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I've been searching for a house for the last few months and every house that I decide to put an offer in on, I end up getting outbid. Even if I offer asking. There are WAY more people looking for houses then there are houses available at the moment and it's getting quite frustrating, to say the least. One house was listed in the Barnum Woods section of East Meadow on Monday morning. I called about it Monday evening and it already had an offer for $10k over asking, site unseen. The houses in Eastern Nassau (south shore) are already outrageously expensive, I refuse to pay even more than asking on top of that. A few realtors told me to wait until spring. Most people wait until spring to have their homes listed because they don't want to make a move during the school year, which makes perfect sense.
So what do you guys think? Are these prices gonna calm down, or is the market going to stay this crazy or get even worse?
Nothing stays forever, but indications are that the market is very strong right now (demand is outpacing supply as you note).
Definitely a good market for sellers and I suspect it may get better (for them) as folks look to buy (and sell) in the spring.
Wait another 8 years until the market takes a major dump or move to another state.
Or buy the biggest hunk of crap you can afford here and chip away at renovations.
Offer $100k over asking, beat them up with the inspection and knock a few bucks off.
Then feel like a sucker in 6 years when prices decline again.
In 15 years youll maybe see an increase over what you paid.
If I knew where prices were going I wouldn't have to work for a living. That being said, there has been a severe shortage of inventory for a couple of years now, driving prices up. The advice to wait until Spring has some validity as many sellers wait until then to put their homes on the market, but I don't expect that it will be such an avalanche that it will make prices come down. Also, many buyers are getting off the fence because they see mortgage interest rates beginning to rise.
Keep in mind "asking price" really isn't relevant except as an indication of what the seller thinks the home is worth. Choose the neighborhood that you are interested in, make sure you are ready to go with a solid prequalification, and find a Realtor who will keep you well informed of any new houses that hit the market.
If I knew where prices were going I wouldn't have to work for a living. That being said, there has been a severe shortage of inventory for a couple of years now, driving prices up. The advice to wait until Spring has some validity as many sellers wait until then to put their homes on the market, but I don't expect that it will be such an avalanche that it will make prices come down. Also, many buyers are getting off the fence because they see mortgage interest rates beginning to rise.
Keep in mind "asking price" really isn't relevant except as an indication of what the seller thinks the home is worth. Choose the neighborhood that you are interested in, make sure you are ready to go with a solid prequalification, and find a Realtor who will keep you well informed of any new houses that hit the market.
I don’t think that “driving prices up” is island-wide. Prices in many places are still down from the 2006 highs. I don’t dispute being a seller’s market within a 45 minute commute of NYC but mid-Suffolk?
Wait another 8 years until the market takes a major dump or move to another state.
Or buy the biggest hunk of crap you can afford here and chip away at renovations.
Offer $100k over asking, beat them up with the inspection and knock a few bucks off.
Then feel like a sucker in 6 years when prices decline again.
In 15 years youll maybe see an increase over what you paid.
The move to another state thing would be great if I didn't work on Long Island and the fiancee didn't want to stay.
The hunks of crap I can't even touch. Contractors beat me out every time. Last house that was a total dump, I offered 355k for. Found out some time later that my offer was beat out by a 325k CASH offer by a contractor, who was gonna flip it, and sell it again through the same listing agent so she gets 2 commissions on the same house. I'd have to pay an amount that wouldn't be worth it. By the time I put the money into the house it needed, it would cost more than just buying a flipped house from the beginning.
Quote:
Originally Posted by TomMoser
If I knew where prices were going I wouldn't have to work for a living. That being said, there has been a severe shortage of inventory for a couple of years now, driving prices up. The advice to wait until Spring has some validity as many sellers wait until then to put their homes on the market, but I don't expect that it will be such an avalanche that it will make prices come down. Also, many buyers are getting off the fence because they see mortgage interest rates beginning to rise.
Keep in mind "asking price" really isn't relevant except as an indication of what the seller thinks the home is worth. Choose the neighborhood that you are interested in, make sure you are ready to go with a solid prequalification, and find a Realtor who will keep you well informed of any new houses that hit the market.
I wonder when it's gonna turn around. Doesn't look to be anytime soon.
I offer what I think the house is worth, in a particular case, I agreed with the seller and thought it was worth their asking price, so I offered them their asking price. Unfortunately, somebody else thought it was worth $20k over their asking price, so I got beat out of that one as well.
Quote:
Originally Posted by kokonutty
Don't worry about it, prices will be dropping like a rock as soon as all the people here who say they're leaving finally get out.
That's what leaves me scratching my head. Everybody says they want out and are leaving, but it seems like much more plan to stay for the duration based on the housing market.
We started looking Jan 2014 and there was low inventory at that time. We took a month break bc I had a baby and about 2 weeks later I saw a house that was it. This was the only house that I told my house I wanted and he wasn’t even at he showing. We put an offer slightly over asking and were told to come back with our best offer which we did at 30k over asking. We got the house and over 2 years later I still think it’s the best decision we ever made, we also put over 100k into the house. Absolutely no regrets.
I think you need to look at the comps and see what is reasonable. It seems some agents list too high or some list low bc of bidding wars. You need to figure out what the house is worth to you and most importantly what you can afford. Good luck.
We started looking Jan 2014 and there was low inventory at that time. We took a month break bc I had a baby and about 2 weeks later I saw a house that was it. This was the only house that I told my house I wanted and he wasn’t even at he showing. We put an offer slightly over asking and were told to come back with our best offer which we did at 30k over asking. We got the house and over 2 years later I still think it’s the best decision we ever made, we also put over 100k into the house. Absolutely no regrets.
I think you need to look at the comps and see what is reasonable. It seems some agents list too high or some list low bc of bidding wars. You need to figure out what the house is worth to you and most importantly what you can afford. Good luck.
Agree. Was in the same situation last year. Finally got our house 15k over ask. Don't regret it at all as prices are still rising, and the house was in the exact area we wanted. 10-30k over 30 years (if you plan to stay long term) isn't a huge difference, have to decide if the particular house you see is worth it to you.
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