U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > Long Island
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 05-15-2009, 06:46 AM
 
183 posts, read 519,776 times
Reputation: 52

Advertisements

edit - "I should have written 'NY Home Prices Far From Reality?' but it will not let me edit the title - sorry!"

Pretty good little article from Reuters

Most U.S. homeowners think a bottom has been reached: Zillow | Reuters

FTA
"While homeowners are now more realistic when looking backward, they are still pretty starry-eyed when looking forward, with three out of four homeowners believing that their own homes' prices will increase or be flat over the next six months. Unfortunately, there are few markets we expect to perform this well,"


Most homeowners -- 74 percent -- believe their home will not decline in value in the coming six months, effectively calling a bottom to their own home's housing slide, Zillow said.

Specifically, one in four homeowners, or 27 percent, think their home's value will increase in the next six months, while nearly half, or 47 percent, believe its value will remain the same. Homeowners were similarly optimistic when it came to predicting home values in their local markets, the survey showed.


The reality is the reality...those prices need to drop people! Priced correctly I wouldn't think twice in buying a starter house right now!

Last edited by ianwaters; 05-15-2009 at 06:53 AM.. Reason: clarification
Reply With Quote Quick reply to this message

 
Old 05-15-2009, 07:13 AM
 
4,536 posts, read 9,860,859 times
Reputation: 2016
Ive been thinking about this lately. Maybe we are all fooled on what the starter house should be? Maybe there are alot of people on LI that make that 125K a year to afford the starter house? But I dont know where they are, everyone I talk to says they will never be able to afford a home at these prices?
Delusional or reality...time will tell.
Reply With Quote Quick reply to this message
 
Old 05-15-2009, 07:24 AM
 
Location: Stony Brook
1,783 posts, read 2,910,554 times
Reputation: 1167
Quote:
Originally Posted by ianwaters View Post
edit - "I should have written 'NY Home Prices Far From Reality?' but it will not let me edit the title - sorry!"


The reality is the reality...those prices need to drop people! Priced correctly I wouldn't think twice in buying a starter house right now!
Uh, sounds like wishful thinking. While i think prices will still drop a little, and then level for years to come, i think there are some great deals out there. And along with the low interest rates, i think its a good time to buy.
Reply With Quote Quick reply to this message
 
Old 05-15-2009, 07:25 AM
 
1,303 posts, read 2,895,238 times
Reputation: 340
Quote:
Originally Posted by rocafeller05 View Post
Ive been thinking about this lately. Maybe we are all fooled on what the starter house should be? Maybe there are alot of people on LI that make that 125K a year to afford the starter house? But I dont know where they are, everyone I talk to says they will never be able to afford a home at these prices?
Delusional or reality...time will tell.
I think the middle of the road areas will come back a bit more to the high 200's, but the areas that were previously perceived as more expensive will stagnate and drift just a tad lower. So areas like Levittown, West Babylon, Deer Park, Hicksville, Rocky Point, Selden, Lake Grove, Holtsville, Oakdale, Lynbrook, Ronkonoma, etc, might still drop a bit, which is good. I am even seeing it, although slower, in my family's neighborhoods in Nesconset and Hauppauge (I can never remember how to spell that). Many of these previous middle class areas should have never seen home prices in the 500k range, new construction or not. The median incomes did not support it. If interest rates creep back to 7+%, which is still historically low, then you might seem some further downward pressure on all areas. Many people selling in long island have been in their homes for a while, and they will wait. It might be a 7-10 year wait, but they will wait. If you bought your home 10 years ago or even further back, you paid around 200k or less most likely. With some "swanky" area exceptions of course.
Reply With Quote Quick reply to this message
 
Old 05-15-2009, 07:25 AM
 
Location: Long Island
9,038 posts, read 18,351,792 times
Reputation: 4745
Quote:
Originally Posted by rocafeller05 View Post
Ive been thinking about this lately. Maybe we are all fooled on what the starter house should be? Maybe there are alot of people on LI that make that 125K a year to afford the starter house? But I dont know where they are, everyone I talk to says they will never be able to afford a home at these prices?
Delusional or reality...time will tell.
I've been seeing quite a few first time home buyers who make more than that and they're out there - looking! (Some are actually buying )
Reply With Quote Quick reply to this message
 
