Look at the amount of "shadow inventory" on LI! Who said now is a great time to buy a home on LI? (Mastic: refinance, houses)

[BallBag]

"TheTown" hit the nail on the head. I'm new to this site and it's clear to me some of you "senior members" are either Realtors, or your idiots that deserve to lose your life savings. Either way "TheTown" and I will be there to pick your bones when the smoke clears.

[BallBag]

"TheTown" hit the nail on the head. I'm new to this site and it's clear to me some of you "senior members" are either Realtors, or your idiots that deserve to lose your life savings. Either way "TheTown" and I will be there to pick your bones when the smoke clears.

[majortom1981]

This is the time to buya CONDO not a hosue. I bought my condo for $150k with $540 a month mortgage (mortgage and taxes included) with 4.5 percent interest.

You cant beat that (with a TON of amenities ).

I live in a place that supposedly does not exist on long island.

[scottzilla]

Originally Posted by TheTown

Shadow Inventory, an Avalanche That's Coming Soon? - World Property Channel Global News Center





It'sa terrible time to buy when interest rates are low, like now. Realtors just lie without shame about this fundamental fact. House prices rose as interest rates fell, and house prices will fall as interest rates rise, because a fixed monthly payment covers a smaller mortgage at a higher interest rate. Since interest rates have nowhere to go but up, prices have nowhere to go but down. The way to win the game is to have cash on hand to buy outright at a low price when others cannot borrow very much because of high interest rates. Then you get a low price, and you get capital appreciation caused by future interest rate declines. To buy at a time of low interest rates and high prices like now is a mistake. It is far better to pay a low price with a high interest rate than a high price with a low interest rate, even if the mortgage payment is the same either wayA low price lets you pay it all off instead of being a debt-slave for the rest of your life. As interest rates rise, house prices must fall.Your property taxes will be lower with a low purchase price.Paying a high price now may trap you "under water", meaning you'll have a mortgage debt larger than the value of the house. Then you will not be able to refinance because then you'll have no equity, and will not be able to sell without a loss. Even if you get a long-term fixed rate mortgage, when rates inevitably go up the value of your property will go down. Paying a low price minimizes your damage.

Yeah, LI was AWESOME back in 1975 when interest rates were 16%.

[scottzilla]

Originally Posted by BallBag

"TheTown" hit the nail on the head. I'm new to this site and it's clear to me some of you "senior members" are either Realtors, or your idiots that deserve to lose your life savings. Either way "TheTown" and I will be there to pick your bones when the smoke clears.

Plenty of short sales and foreclosures around. Can't get cheaper than that.

[scottzilla]

Originally Posted by majortom1981

This is the time to buya CONDO not a hosue. I bought my condo for $150k with $540 a month mortgage (mortgage and taxes included) with 4.5 percent interest.

You cant beat that (with a TON of amenities ).

I live in a place that supposedly does not exist on long island.

If you find the right condo great. The wrong condo can really be a nightmare though. You need to read the fine print.
Not everyone wants to smell their neighbors farts.

[ABACAB]

Lol scottzilla singing the same tune for the last 2 years. Let me guess, buy now because next year prices will go up, right Scott? One of these years you'll be right, but not this year

[SilverBulletZ06]

Originally Posted by scottzilla

Yeah, LI was AWESOME back in 1975 when interest rates were 16%.

Yep, but the houses were what, 1/10th of current and the interest on your bank account was around 10%. The only thing the fed has done by having interest rates this low is penalizing those people who are responsible and save.


So lets say that you and I both buy a home. Your house is $1000 and my house is $100, but I have a super-high interest rate and you have a super-low interest rate. Our monthly payments are the same. Every dollar I put towards my mortgage goes significantly farther then yours, and since I am not a moron I have a decent amount going into savings I can pay off the mortgage fairly quickly.

[dman72]

Originally Posted by SilverBulletZ06

Yep, but the houses were what, 1/10th of current and the interest on your bank account was around 10%. The only thing the fed has done by having interest rates this low is penalizing those people who are responsible and save.


So lets say that you and I both buy a home. Your house is $1000 and my house is $100, but I have a super-high interest rate and you have a super-low interest rate. Our monthly payments are the same. Every dollar I put towards my mortgage goes significantly farther then yours, and since I am not a moron I have a decent amount going into savings I can pay off the mortgage fairly quickly.

[scottzilla]

Originally Posted by ABACAB

Lol scottzilla singing the same tune for the last 2 years. Let me guess, buy now because next year prices will go up, right Scott? One of these years you'll be right, but not this year

Don't paraphrase, QUOTE me. At least it will be accurate then.