Is this a good time to buy a home in south Nassau? (renting, mortgage)

[NYBlonde]

With the rising interest rate and the possibility of a recession, is this the worst time to buy a home in Nassau County ?

[scampy25]

Here we go again.

[NYBlonde]

Originally Posted by scampy25

Here we go again.

What does that mean ???

I’m trying to help a young couple decide if this is a good or bad time to purchase a home in south Nassau.
There are many things to consider,

[isles08]

First time buyers? If so probably bad.

Selling to buy? Probably fine other than the slightly elevated interest rates.

[mysticpearl]

Originally Posted by NYBlonde

What does that mean ???

I’m trying to help a young couple decide if this is a good or bad time to purchase a home in south Nassau.
There are many things to consider,

They should be asking someone else for help if you need assistance answering that question.

[twingles]

Originally Posted by mysticpearl

They should be asking someone else for help if you need assistance answering that question.

Bingo.

OP how the heck can anyone answer this question, let alone second hand? No one here has a crystal ball. Tell them to get with someone who can give them sound financial advice.

[NYBlonde]

Originally Posted by isles08

First time buyers? If so probably bad.

Selling to buy? Probably fine other than the slightly elevated interest rates.

They are first time buyers.

[gx89]

It’s very simple.

If you can afford to buy a house and plan on being in it for at minimum 7 years it’s never a bad time to buy.

[NYBlonde]

Originally Posted by gx89

It’s very simple.

If you can afford to buy a house and plan on being in it for at minimum 7 years it’s never a bad time to buy.

They don’t have the 20% down payment, but they can put down 20,000. With a 30 year mortgage at this interest rate,
I think they’re biting off more than they can chew.
But their tired of renting,

[scampy25]

Originally Posted by NYBlonde

They don’t have the 20% down payment, but they can put down 20,000. With a 30 year mortgage at this interest rate,
I think they’re biting off more than they can chew.
But their tired of renting,

If you don't have 20% down, you have no business buying a home, especially with the current over inflated prices, and high interest rate. May not be a popular opinion, but this is not the way to build financial security and stability. You, as a parent, should be telling them this.

Didn't you say in another post, their budget was 700k? Do you know what kind of property taxes go with $700k on LI? $20k down on a $700k house? I'd get off a public forum, and find a wise financial adviser, or maybe just educate yourself more. This is just pure stupidity.