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.
Winter of 09-10 will be the best time to buy IMO. We've been looking at houses for a year. I've seen many houses come into our price range that would have been way out of reach 18 months ago. There have been several homes that we've looked at that have dropped 50/75k since the fall of 08. (and no, they weren't overpriced to begin with).
We're waiting to pounce, have a great rate and at least 35% to put down, so we're in a great position.
Just curious..what is the average salary per family on Long Island now? All the numbers I found were old. Maybe this will kinda give some sight on where the average home prices will end up?
So I would say the consensus here leans towards if you want to save money WAIT. I would add that if you simply don't want to lose money, if you are planning to stay in the house you buy now for at least 7 years, you will not lose money anyway when it comes time to sell it. (Too many people these days bit off more than they could chew at the height of the market and had to sell too early and lost money.)
So I would say the consensus here leans towards if you want to save money WAIT. I would add that if you simply don't want to lose money, if you are planning to stay in the house you buy now for at least 7 years, you will not lose money anyway when it comes time to sell it. (Too many people these days bit off more than they could chew at the height of the market and had to sell too early and lost money.)
maybe.....maybe not.
Remember, if you buy now, your downpayment equity gets hit right off the bat as prices will drop further this year. And whose to say that due to an emergency, relocation or job loss you have to sell within that 7 year period - - youll be in even worse shape then if you waited for further price drops to occur over the next 12 months or more.
Another thing to think about is the mortgage interest rates. The way we are minting money the rates may go up overnight due to inflation pressures. So you may buy a house for a few thousands less but if you have to pay even a point more, it will not make any difference. As someone has mentioned, houses have become affordable a little compared to 2006, but houses in good areas will keep selling so the inventory that people talk about is only in towns where no one is ready to buy. I have been looking in Suffolk county and a few towns have the same if not less inventory compared to 2007.
Just thought I'd remind the first time home buyers on this forum that the First Time Home Buyer Tax Credit ($7,500) expires on July 1st of this year; that's the closing date, not the contract date.
I agree with the statement ; the time is right when it is right for YOU. Dont try to time the market. So many people got burned that way ; our own house has gone down in value about $100,000 since we bought it in 2004. But I am glad that I didnt loose $200,000 like my neighbours.
If you plan on staying in the house ; buy when you are ready.
d
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.
