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OP is on such a shoestring budget that a tiny price drop is a BIG BARGAIN LOL CYA LATER SUCKAS situation.
Four years from now, housing market levels off. OP swoops in and buys a cape in North Bellmore for 5k below asking but at a higher interest rate and after wasting years in rent and interest rate increases.
Ah. Classism and pedaling the cliche that renting is a "waste" of money. I'd rather live in a cool place in the city without equity than a dump in the suburbs with equity. I'd also be willing to venture the guess that I pay the same in rent that you spend per month to pay back your debt / loan to the bank (mortgage) and a months worth of the taxes you pay to rent the land (since you brought up what one can afford) But hey, I'm just someone who erroneously believes that quality of life matters. I'd also rather rent than lower my expectations and buy something I don't love just because "equity or bust." If it makes you feel better to believe that I'm some poor shlub who is desperate to become your neighbor but just can't afford it, go right ahead.
Ah. Classism and pedaling the cliche that renting is a "waste" of money. I'd rather live in a cool place in the city without equity than a dump in the suburbs with equity. I'd also be willing to venture the guess that I pay the same in rent that you spend per month to pay back your debt / loan to the bank (mortgage) and a months worth of the taxes you pay to rent the land (since you brought up what one can afford) But hey, I'm just someone who erroneously believes that quality of life matters. I'd also rather rent than lower my expectations and buy something I don't love just because "equity or bust." If it makes you feel better to believe that I'm some poor shlub who is desperate to become your neighbor but just can't afford it, go right ahead.
So quality of life matters? Then how can you look down on people who want to buy now in order to improve their quality of life? It's not always all about the numbers.
So quality of life matters? Then how can you look down on people who want to buy now in order to improve their quality of life? It's not always all about the numbers.
Over paying isn't necessary for a good quality of life.
Ah. Classism and pedaling the cliche that renting is a "waste" of money. I'd rather live in a cool place in the city without equity than a dump in the suburbs with equity. I'd also be willing to venture the guess that I pay the same in rent that you spend per month to pay back your debt / loan to the bank (mortgage) and a months worth of the taxes you pay to rent the land (since you brought up what one can afford) But hey, I'm just someone who erroneously believes that quality of life matters. I'd also rather rent than lower my expectations and buy something I don't love just because "equity or bust." If it makes you feel better to believe that I'm some poor shlub who is desperate to become your neighbor but just can't afford it, go right ahead.
However, the difference will be that you will be hoofing it up 5 floors and schlepping your groceries and everything else up those stairs. When all is said and done you will have far less than someone who would have purchased a home, if they overpaid using your words. You will have a big fat goose egg and at least the fools that overpaid will still walk away with something rather than nothing.
That is the point I've been trying to make. LI's market is independent of reason. It is not based on development, gentrification, modernization, new industry or thriving tech. It is based on paltry inventory, NYC prices, expanding NYC population and an adversarial climate towards development and density on LI. To those of us who have "waited out the market" before just to lose out, we gave our opinions on waiting over a $20k gap. )
Yup, this right here. And I'm not on LI or trying to sell a house, which seems to be the OP's conspiracy theory about city-data.
We tried "waiting out" what we thought was a CrAzY RE market in the mid-1990s, all that happened was prices stayed about the same till 1997, at which point I got an inkling that things were about to skyrocket, so after 2 years of turning up our noses at houses that were "not quite good enough/overpriced" we jumped on the first house that came on the market in the area of town we wanted to live and between contract and close the house appreciated over 10%. That was the start of the REAL craziness that has never really died down, save for a few years (2008-2010ish).
You can rant and rail about LI real estate all you want but it is what it is. LIFERS who will do anything to stay (and often parents who will do anything to make them stay including gifts of down payments) and more recently immigrants with cold, hard cash and lots of it. Proximity to NYC means the crazy train will never stop.
Now OP if you're ready to jump and don't mind living where you live till the next downturn....that's great. The point most people here are trying to make is most people want to buy a house when they want to buy a house. Especially true of LIFERS, who either never left LI for any reason (college, the NYC-living-experience) or who did move into the city with their friends with the full intention of only staying "X" number of years and now those years are up. These people #1 have no where else to go and/or #2 no desire to go anywhere else. Somehow they make it work, bitching and moaning all the time. Of all my friends from HS, the two who are least well off are the two most tied to Long Island and I can guarantee will never ever leave. Most of my friends from HS don't live there anymore and have been gone since our early 20s but that is definitely an anomaly for LIers.
However, the difference will be that you will be hoofing it up 5 floors and schlepping your groceries and everything else up those stairs. When all is said and done you will have far less than someone who would have purchased a home, if they overpaid using your words. You will have a big fat goose egg and at least the fools that overpaid will still walk away with something rather than nothing.
Your quality of life may not be the same as mine. Again, people have different priorities. If your housing equity is paramount, then that's what you'll prioritize over a fancy car or vacation, both of which are "quality of life" expenditures with no ROI. Some people are okay with that. There's even a few people on this board who claim that they don't even look at their house as an investment, they just want to live. There's no wrong way to do it, so please cease the judgment of people who don't live for the sole purpose of building equity that they might die before cashing in. Also, another hole in the equity thing, if you sell at an appreciated point, you then have to buy something else to live in..won't you then be buying at an appreciated point? Or are you going to uproot your life and move where ever in the country you can "buy low" at that particular time?
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