Who is paying these prices?!

Erica - I am with you on thinking that $300-400 for a house these days is good. We got no help from anyone, but DH had saved like a scrooge for so long that we were able to pool a nice size downpayment. Then again this was 3 years ago.

Jenny5150, I agree too. We bought a 40-year old hi-ranch (I so wanted a center hall colonial) just for the location, not to mention the fact it had 4 bedrooms and 3 full baths and lots of property. We look at it as a great investment and hopefully one that will pay off in time.

I think everyone should remember that the best investment you can make these days is not in the market, but in a home/property/real estate. If you find a house in an area you like, and are willing ot do a little fixing up, then it's a decision that will only increase in value as time goes on.

best of luck to you ladies - your dream home is out there, whether you realize it or not!

OMG, we almost looked at both of those houses.

Misty, I am LMAO at your post. That is so funny and true. I don't understand these prices either. I always thought that if we could afford to pay $400,000 for a house we'd be getting a really nice house. All we are seeing is crap.

I think it's easy to say $300-400K is not a bad price for a home when you are already comfortably living in one I feel for you ladies that are still out there pounding the pavement for a home. I am sure it S U K K S! The thing I am most puzzled about is not the asking price for a home - but how so many young couples are able to afford these prices AND THEN spend another $70-100K to completely GUT the house and rebuild it!

We were fortunate to have some help from my parents - not monetary help directly - but, we lived w/them while we searched for a home and then during the initial 'fix up' phase after we closed. That did help us, but not as much as you would think. Thank goodness we already had our downpayment saved before Paul was born, otherwise we would have been screwed!

Truthfully, we were appalled at the homes we looked at during this time last year. I am certain it has only gotten worse since we closed in January. When I look back, I am definitely glad we bought our house, even though it wasn't brand new and completely remodeled, we feel like we made a smart investment. The house is only 13 years old (well, 14 in November). I always tell people that I bought a location more than the house b/c I fell in love with our block before I even stepped foot into the house.

We have a 4 br., LR/DR/EIK/Den, 2.5 bth, 1 car garage on a little more than 1/4 acre. I laugh when I think that we almost bought another house for ONLY $18K LESS that was TINY with just 2 br, 2 bth, LR/EIK, a finished basement and a garage! Everything happens for a reason!

Claud - yep, that was one of the points I was trying to make... I guess two things bother me: #1, the CRAP house you get for that $350K now, and #2, you have to factor in the entire cost of remodeling to today's age!

I saw a house in Wantagh for $340K which is a good price for the area, but it had 1 bathroom and original everything, including kitchen! It was 70 yrs old!!!!!!!!!!!!

That's what frustrates me the most.

I don't own a home... we rent. And frankly I'm not bothered by that. My mother did not own a home until she was 45 years old. She put 50% down on the house at that time. Look- not all of us have tons of $$$- we may not EVER be able to pay $500,000 for a home- but what we can do is save- and watch the market. Real Estate- like ALL markets is cyclical... yes it's been going up up up... will the housing market fall flat like the stock market recently did? doubtful. Will the market prices come down a little? probably. My mom has watched prices inflate and come down MANY times... even on Long Island.. so I'm really not going to get my underwear in a knot about it.

At this point, I'm simply enjoying being a newlywed renter who doesn't have to live paycheck to paycheck- doesn't have to worry about plumbing or heating or any other annoying home ownership problems.

I worry about me and my DH and that's good enough for me right now. If I have to wait another 5-10 years for a home.. so be it. Most people in NYC NEVER own a home! As long as I am happy and enjoy my life- that's what matters... let your life take it's course- save your $, have no debt- and you'll be OK in the end :)

Sassy that 's a great attitude to have. I think there is nothing wrong with renting...and not getting too upset over it...I guess I was raised with parents that always rented and still do! I am starting to miss having a super - LOL!

I just want to wish all you girls who are getting frustrated by the market lots of luck. I was fortunate that DH and I saved for many years and was able to find a house we love and can afford. We too paid for it ourselves totally without getting help and it isn't easy but we did it. Even though we thought we had a decent budget, we were appalled at what we saw out there at prices higher way higher than 400-600K too! I mean it was horrible...and we started to think we should wait and see what the market brings or wait for another year to save more and raise our budget but we kept looking and searching different areas and finally found something that suited our needs. It can be done. Just time, patience and lots of hard work and saving! I have plenty of friends who have bought in LI (even Nassau!), Rockland, and NJ in the price range of 300-400K and gotten great homes in just the last year or so...

