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Perhaps some financial whiz people can help?
Here is our situation: my husband and I and my little boy live in one bedroom apartment in brooklyn, ny. We have been living in this apt.for 8 years and we are renting. We really cannot wait to get out. It's getting really tight for 3 of us and I want Max to have his own room (even if he doesn't sleep there).
We have started looking for properties. First we thought: New Jersey. The infamous move. However, I will be honest, there are only few areas of Jersey that we love and it's like pulling teeth for us to look into jersey, but it's affordable for us.
We also looked into Brooklyn. Way to expensive in good areas. We are looking into Staten Island as well.
Anyway to make a long story short, we got a lot of conflicting advice. Some people tell us that we must buy now, it's the buyer's market and the best time to buy. However, some people say that we should wait for at least one more year because the prices will just continue to drop!
We are so torn, because we cannot wait to move. But then what are our options? Rent again? We can afford a house close to 400K.
Does anyone have any theory about timing/economy/market???
Also, we would like to put Max into daycare when he turns 3, so we would like to move by this summer (regardless if we will buy or not).
I don't think $400K will get you much in any of those areas. If the rent is cheap, save like crazy for another year and put more down!
I bought in Maspeth, Queens in 1995 and could not afford it! Me and my wife worked, rented an apartment in Sunnyside, I had a second job and worked weekends whenever I could. We saved, begged and borrowed from family, to scrape up the down payment and closing costs. Best move we ever made! It was tough for a couple of years but, we made it work.
I don't think $400K will get you much in any of those areas. If the rent is cheap, save like crazy for another year and put more down!
I bought in Maspeth, Queens in 1995 and could not afford it! Me and my wife worked, rented an apartment in Sunnyside, I had a second job and worked weekends whenever I could. We saved, begged and borrowed from family, to scrape up the down payment and closing costs. Best move we ever made! It was tough for a couple of years but, we made it work.
thanks for advice! Actually we are not looking for anything big, just a 2-3bed condo or co-op will do for now. Actually in Jersey, we can get a semi-attached 3 bedroom townhouse with a big backyard for 400K, but not so much in New York.
It really depends on what lifestyle you want to live. If you're looking to stay urban, you'll pay more or live in a rough neighborhood. If you move upstate, the prices are much lower, but you don't have many of the big city conveniences.
I feel the general housing market will continue to slow for at least another 18 months. The time to look for is when the market begins to stabilize or rise, but before the interest rates follow.
It all depends on how long you are planning on living in the house you purchase. If you buy this spring/summer and the market goes down a little more, that is fine if you are not planning on selling it right away. If ,lets say you sell in 5 years, by that time the market will have rebound and you will not loose money. Interest rates are still very good. It is a buyers market right now so you have lots of options.
If you ask ten people, you will get ten different answers. MY advice to you would be... Make your self happy. As long as you are not getting in over your head, buying is always a good thing. Work with a reputable mortgage person and do not let any one rush you. If you have questions ask them.
well if its an option for you to leave the city, instead of looking at jersey, why dont u look at upstate ny, you wont even need anywhere close to that 400k
Rockland County has plenty of homes in the 300 and 400
Buying now is a great time and to be very honest with you no one knows what the market will be like next year Many thought this spring was going to have a turn around and it did not If you have the opportunity to do so now, I suggest doing it You can def find in your price range for it may not be like that come next spring
Perhaps some financial whiz people can help?
Here is our situation: my husband and I and my little boy live in one bedroom apartment in brooklyn, ny. We have been living in this apt.for 8 years and we are renting. We really cannot wait to get out. It's getting really tight for 3 of us and I want Max to have his own room (even if he doesn't sleep there).
We have started looking for properties. First we thought: New Jersey. The infamous move. However, I will be honest, there are only few areas of Jersey that we love and it's like pulling teeth for us to look into jersey, but it's affordable for us.
We also looked into Brooklyn. Way to expensive in good areas. We are looking into Staten Island as well.
Anyway to make a long story short, we got a lot of conflicting advice. Some people tell us that we must buy now, it's the buyer's market and the best time to buy. However, some people say that we should wait for at least one more year because the prices will just continue to drop!
We are so torn, because we cannot wait to move. But then what are our options? Rent again? We can afford a house close to 400K.
Does anyone have any theory about timing/economy/market???
Also, we would like to put Max into daycare when he turns 3, so we would like to move by this summer (regardless if we will buy or not).
Just joined and saw your post. I pray you are now a homeowner.
Wait for the market to drop some more and save more money for a bigger downpayment. The reason home prices went up so much in recent yrs was lax lending standards and exotic mortgages like Alt0A (aka stated income loans aka liar loans) as well as Interest only loans. Those days are pretty much over ( Fannie Mae just stopped buying and guaranteeing Alt-A loans, so they are pretty much DONE!)
Tighter mortgage standards mean less money will get approved for home purhases, thus deflating the market even more. Also, lenders will be looking for downpayments, and that's where you will have an advantage that most home buyers do not.
The market is going nowhere but down for the next two years or so. Wait. Keep renting right now; it's the smartest thing to do.
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Perhaps some financial whiz people can help?
