Suffolk.... buy now or wait

[MikeyKid]

Originally Posted by rocafeller05

Why would one want to pay a higher interest rate if they have the 20% down and can get the best rate on a 30 yr. conv. loan?

My comments were specifically about the difficulty of getting financing. Some loans will always be better then others.

[scottzilla]

Originally Posted by MikeyKid

Are you picking up where Crooks left off?

This isn't about me picking on LI, but it is about me keeping it in context as to not hijack the thread. I say the same things in the Charlotte boards about the values down here.

"Underwater" is a term used to indicate that you can't get out if you had to... It's a debt weight around your neck should the economic issues God forbid put you out of your job, or sick to a point where you can't work, or what ever else bad news could hit you. It simply means that if things get bad enough where you can't pay your bills, you can downsize appropriately. You're not trapped.

If you got yourself into a position where you're paying your bills and have enough to put away for a rainy day, I'm happy for you. But if you're assuming the majority of the people on LI, in NC, or anywhere are in that boat you're sorely mistaken. Things are pretty bad for the middle class and I'm personally pretty upset about it.

If bad enough news hit you, what difference does it make if you live in a house or pay rent?
"Downsize" is another amazingly out of touch term. It hasn't been possible to downsize on LI in well over 20 years. The only way out is to do what you did: Move to a cheaper state. That's it.
You seem to be saying house prices should reflect what people who can't afford to buy a house can afford to spend.

[scottzilla]

Originally Posted by dman72

I'm both a seller and a buyer at this point in my life, sparky. You aren't selling.... so you just push farcical points of view that run contrary to all historical data..because it's fun?

No, because i'm correct.

[MikeyKid]

Originally Posted by scottzilla

If bad enough news hit you, what difference does it make if you live in a house or pay rent?
"Downsize" is another amazingly out of touch term. It hasn't been possible to downsize on LI in well over 20 years. The only way out is to do what you did: Move to a cheaper state. That's it.
You seem to be saying house prices should reflect what people who can't afford to buy a house can afford to spend.

Maybe this will help you understand:

[scottzilla]

Wow, Elmo better downsize before he gets underwater.


Life in 1990 was SOOOOOOO much better.
(Except for those of us who lived it)

[I_Love_LI_but]

Originally Posted by scottzilla

You seem to be saying house prices should reflect what people who can't afford to buy a house can afford to spend.

Wow! True mastery at twisting words!

[jmax]

I don't think anything is happening with the RE market right now. I used to get daily Listingbook reports sent to me - I am lucky if I get 1 per week now. And the ones I do get have 1 or 2 updates - they used to have 5 - 7 per e-mail. Where I am looking and what I want to spend - very little new has come on the market and very few older listings have had price drops. It has been that way for the past month.