leads me to believe these properties we have selected aren't so 'hot' and/or are overpriced.
Sassyz75
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Re: We are looking and this article scares me!
WE are looking now as well- everything around the city will always be inflated- we look to protect ourselves by being able to hold onto a house- stay into it for a while in order to outlive any potential housing cycles.
september2004
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Re: We are looking and this article scares me!
Posted by Sassyz75
WE are looking now as well- everything around the city will always be inflated- we look to protect ourselves by being able to hold onto a house- stay into it for a while in order to outlive any potential housing cycles.
the townhouse we bid on would be a relatively 'short term' solution hence the nail biting...
list is 485K, we offered 455K then 465K and are holding. the seller bought the place for 350K in 2000 and updated the kitchen. i wouldn't be as worried with a single family detached, but a townhouse is a different story...
this is also a min 45 min train commute to NYC
nov04LIbride
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Re: We are looking and this article scares me!
Posted by september2004
Posted by Sassyz75
WE are looking now as well- everything around the city will always be inflated- we look to protect ourselves by being able to hold onto a house- stay into it for a while in order to outlive any potential housing cycles.
the townhouse we bid on would be a relatively 'short term' solution hence the nail biting...
list is 485K, we offered 455K then 465K and are holding. the seller bought the place for 350K in 2000 and updated the kitchen. i wouldn't be as worried with a single family detached, but a townhouse is a different story...
this is also a min 45 min train commute to NYC
We started looking in Princeton and the prices there are like those that you are talking about...There will always be a huge demand for suburban areas close to the city--I wouldn't worry. Good luck!
skew
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Re: We are looking and this article scares me!
Posted by KimberlyBride
Don't worry. This is Long Island and there will always be a demand for housing. If I were in another state like Ohio I might be worried. It takes months to sell a house there. But here is NY I think the prices will just keep going up. Maybe not as fast as the last few years but they will never go down here. This is just my opinion.
i agree. demand will always be high and land is becoming very scarce. my biggies are land and location, if you can secure that you are in a VERY good position (even if the market turns).
ThongLori
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Re: We are looking and this article scares me!
I also agree. These articles are written about the entire counrty, not the outrageously high-priced crazy unnatural market of NY!!!
