Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Cruising MLSLI in what I consider "tradeup" territory I see tons of inventory options in the 600-700k range... This is in Northport/Centerport/Huntington and Babylon Village/Islip as mentioned in this thread.
No clue what I'm missing here... Do people expect to "tradeup" for 400k-500k in those towns??!! That's what I consider entry level and thus my standing issue with out of control prices.
Mikey, yeah trade up can be considered 500-700k. Point we are trying to make is that the inventory in that price range is awful. Seriously, almost no houses out there are worth owning at that price range in my target area (can't speak for anywhere else). Things seem overpriced by a solid 50-100k. trust me, I have been looking at everything that has come up since feb of this year and the stuff out there is of rather poor quality and/or has not been updated in 15+ years. I am not paying 600+ for a house where I have to redo a kitchen and a bathroom and fix a few things....maybe in 2005-6 people were doing that and worst....But not now, certainly not me.
Cruising MLSLI in what I consider "tradeup" territory I see tons of inventory options in the 600-700k range... This is in Northport/Centerport/Huntington and Babylon Village/Islip as mentioned in this thread.
No clue what I'm missing here... Do people expect to "tradeup" for 400k-500k in those towns??!! That's what I consider entry level and thus my standing issue with out of control prices.
Quote:
Originally Posted by Elke Mariotti
If you consider the $400K range "trade-up", you're pretty much out of luck...
IMHO, trade-up is high $500Ks to mid $700Ks. Those are the homeowners getting squeezed - not enough qualified buyers.
And the more recent the construction, the higher the taxes. If you can find an "older" home that's been redone, you'll get more "reasonable" taxes...
600-700k AS A TRADEUP? For who? Doctors, lawyers, or CEOs? Even if you sold your home and sat on 200K in equity your still stuck with a 400K-500K note. Thats $2026-2500 note for mortgage alone. Another 1300 or so to cover taxes and insurance. Thats an easy $3300-3800 monthly bill. Generally they say it should be 25-33% of your NET income. At 25% thats 13200 to 15200 or at 33% its 9900 to 11400 in monthly income. Yearly its roughly (basic math assuming 30% tax rate) $154,000 (best case, have very little money left over 9900/33%) to $237,000 (best bet for the homeowner with money left over at 15200/25%).
Average Suffolk income is $110,000, so now we're talking 1.5 to 2+ times more to afford these homes even after you talk about $200,000 in equity in your current home.
Now I don't know what you all do, but that puts everyone I know out of luck and just about everyone I know are white collar professionals. Certainly not in the realm of possibilities for yournger people like myself.
Quote:
Originally Posted by JonnyTrees
Trade up to me is 4 br 2.5 bath with good location, flat yard, no double yellow road, crap layout or other unfixable flaws. Price range you mention is reasonable. There are houses out there but they mostly suck in one way or another. No way I'm trading up to a 700k+ hi ranch with tiny BRs and FR in basement.
Thats pretty reasonable to me. You can't even find decent home that aren't stacked on eachother in the middle-road SD's like Sachem or MC.
600-700k AS A TRADEUP? For who? Doctors, lawyers, or CEOs? Even if you sold your home and sat on 200K in equity your still stuck with a 400K-500K note. Thats $2026-2500 note for mortgage alone. Another 1300 or so to cover taxes and insurance. Thats an easy $3300-3800 monthly bill. Generally they say it should be 25-33% of your NET income. At 25% thats 13200 to 15200 or at 33% its 9900 to 11400 in monthly income. Yearly its roughly (basic math assuming 30% tax rate) $154,000 (best case, have very little money left over 9900/33%) to $237,000 (best bet for the homeowner with money left over at 15200/25%).
It depends upon where you are. In this area starter homes are high 3's to mid 4's. Trade ups are in the 5-7 range.
In parts of Nassau the numbers are even higher. For example, take Great Neck. Starters there are in the 5's and even 6's.
Mikey, yeah trade up can be considered 500-700k. Point we are trying to make is that the inventory in that price range is awful. Seriously, almost no houses out there are worth owning at that price range in my target area (can't speak for anywhere else). Things seem overpriced by a solid 50-100k. trust me, I have been looking at everything that has come up since feb of this year and the stuff out there is of rather poor quality and/or has not been updated in 15+ years. I am not paying 600+ for a house where I have to redo a kitchen and a bathroom and fix a few things....maybe in 2005-6 people were doing that and worst....But not now, certainly not me.
Tradeup houses or not, inventory sucks due to lack of value and high taxes. I've looked at houses from 450k-900k just to get an idea what's out there. I've looked for about 4 months or so and can count the houses that I feel are priced right on one hand, but usually the taxes killed it. Areas such as Hauppauge have lower taxes but the inventory there is abysmal... so many old, small hi-ranches, next to busy roads, without updates... Some sellers can't even be bothered to put away their junk and vacuum the carpets.
Cruising MLSLI in what I consider "tradeup" territory I see tons of inventory options in the 600-700k range... This is in Northport/Centerport/Huntington and Babylon Village/Islip as mentioned in this thread.
No clue what I'm missing here... Do people expect to "tradeup" for 400k-500k in those towns??!! That's what I consider entry level and thus my standing issue with out of control prices.
I have no issue with price in general. I rather pay more for something updated and in a good location.
It's the condition of homes and lack of decent ones, whether it be layout, lot, location, etc. Then when I do find a good lot or location, I cringe at some things on the market for the price..homes with rooms that haven't been updated one bit since the 70s, if ever that is. Rooms filled with wood paneling, etc. Mirrors all over. Just disgusting inventory really. I am getting very tired of LI inventory. There...I finally said it...
Tradeup houses or not, inventory sucks due to lack of value and high taxes. I've looked at houses from 450k-900k just to get an idea what's out there. I've looked for about 4 months or so and can count the houses that I feel are priced right on one hand, but usually the taxes killed it. Areas such as Hauppauge have lower taxes but the inventory there is abysmal... so many old, small hi-ranches, next to busy roads, without updates... Some sellers can't even be bothered to put away their junk and vacuum the carpets.
As property taxes continue to rise to keep school personnel in the standard to which they've been accustomed to, this complaint will be more and more common. The assertion that "the good school districts" we pay through the nose for will keep home value up is becoming more and more of a farce.
As property taxes continue to rise to keep school personnel in the standard to which they've been accustomed to, this complaint will be more and more common. The assertion that "the good school districts" we pay through the nose for will keep home value up is becoming more and more of a farce.
I've been checking out Manorville more and more, and DAMN those taxes kill every home we look at.
I've been checking out Manorville more and more, and DAMN those taxes kill every home we look at.
It stinks when you really like a house, but then you see the property taxes that literally make your eyes pop out of your head and you KNOW, on top of that, they will be going up every single year to even more ridiculous heights ...
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
