Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Thank you for a pleasant and interesting post, jim & sue . I'm a new retiree also & I will be leaving Long Island for pretty much the same reasons as you. Best of luck to you both.
We're not even the baby boomers....husband will be 41 and I'm 37.......just know that staying here will continue to be a struggle and so will life more so for our children probably alot more than other areas.....
My parents are also planning to move away after almost 40 years in their home also and my brother is trying to sell his co=op now also with no avail.....
Long island has just gotten alittle too out of hand....I will definately miss it since it is all that I know but it doesnt even look like we'll have a familiy member to come back for visits to stay with....
I think all age groups are feeling the strain with trying to live off of set incomes/retirement, working 2/3 jobs and looking into the future for our children....
I do hope that it gets better so that the average family is able to live and survive here....
Long island does offer so much its sad that many are just unable to enjoy it....
to Long Island for retirement. Moved to horrible Florida because my husband was out of work on LI for over a year. IF and when we can afford to retire, I want to come back to LI.
On my listingbook account - I have a favorites page where properties that fit my criteria are marked as available, contract pending, and sold. There has been no movement in the last month and a half. The only changes that have happened are price drops - seen a few at 50k, a couple at 30K and a bunch of 20k drops. I think 2 houses came on the market, 2 went to contract, and 1 has sold.
On my listingbook account - I have a favorites page where properties that fit my criteria are marked as available, contract pending, and sold. There has been no movement in the last month and a half. The only changes that have happened are price drops - seen a few at 50k, a couple at 30K and a bunch of 20k drops. I think 2 houses came on the market, 2 went to contract, and 1 has sold.
I think it depends on the towns also....I think that there are demands for certain towns... for whatever reasons
But prices are definately down......I was told that we were going to lose one percent a month for every month it sat.....
You also have to realize that many homes that are on mls right now are overpriced and not necessarily realistic and even if you see price drops that still may not reflect what the true market value of the home....along with the fact that things are slowing up with this winding into the slow time for sales.....
Once again i have to just say I'm glad it worked out so quickly for us....
I think it depends on the towns also....I think that there are demands for certain towns... for whatever reasons
But prices are definately down......I was told that we were going to lose one percent a month for every month it sat.....
You also have to realize that many homes that are on mls right now are overpriced and not necessarily realistic and even if you see price drops that still may not reflect what the true market value of the home....along with the fact that things are slowing up with this winding into the slow time for sales.....
Once again i have to just say I'm glad it worked out so quickly for us....
Congratulations on your quick sale!
My guess is, you priced your house right.
As you pointed out, many sellers haven't faced true current market value(s) yet, which gives the impression of "constantly falling prices".
Are values down? Yes, most definitely. But in the early years of this century, values rose at an unprecedented rate (this statement is based on local statistics) and a price adjustment was inevitable, even without the mortgage crisis.
People who bought homes in the mid/late eighties and had to sell in the early 90s also faced a decline in market value--just as now, they often had to sell for less than what they paid.
For homeowners who have no choice but to sell it can certainly be a hardship, but overall, this too will pass...
People who bought homes in the mid/late eighties and had to sell in the early 90s also faced a decline in market value--just as now, they often had to sell for less than what they paid.
For homeowners who have no choice but to sell it can certainly be a hardship, but overall, this too will pass...
I agree. I bought my home in 1989. I believe it was the very day that the market peaked. I would not have been able to sell it in the early ninety's for enough to cover my mortgage. Today, it is worth at least twice what I paid for it. In real estate, time heals all wounds.
I'm seriously wondering on the "time" variable in your statement... I agree 100%, just wondering how long that's going to be - just as everyone is. Honestly, I don't think we're anywhere near the bottom. Things still are way inflated.
Example of a friend I had a conversation with last weekend. He bought just under 200k in 2000... smallish ranch in a very good school district. He said his house was worth 350k - with a straight face! So I probed him about what he considered to be reasonable appreciation on a home. We settled on 3-5% / year. At the high end of that, round it off to 10k per year which put him about 280k MAX. So why was he saying 350k?! I even asked him if his salary doubled in the past 8 years - of course it didn't. But he felt like his house should have nearly doubled in the same timeframe. I think he's kidding himself and he's not alone.
I guess my point here is that the "time" to heal hasn't even started ticking yet... we're still cutting ourselves.
Historically, real estate goes in about 10 year cycles. I would say that if you are planning to live in your home for at least 10 years, you are pretty safe. Of course, this assumes that you bought intelligently and are able to afford your monthly mortgage payment.
Historically, real estate goes in about 10 year cycles. I would say that if you are planning to live in your home for at least 10 years, you are pretty safe. Of course, this assumes that you bought intelligently and are able to afford your monthly mortgage payment.
Not to be rude, but what does that mean? What happens in those 10 year cycles? I guess you're saying that if you stay in the house for 10 years, you won't lose money? To me that's a huge change from how things used to be. There was a cultural change and I don't know when it happened exactly... It used to be that you bought a home to raise your family and live your life in a community. Somewhere this got lost and a house became an "investment" and about number crunching.
Personally, I think the issue with historic data is how MLS is technologically outdated, poorly regulated, and a decentralized mess.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
This boomer wants to COME BACK
