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Old 09-27-2017, 08:00 AM
 
2,692 posts, read 2,306,871 times
Reputation: 3040

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Quote:
Originally Posted by Abby Schmitters View Post
It is. It's called a discussion. I get that you're probably agents that don't want info out there that will discourage people from buying because that's how you make money, or you're someone who just bought a cape for over 500K and you don't want to be reminded of how foolish that was, but this is the internet. You can't censor it. And can we stop with the shaming tactics that I'm unable to afford to buy a home? That isn't true. Between my husband and I, we have the down payment, the household income and the credit to get a 600K loan (and we are pre approved despite speculation on the other board that we're not). We want to come in under budget, around 500K. And I'm not going to spend 500K on a house that I could've gotten for 480 in another market. I'd rather go without it than do that.
You realize if you bought a house w/ zero down the difference between 500k and 480k at 4% is like $93 a month. No one walks away from a house over $93 a month. FYI Westchester is worse than here. I didn't have any interest in living there but I looked anyways and with all things being equal among the towns I looked in, the listing prices and taxes where higher in Westchester.
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Old 09-27-2017, 08:16 AM
 
418 posts, read 366,206 times
Reputation: 187
Quote:
Originally Posted by monstermagnet View Post
Nothing will neutralize. It will crash and start again. Then you can get in and buy a dozen houses and be a slumlord. IF you have oodles of cash, cause there wont be any credit flowing
Sounds good! And I will have oodles of cash because I didn't plunk my life savings down on a modest home at over ask!
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Old 09-27-2017, 08:18 AM
 
2,589 posts, read 1,815,839 times
Reputation: 3402
Quote:
Originally Posted by Abby Schmitters View Post
Very simple answer for that. My MIL lives in Jersey I'm still open to it if high prices and low inventory persist in LI and WC longer than NJ and we're pushed into it, but I'd prefer the space from her.
NOW yer making sense! lol
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Old 09-27-2017, 08:24 AM
 
418 posts, read 366,206 times
Reputation: 187
Quote:
Originally Posted by gx89 View Post
No one walks away from a house over $93 a month.
That's a lot of money when you're trying to save for other things. But sales price of a house matters to the buyer beyond just $1000 a year (which, by the way, most buyers do think matters, hence walking away from houses if the taxes are 13K but being okay with 12K, same amount of money per year).
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Old 09-27-2017, 08:28 AM
 
2,589 posts, read 1,815,839 times
Reputation: 3402
Quote:
Originally Posted by Abby Schmitters View Post
Sounds good! And I will have oodles of cash because I didn't plunk my life savings down on a modest home at over ask!
Neither did most of us, although you assume otherwise. I wish you luck. Even with oodles of cash, you'll be up against professional developers/flippers who have been in the local business for generations, have more cash than you, deep lines of established speculative credit, have a title guy and closing attorney on the payroll, knows the ins and outs of the local market, building codes, auctions and knows the code inspectors and town attorneys by 1st name. Been there, done that.

Most LI'ers laugh at the notion of tossing a good deal on a house you like over $20k asking price. All else the same (no structural, permit or escrow problems) $20k is a spit in the ocean because they know, except for rare windows of opportunity during fiscal crises (but see notes above), LI hasn't been a buyers market since the 50's. If prices dip, the speculators pounce. Competition never wavers, even if prices fall. You see what it does when prices rise. Homes sell over asking in a week. Prices get low...homes sell in a week.
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Old 09-27-2017, 09:24 AM
 
Location: Former LI'er Now Rehoboth Beach, DE
13,042 posts, read 18,008,630 times
Reputation: 13978
Quote:
Originally Posted by Abby Schmitters View Post
Very simple answer for that. My MIL lives in Jersey I'm still open to it if high prices and low inventory persist in LI and WC longer than NJ and we're pushed into it, but I'd prefer the space from her.
I think she would share your sentiments.
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Old 09-27-2017, 09:52 AM
 
Location: Inis Fada
16,966 posts, read 34,636,857 times
Reputation: 7722
Quote:
Originally Posted by Abby Schmitters View Post
That's a lot of money when you're trying to save for other things. But sales price of a house matters to the buyer beyond just $1000 a year (which, by the way, most buyers do think matters, hence walking away from houses if the taxes are 13K but being okay with 12K, same amount of money per year).

That 12K is going to increase annually. Once those 12K in taxes have passed $13,116, it will have wiped out the $93 monthly savings. Sort of damned if you do, damned if you don't.
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Old 09-27-2017, 10:06 AM
 
81 posts, read 127,667 times
Reputation: 59
Quote:
Originally Posted by Abby Schmitters View Post
Due to a home owner's ability to refinance and grieve their taxes, I don't think taxes and rates should be as big a motivating factor as some people advise.
That's only the case in a falling rate environment, which has been the case for the last 30+ years.
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Old 09-27-2017, 10:09 AM
 
418 posts, read 366,206 times
Reputation: 187
Quote:
Originally Posted by monstermagnet View Post
Neither did most of us, although you assume otherwise.
Whoa. Whoa whoa whoa whoa whoa. No. I don't assume you current home owners who have owned for several years did that. This post was directly referencing today's home buyers. Not all LI buyers in history. If you'd all stop looking for a reason to be defensive and read into every statement that it's somehow against you personally, you would've seen that.

[/quote] I wish you luck. Even with oodles of cash, you'll be up against professional developers/flippers who have been in the local business for generations, have more cash than you, deep lines of established speculative credit, have a title guy and closing attorney on the payroll, knows the ins and outs of the local market, building codes, auctions and knows the code inspectors and town attorneys by 1st name. Been there, done that.
[/quote]

Oooh more doom and gloom fear tactics

[/quote] Most LI'ers laugh at the notion of tossing a good deal on a house you like over $20k asking price.[/quote]

Boys and girls, gather 'round. Aaand this is why the housing prices have been drive up. (Not because women decided to get out of the kitchen and go to work.) Stop overpaying, ya ninnies!

[/quote] Homes sell over asking in a week. Prices get low...homes sell in a week.[/quote]

See above
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Old 09-27-2017, 10:12 AM
 
418 posts, read 366,206 times
Reputation: 187
Quote:
Originally Posted by nuts2uiam View Post
I think she would share your sentiments.
Oh in that case it might not be so bad!! Sadly, she bashes any house we look at that isn't on her block
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