Quote:
Originally Posted by Abby Schmitters
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.
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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.
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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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Reality, fear tactics (get over yourself, no one is trying to scare you, lmfao)...call them what you want. So don't buy. Now, ever, who cares? Your take on the LI market and theories on rent vs buy and timing the market are not new or particularly enlightening. They've been addressed here pretty completely for years and years. "Buy low, sell high!" Right on!! Sounds like a good book! You got this!
My brother's house in Buffalo appreciated 40% in 5 years. The entire city is being developed and prices rising. Should everyone wait until the next rust belt malaise to buy, or maybe jump in at 40% above market (an arbitrary term that is pro or con depending on who is wielding it) and catch the rest of the ride? Per you, they should run. Apparently, there are other opinions on it.
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. As painful as it is to say, $20k is sort of nominal on LI and that's how we approach it and advise on it. $500k homes on LI can and do swing $20k up or down in a month per Zillow or Realtor.com.
Seems like we beat this horse enough. Good luck whatever you do. You have a principled take on it. You'll do well in the end.
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