OK, not to beat this subject to death, but I am so frustrated by housing prices!!!
It seems like niothing decent (I mean, really, the bare minimum here) is less than 300k, and even those homes are hard to find.
Who is buying these homes? I mean, do THAT many people make that much more $ than I do??? (OK, so we don't make a lot, but we clear 100k together).
CatchI22
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Re: Who the heck is buying these 400k+ homes???
I seriously have had trouble sleeping over this.. . I have NO IDEA how we are going to be able to afford a decent house. We both grew up on the North Shore and there is NO WAY we can afford a house anytime soon there. My DH's family moved upstate bc its much more affordable (such nice big houses such good prices!) but there are no jobs in my field there (TV). So I am stuck pretty much here or in LA.
butterfly20
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Re: Who the heck is buying these 400k+ homes???
we have to stay cause we dont want to move away from all our family.. my sister lucked out while the market was still good and got a 1 family 3 br 1 bath house in manhasset for $280 5 years ago..
i never knew queens got soo high... i know the house my grandma is in would only sell for $200k, but i only want to live in nassau county..
beachbride04
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Re: Who the heck is buying these 400k+ homes???
i have found that the prices have been dropping lately. i look online on a regular basis and there seems to be some good deals out there, however nothing less than $400k.
hang in there and i think you will find that prices are dropping.
Jenn524
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Re: Who the heck is buying these 400k+ homes???
Prices are dropping a little, but it wont be that much of a difference in price for probably about a year. And with prices dropping that just means that the rates go up. I was in real estate and now I'm in mortgages so I've seen both sides to this. The homes on LI are not going to drop enough to make it worth while to wait. Right now if you spend $350,000 on a home with a 5.5% rate, your P & I will be about $1,987 a month. If you wait and let's say the home drops to $300,000 and now you have a 6.5% rate, your P & I will be about $1,896. That's not much of a difference. Plus don't forget that the taxes keep going up.
Also, it takes a couple of years for homes to drop $50,000 and usually rates go up faster than homes drop.
ddunne23
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Re: Who the heck is buying these 400k+ homes???
That is the #1 reason we do not live on LI. It is a rip off when you look at the asking price of some of the dumps people are selling. We bought this 3 bedroom, 2 bath, huge yard, built in 1991 for $149,000!!!!! Vaulted ceilings, central air, sprinkler system, fireplace, two car garage. I hate living so far away from family, but you have to do what you have to do. NY is only a plane ride away and for us right now, Texas is good. We can afford a wonderful home, and spend money decorating it and also still go out to eat!
The houses on LI are so expensive, and the traffic is horrendous!!! No matter where you live, you have to plan your day around the rush hours so you won't get stuck in it. Even so, there seems to be traffic every day of the week, any time of the day. Where the heck is everybody going anyway!!???
About 5 years ago, the traffic used to stop on the Southern State and LIE a few miles into Suffolk. Now the traffic jams up all the way out here, and the jam goes further east too!! (I'm in Patchogue).
I don't want to move away from family and all the convenience of Long Island. There is NO place like Long Island for shopping and convenience. BUT...... I really hate the traffic situation.
DH would love to move off the Island. I'm hesitant, though. I don't want to be far from my family. We'll start looking probably next Spring. We'll see what happens....
The only good thing about buying on Long Island is that it's a great investment! It's very in-demand property, and you really can't go wrong buying a house here.
mlp924
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Re: Who the heck is buying these 400k+ homes???
I bought my house for 300K last year and just had it appraised for 425K! Unfortunately, for me to trade up the same difference in price applies.
jennbaby
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Re: Who the heck is buying these 400k+ homes???
Who's buying? Most are people who get money from mom & dad for a DP, NOT all, but alot! Or they live at home till they get married & pay no rent & save away! That wasnt me!
Nav LOL!!!!!!
WithThisRing
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Re: Who the heck is buying these 400k+ homes???
This is why FI and I are moving to FL. We could never be able to afford a house up here
KarenG
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Doreen...
What made you pick TX? Do you have family there?
We were talking about this tonight - but I'm not sure where we would go to live. My husband is only going to school now for teaching so he'll be fresh out of school in 2 years with his masters and will need work....and our family is all in NY.
We are thinking about going further East - we are in Coram now - but we'd NEVER see our relatives then!
jennbaby
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Re: Doreen...
way overpriced LI! WAY overpriced!
allure
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Re: Doreen...
I agree LI is very over priced we bought our house just in the nick of time 3 years ago,i give people alot of credit who are trying these days at least the intrest rates are down
Julybaby
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Re: Who the heck is buying these 400k+ homes???
DH and I were talking tonight, in fact, about where we want to buy. In addition, we will need to buy a car (we don't have one because we don''t need one in Forest Hills), so we have to save for that. I also need to be near public transportation to get to the city. I hope we can find a place that's safe and affordable! And I don't know how we're going to put a down payment on the house!
