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Median purchase price in Nassau is same as it was 12 years ago. As long as a POS attached home in Queens goes for 650k don't expect prices in decent Nassau towns to go down. Don't be surprised if they increase either.
It's a fluid market for sure. All I'm saying is there's no point in competing to pay more for a home than it's currently worth. Your equity will be slower to build.
In half that time:
My husband could be offered a more lucrative job in another part of the world
My husband could lose his job leaving us unable to pay mortgage and / or taxes
The town or school district could turn to...poop
We could tire of the NYC metro area
Those are just a few plausible scenarios off the top of my head. The going advice is you should be able to get your money's worth out of a home after 10 years. 20 is pretty whack.
Many who bought 10 yrs ago (2007) have not gotten back their losses from 2008-2009. They bought at the top then. Same thing for those that buy now. Long Island homes are not a good speculative investment. They are usually selling above market value even in bad times. LI stays inflated in part due to the (intentional) limited inventory and dearth of rental options.
In half that time:
My husband could be offered a more lucrative job in another part of the world
My husband could lose his job leaving us unable to pay mortgage and / or taxes
The town or school district could turn to...poop
We could tire of the NYC metro area
Those are just a few plausible scenarios off the top of my head. The going advice is you should be able to get your money's worth out of a home after 10 years. 20 is pretty whack.
Any and all the above are possibilities, which, unless you have a crystal ball and can see into the future, may happen or may never happen. You would never do anything if you allow that type of thinking to invade your space.
Hypothetically, prices in Nassau can climb another 50% before a 25% price correction. That's what happened in NYC during the early 2000s. Prices were already "sky high" in 2001. Who would've guessed it would jump another 50% before the bubble burst.
Anyways. As other posted, prices out here in Suffolk has not spiked, and plenty of inventory. I purchased 4-5 years ago. If I hadn't done my major renovations, value of my home would only be about 10-15% higher.
Any and all the above are possibilities, which, unless you have a crystal ball and can see into the future, may happen or may never happen. You would never do anything if you allow that type of thinking to invade your space.
Exactly - people have to move on with their lives and given that prices for the last 10 years have stayed the same or even better (for homeowners), buying is an ok decision for them. If it takes an extra $50k to get the home you want now for the next 20 years, so be it. Given the history, you won't lose too badly when it comes time to sell. We bought (this our 2nd home) just shy of 10 years ago and we're up $100k. Many in the same shoes (well obviously). Prior to that, we gained $20k on the previous house. We were unaffected by the bubble... we bought & sold right around it.
If you're that risk-averse, just rent. But this is no bubble we're currently in, these are just LI prices, and that's not likely to change in the next 10 years either.
From an outsider's perspective, the costs are tough to swallow. That is until you assimilate to NY salaries too... and then it's at least sustainable. "Biggest purchase of your life" is obviously true, but not as big a deal as it's made to be. These big values are skewed along with salaries.
Any and all the above are possibilities, which, unless you have a crystal ball and can see into the future, may happen or may never happen. You would never do anything if you allow that type of thinking to invade your space.
I disagree. They say you get your money's worth if you stay in the house for 10 years. The only reason PP suggested 20 years is because of the current market. That's why it's not worth it to buy right now.
Hypothetically, prices in Nassau can climb another 50% before a 25% price correction. That's what happened in NYC during the early 2000s. Prices were already "sky high" in 2001. Who would've guessed it would jump another 50% before the bubble burst.
Exactly - people have to move on with their lives and given that prices for the last 10 years have stayed the same or even better (for homeowners), buying is an ok decision for them. If it takes an extra $50k to get the home you want now for the next 20 years, so be it. Given the history, you won't lose too badly when it comes time to sell. We bought (this our 2nd home) just shy of 10 years ago and we're up $100k. Many in the same shoes (well obviously). Prior to that, we gained $20k on the previous house. We were unaffected by the bubble... we bought & sold right around it.
If you're that risk-averse, just rent. But this is no bubble we're currently in, these are just LI prices, and that's not likely to change in the next 10 years either.
From an outsider's perspective, the costs are tough to swallow. That is until you assimilate to NY salaries too... and then it's at least sustainable. "Biggest purchase of your life" is obviously true, but not as big a deal as it's made to be. These big values are skewed along with salaries.
Honestly my projection won't be proved or disproved for 10 years. I don't think buyers today will be up 100K in 10 years as you are. I don't necessarily think they'll lose money if they stay put for 10 years, I just think they'll get **more** value in their equity in the long term (and def more bang for their buck in the short term), if they let the market cool a little. It can't stay this hot for long, that would just defy every law of physics and economics.
I'm still waiting to see this proof of "red hot seller's market" across all of Suffolk. I see quite a lot of houses in the mid-Suffolk area that are still under 2005/6 prices that have been on the market for 90+ days.
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