Old 05-15-2009, 02:13 PM
 
Location: East Northport
3,198 posts, read 8,105,436 times
Reputation: 1088
I'm seeing some people start to come back into the market, too. I think that there are currently some good buys in some of the solid middle class neighborhoods. It looks to me like around $300K is a point where first time buyers are willing to step in.
Reply With Quote Quick reply to this message
 
Old 05-15-2009, 02:46 PM
 
Location: Georgia
2,506 posts, read 6,004,582 times
Reputation: 687
Quote:
Originally Posted by Elke Mariotti View Post
I've been seeing quite a few first time home buyers who make more than that and they're out there - looking! (Some are actually buying )
$125k is way above average salaries.... at that pay you are just a home buyer, maybe first time but it does not matter.

I think the spirit behind the phrase "first time home buyer" is out dated, once upon a time it probably meant a family who needs more space to move out of the apartment out of necessity and buy a home.... that means even average earning households can afford starter homes....

On LI buying a "starter home" means... yay !! We have started to own a home !! You might as well be 45 years old when you buy it.

Last edited by zulu400; 05-15-2009 at 03:00 PM..
Reply With Quote Quick reply to this message
 
Old 05-15-2009, 03:28 PM
 
1,303 posts, read 2,895,238 times
Reputation: 340
Quote:
Originally Posted by zulu400 View Post
$125k is way above average salaries.... at that pay you are just a home buyer, maybe first time but it does not matter.

I think the spirit behind the phrase "first time home buyer" is out dated, once upon a time it probably meant a family who needs more space to move out of the apartment out of necessity and buy a home.... that means even average earning households can afford starter homes....

On LI buying a "starter home" means... yay !! We have started to own a home !! You might as well be 45 years old when you buy it.
Is 125k really that high for this region as a combined household income? Take a city teacher and an accountant, both 5 years into their profession. Maybe 57,500, and 67,500 salaries (I'm guessing? There was a poll run in this forum not too long ago.

Salaries of LI'rs Poll
Reply With Quote Quick reply to this message
 
Old 05-15-2009, 08:07 PM
 
Location: Georgia
2,506 posts, read 6,004,582 times
Reputation: 687
Quote:
Originally Posted by Jrprofess View Post
Is 125k really that high for this region as a combined household income? Take a city teacher and an accountant, both 5 years into their profession. Maybe 57,500, and 67,500 salaries (I'm guessing? There was a poll run in this forum not too long ago.

Salaries of LI'rs Poll
Ha ha... you crack me up !! the 63 people who voted.... is that a proper reflection of LIers ? Personally I think average LI salary should be around 100k if not less.

Oh By the way, I voted today on the poll... and my O my, seems like we are in rich company on this forum !!

Edit: Found some data.... cannot vouch for accuracy, but still its there....
http://www.mlsli.com/aboutli.cfm
http://www.forbes.com/lists/2009/1/b...-NY_NYLIs.html

Last edited by zulu400; 05-15-2009 at 08:21 PM..
Reply With Quote Quick reply to this message
 
Old 05-15-2009, 08:26 PM
 
Location: Inis Fada
16,685 posts, read 27,882,078 times
Reputation: 7177
Quote:
Originally Posted by Jrprofess View Post
Is 125k really that high for this region as a combined household income? Take a city teacher and an accountant, both 5 years into their profession. Maybe 57,500, and 67,500 salaries (I'm guessing? There was a poll run in this forum not too long ago.

Salaries of LI'rs Poll

Caveat: This is not intended to start an argument.

Last night I was fishing through the NYS transparency website and saw that my BIL's niece, in her 5th year of teaching in the school district here, is making over $72K. If she were married to one of my entry level employees ($42K) that's $114K -- not too far off from your calculation.
Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > Long Island
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top