Also, I don't believe a lot of houses are getting what they are listed at. I know I paid about 40K less than the list price and about 50K less than it original list price. There is a huge markup at least in my neighborhood. The house across the street from me is on sale for way more than I paid - it is more modern than mine - but it is the same size and style. I am not sure who can afford it!

Sassy - there is definitely something to be said about care-free renting. It's a PLEASURE to be able to call my super when I have a plumbing problem or we need to have new AC units installed. Especially since DH is not too handy around the house! I would just like to have something to call my own - so that I could paint my own colors, etc and have some property to enjoy.

But until then I'm definitely loving the convenience of a super on premises

I agree there is nothing wrong with renting and it's actually a pet peeve of mine when people say paying rent is throwing money out the window. How anyone could consider money you pay to have a roof over your head is a waste of money is beyond me. To me that's like saying buying food is a waste of money. You need food, you need shelter.

That said, we are renters which is fine for now. DH would love to get a townhouse style condo/co-op somewhere so we would have the space of a small house (which is all we need) but with out the responsibility. I just don't want to live in a big building like we do now and would love sliding doors to something outside - a patio, balcony, small deck.

But even the prices of something like this is out of control. So now our plan is to be super diligent about saving money so we can put down a nice down payment when we the market comes around again. Or maybe we'll consider moving out of NY when we are ready.

But it is very discouraging for first time buyers

Claud...DING DING DING!!!! You hit the nail on the head with EVERYTHING you said in your post. I'm not even going to reiterate any of it. Bottom line, for the average working early 30-something....2200 a month on a mortgage + bills just isn't happening. And DH and I have good jobs.

I'll be ****ed if I'm going to give someone that much money for the mess they made!

Teri...maybe SD prices are getting to me...Our condo is 360K for 1100 sq feet!!!

I think it is a trend that both people have to work...to afford to buy...


good luck everyone

I just read through this entire thread and became a little insulted by the following comment:

I really don't know how younger couples are doing with entering the market for the first time. I assume many are getting help from their parents, or were able to use their wedding money as a downpayment? Not sure.

I am sure it WASN'T meant to insult anyone, but it bothered me a tad. My FH and I just purchased our own house in a very good neighborhood in Nassau County. On our own. We did not get help from our parents and we haven't had our wedding yet, so it wasn't from any gifts. Is it in Manhasset? No, but it's GREAT for us. Anyway, my question is where are you ladies looking for a house? If you look on the North Shore I guarantee you will find a house that's going to seem like it's NOT worth your money. Most houses on the North Shore are beautiful, but a dump in Brookeville will still cost you over $500k maybe even more just because of it's location!

It is intimidating, but it's worth the wait... we were ready to give up, but held it out a bit longer and we got it!

Of course now it is torn apart because of the work we're doing, but it's ours. Like I said it's not the most ritzy neighborhood, but we're happy.

I hope this makes sense.

oct...I was a little taken by that statement as well...We were able to have a large down payment, b/c DH was left a house to him...but I am sure that he would rather have his father here then the money...but I understand that it was not written out of spitefulness



does anyone watch househunters? Its based in LA and they have the same price issues as NY...so its nice to see what people can find if they look long enough...

I just know, b/c I actually emailed them to see if they would come down to San Diego...they said they only do LA...


So CA prices are out of control...considering if you are not on the coast you are in the desert...so everyone wants the water...and we all know about ocean property...

I knew that would come back to bite me. I obviously didn't intend to insult anyone by that comment, just merely commenting on what I've noticed with at least my friends.

Obviously, not everyone is in this category nor did I intend to imply that.....sorry if anyone took it the wrong way.

ETA: Of course I didn't say that out of spite! For all those that have been able to buy on their own is great and should be very happy.

I'm going to bow out of this thread now I'm gettin' sick of talking about houses

Teri

I just had to say what I felt, I knew you weren't speaking for everyone... I just needed to get it off my chest... 1 month before my wedding, I'm going a little COOKOO

I think that what they are asking for some of these houses is a SHAME.
I have seen houses that re asking 300-400, and they are SH*T!!!! I wouldnt pay that for some of these houses.
Sorry, but I think it is A LOT considering you are just starting out.

Teri...i know it gets frustrating...

I think regardless of whether you are starting out, already own or planning to buy...we all concur the housing market on long island stinks!!!