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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.
And I will remind all that this tax credit may be raised to $15,000 by Congress this month - - and will take a few months to go in to effect. It will likely happen and pass in Obama's stimulus plan and will continue at least a year from the date it is passed. AND: it is for ALL home buyers. So pay attention to the bill over the coming weeks to see if goes through both houses of Congress........
So, there is no rush --- let more pricing hot air go out of LI's deflated bubble.
The prices will stabalize because I say so. There, it is written. Housing prices will not drop any lower, in fact, I think they will creep back up over the next year.
I know it. It will happen because I say it will happen. So there
(ha, wishful thinking because I'm looking to sell later this year or early next year)
wow. I must be living in my own county. My wife and I combined don't make anywhere near that amount of money. Never have. I didn't know income could go so high. Did we miss a memo or something?
Is that why after paying my mortgage every month we always have a budget deficit of a few thousand bucks?
So for a family of first-time homebuyers who make the average, what in the world can they afford in their respective counties??? And with the high rents, how in the world can they save for a downpayment??? Let's face reality here. The prices (and the high taxes hurt even more) are out of whack with real incomes.
wow. I must be living in my own county. My wife and I combined don't make anywhere near that amount of money. Never have. I didn't know income could go so high. Did we miss a memo or something?
Is that why after paying my mortgage every month we always have a budget deficit of a few thousand bucks?
It could always be worse. You were at least able to get your first house, which you sold, which enabled you to get this house. What if you were shopping for a home today? Hopefully you will get a f/t steady job and things will work out.
PS: If your own private county has lower taxes, can I join?
It could always be worse. You were at least able to get your first house, which you sold, which enabled you to get this house. What if you were shopping for a home today? Hopefully you will get a f/t steady job and things will work out.
PS: If your own private county has lower taxes, can I join?
Read my lips: "no new taxes" ha ha!
The taxes will be very low. I am going to run it old school, like the wild west. Shoot first, ask questions later will be the law enforcement policy.
I will be the Sheriff, AND the County exec. Ha.
And I will remind all that this tax credit may be raised to $15,000 by Congress this month - - and will take a few months to go in to effect. It will likely happen and pass in Obama's stimulus plan and will continue at least a year from the date it is passed. AND: it is for ALL home buyers. So pay attention to the bill over the coming weeks to see if goes through both houses of Congress........
So, there is no rush --- let more pricing hot air go out of LI's deflated bubble.
Looks as though Senate OKs $15,000 tax break for homebuyers yesterday!
Suffolk County - Average income per family = $77,000 after taxes =$53,900. So if we use the rule of thumb that your housing expensives should be no more than 35% of your pay = $18,865. Minus $800 a month for taxes & your left with enough money for a $775 mortgage which is about a $180 k home.
Quote:
Originally Posted by I_Love_LI_but
So for a family of first-time homebuyers who make the average, what in the world can they afford in their respective counties??? And with the high rents, how in the world can they save for a downpayment??? Let's face reality here. The prices (and the high taxes hurt even more) are out of whack with real incomes.
It is true, as prospective first time home buyers we are outraged because costs for the past 6 years simply do not reflect average incomes. Even now as they start to come down, they are still...simply too high.
I think that if we were to buy now it would be like "catching a falling safe". People that are willing to buy at such high and unreasonable prices (mostly by taking out huge mortgages and living a life of serfdom) keep the prices high for the rest of us.
What we would actually get in a home for our 20% downpayment is (presently) laughable and just not worth it.
I feel that if you want to purchase a home, find out what it was worth before the bubble and then adjust is per year based on income growth. C
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