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You seem to only approach this from the investment standpoint. Again, LI is crappy for speculative investment and homes are NOT good investment vehicles. The benefits are space, a cleaner Target with parking, a driveway and yard, no decent rental options (and overpriced), mortgage interest tax deduction, decent schools (mostly), etc. The BUYER you say is "screwed" is more likely happy to get a home, even if he paid a premium in a super tight seller's market. He's not buying a 401k, he's buying a residence. If you must hold out for the greatest deal possible, I totally get that...it's just a different priority than finding a suitable shelter and you'll likely lose out on opportunities. Sure, we could all wait for values to tank and buy low. Again, priorities.
I agree with you!!! This is exactly what I say about the anti renting vitriol. But if I'm guaranteed that plunking my life savings down on a property isn't just for a place to live (that can be gained from renting), but as a chance to build "equity", then yes I'm going to view looking for a place to buy as an investment. Otherwise I'll just keep renting. I can afford to rent in a much better area than I could ever buy in anyway.
The market is nuts as others have said in Nassau and western Suffolk. We new when we purchased we might move in 3-5 years. Since we got the home very cheap and I did 85% of the renovations on my own we are in very good shape. Due to a recent sale Around the corner going for insane money I contacted the agent that sold the house. Due to my house being completely renovated and the fact that my taxes are 12k surround by similar homes paying 15k she estimated I would get 65k more than I thought I would get. We are now going to sell but it will be contingent on us getting one of the 3 houses available in s neighboring town. Luckily these homes need full renos but are to much $$ for builders to knockdown.
Since 1980, Nassau County's population has barely budged and remains stuck around 1.3 million. The reason is Nassau County struggles to issue residential building permits. During the same period, the population of Brooklyn and Queens has boomed by more than 800,000 to 5 million. When Brooklyn and Queens residents look to buy a house, they turn to Nassau County first. Nassau County is unwilling to supply housing and is being overwhelmed by demand. That is why home prices are rising.
As a result, NYC public schools are insanely overcrowded. My old high school in Queens is close to double the amount of total students. I really wanted to move back to Queens where I grew up. With the added population, the NYC government didn't address the school and subway capacity issues.
School and subway overcrowding in Queens is driving demand for housing into Nassau County, where school enrollment is stable and the East Side Access project will increase LIRR capacity into Manhattan.
Combine this with the rapid pace of apartment building and job growth in New York City, and it is difficult to have a negative outlook for Nassau County home prices. The hundreds of thousands of people who took jobs and rented apartments in New York City over the past decades are tomorrow's Nassau County home buyers.
So if the market crashes, do you think sellers will put their house on the market? Buyers with cash will definitely offer high than asking leaving buyers with loans out.
You're better off buying a house in Hempstead or Elmont right now or after a crash since they will stay as buyers market
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