Moving from Queens to Long Island ! Scared (Valley Stream, Oceanside: renting, insurance)

[queenschic]

Born and raised in Astoria, Queens, recently married, and ready to make the move from renting to owning (we think First time home owner, and we know nothing so, here I am, hoping to get some advice!

We have been researching various parts of L.I. and have visited some open houses in Valley Stream (school dist 13) Franklin Square, Malverne and Oceanside. We both work in the city and would like to keep our commute reasonable. We would ALSO like to find a decent size home (60x100), and TRY to keep the taxes under 9K, in a GOOD area, with GOOD SCHOOLS, since the reason of our apt to house move is primarily to have children Sounds easy enough, but it has been anything BUT.

Combined we make appx. 160K, no debt, and EXCELLENT Credit history (thanks to moi, ha)

Hearing so many MIXED opinions on the "quality" of the neighborhoods, especially in regards to the school districts? Any comments?

Do you feel this is a good time to buy?

Should we wait till we have more than 60K as a down payment?

Places we should stay away from? Look into more?

We are prepared to look for houses 400-450K range, to hopefully keep our monthly payments (mortgage, insurance taxes) under $3400 a month, is this even reasonable or are we missing things that only you start to learn when u actually BUY a home. I know there will be incidentals, but this is a rough draft?

Just trying to be prepared as possible. Thanks so much for reading my ramble, ANY advice will be MUCH appreciated!

[napjester666]

You have a lot of options in Valley Stream in that price range and with the finances you just stated. I know someone with almost an identical financial situation who bought a wide line cape in Valley for around 415k and pay under $3300 (incl taxes, PMI and insurance). Of Course you need to accont for heating (gas or oil ~$100/mo) , electric (~$100/mo), cable and phone (I use optimum online cable, phone and internet ~ $100/mo for basic).
Like an idiot, I didn't do the Star tax reduction which could also save you ~ $1000/year off your property tax I believe. I'm movign to a new house in Valley Strean (SD13) and won't make that mistake after I move...

As for the town, I'm buying another larger house in Valley which should say something. My wife and I love it because of the park, close to the city (my wife and I both work in Manhattan - 35-40min commute to Penn), and SD13 good. We want to start a family out here and have purchased a larger home a few blocks from our current one (because of oppertunity). The area is also pretty racially mixed which is one of the reasons we like it.

[rocafeller05]

Have you looked into a loan yet? From what Im seeing the banks are now back to the "old standards". 20% down min. & 5% has to be your own money. So at $400,000, which is just breaking into the Nassau market, one would need $80,000 in cash.
Good luck on your home hunting.

Originally Posted by queenschic

Born and raised in Astoria, Queens, recently married, and ready to make the move from renting to owning (we think First time home owner, and we know nothing so, here I am, hoping to get some advice!

We have been researching various parts of L.I. and have visited some open houses in Valley Stream (school dist 13) Franklin Square, Malverne and Oceanside. We both work in the city and would like to keep our commute reasonable. We would ALSO like to find a decent size home (60x100), and TRY to keep the taxes under 9K, in a GOOD area, with GOOD SCHOOLS, since the reason of our apt to house move is primarily to have children Sounds easy enough, but it has been anything BUT.

Combined we make appx. 160K, no debt, and EXCELLENT Credit history (thanks to moi, ha)

Hearing so many MIXED opinions on the "quality" of the neighborhoods, especially in regards to the school districts? Any comments?

Do you feel this is a good time to buy?

Should we wait till we have more than 60K as a down payment?

Places we should stay away from? Look into more?

We are prepared to look for houses 400-450K range, to hopefully keep our monthly payments (mortgage, insurance taxes) under $3400 a month, is this even reasonable or are we missing things that only you start to learn when u actually BUY a home. I know there will be incidentals, but this is a rough draft?

Just trying to be prepared as possible. Thanks so much for reading my ramble, ANY advice will be MUCH appreciated!

[GigiBowman]

Remember to get a Pre-Qual first so that when you do find the house you're looking for, you'll be able to make an offer right away. The price range of $450 and below is HOT right now....and houses are going quickly! Be Ready

[I_Love_LI_but]

I say definitely WAIT at least until the end of the annual spring/summer buying season. Even better, wait until the winter of 09. There is more correction to come. You will pay less, possibly significantly less, depending on the house and how much the seller really wants to sell their house. It sounds like you are just looking for a garden variety typical starter home, not some unique or fancy house in a special location. The longer you wait, the more to choose from and the less they will cost.

Inventory count is high and qualified buyer count is low thanks to high taxes and the prices being out of whack with income levels on Long Island. With the death knell of subprime mortgages, which allowed those who did not really have the income and qualifications to pay the inflated prices of a few years ago, market dynamics at the starter home level can only go one way if these houses are to sell: downwards in terms of pricing.

This is just the beginning of the season:

Home prices continue to fall on Long Island -- Newsday.com (http://www.newsday.com/business/ny-bzprice0408,0,6812109.story - broken link)