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Old 09-10-2011, 09:06 PM
 
Location: Full time RV"er
2,404 posts, read 6,566,723 times
Reputation: 1497

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Quote:
Originally Posted by dnalsI gnoL;20826616[B
]How much will you spend in rent waiting 3 years? You may as well buy now[/b].
No the real question should be what is the differance in what you spend ("LOOSE") on renting for 3 yrs as to how much you will lose on the home you bougt as a "DEAL" in interest payment and loss in value as the home 's value keeps dropping? Just sit tight and hold on for the long downhill ride we haven't got anywhere near the bottom of this ride.
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Old 09-10-2011, 09:19 PM
 
Location: Long Island
9,926 posts, read 23,090,299 times
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Quote:
Originally Posted by Fighter 1 View Post
No the real question should be what is the differance in what you spend ("LOOSE") on renting for 3 yrs as to how much you will lose on the home you bougt as a "DEAL" in interest payment and loss in value as the home 's value keeps dropping? Just sit tight and hold on for the long downhill ride we haven't got anywhere near the bottom of this ride.
And you got your crystal ball where??
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Old 09-10-2011, 09:39 PM
 
Location: Nesconset, NY
2,202 posts, read 4,314,952 times
Reputation: 2159
Quote:
Originally Posted by Fighter 1 View Post
No the real question should be what is the differance in what you spend ("LOOSE") on renting for 3 yrs as to how much you will lose on the home you bougt as a "DEAL" in interest payment and loss in value as the home 's value keeps dropping? Just sit tight and hold on for the long downhill ride we haven't got anywhere near the bottom of this ride.
Fighter, what you say is true only if the OP buys now and sells soon...before the market turns around. As long as the OP can sell for a price equal to what they paid (mortgage+interest+taxes+maintenance) minus what they would have paid in rent then they did okay. Buy now, sell 7-10+ yrs. from now.
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Old 09-10-2011, 09:47 PM
 
Location: Nesconset, NY
2,202 posts, read 4,314,952 times
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Quote:
Originally Posted by inception937 View Post
I watch and hear people say all the time that right now is the best time to buy a house....but I feel like that is for most of the country, but not LI....as LI housing prices really don't drop too much (correct me if i'm wrong).

My question for you is, should a person who is looking to buy a home buy NOW or wait?

Will house prices continue to go down in 2-3 years? in 5 years? or will it start going back up?

I know no one knows for sure so just give me your opinion!

thank you
I know for sure...LI home prices will always go up as long as the population goes up.

There is no such thing as an "absolute"...in anything....even this statement.

If one is renting, has a 20% deposit, a good credit rating, and steady income of about 20-25% the cost of the home...yes, now could be a good time to buy.
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Old 09-10-2011, 09:51 PM
 
2,851 posts, read 3,467,667 times
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Quote:
Originally Posted by Elke Mariotti View Post
And you got your crystal ball where??
Horrible jobs market.
Horrible local job market.
Horrible projected market.
Increase in property taxes.
Increase in utility costs.

We haven't even hit bottom yet. All signs point to negative indicators.
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Old 09-10-2011, 10:00 PM
 
9,341 posts, read 29,620,563 times
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Quote:
Originally Posted by SilverBulletZ06 View Post
Horrible jobs market.
Horrible local job market.
Horrible projected market.
Increase in property taxes.
Increase in utility costs.

We haven't even hit bottom yet. All signs point to negative indicators.

You forgot to include interest rates, which may precede any increase in home values.
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Old 09-10-2011, 10:15 PM
 
Location: Long Island
9,926 posts, read 23,090,299 times
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I agree we haven't quite hit bottom yet. However, I do question "forecasts" of years of further decline. JMHO
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Old 09-10-2011, 10:35 PM
 
Location: Long Island (chief in S Farmingdale)
22,154 posts, read 19,397,646 times
Reputation: 5284
As Elke pointed out while prices could become cheaper, actual affordability could still increase if rates go up.

Now of course no one has a crystal ball of where rates or home prices will be so its a guessing game. With that being said, with prices down as they are, the amount of homes on the market, and rates where they are, now is certainly a better time to purchase a home than anytime in the past few years.
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Old 09-10-2011, 11:11 PM
 
Location: Full time RV"er
2,404 posts, read 6,566,723 times
Reputation: 1497
Quote:
Originally Posted by LIGuy1202 View Post
Fighter, what you say is true only if the OP buys now and sells soon...before the market turns around. As long as the OP can sell for a price equal to what they paid (mortgage+interest+taxes+maintenance) minus what they would have paid in rent then they did okay. Buy now, sell 7-10+ yrs. from now.
OP said nothing about flipping homes , sounded like he was looking for a long term residence.
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Old 09-10-2011, 11:15 PM
 
Location: Full time RV"er
2,404 posts, read 6,566,723 times
Reputation: 1497
Quote:
Originally Posted by Elke Mariotti View Post
And you got your crystal ball where??
I got it at a place called "REALITY" They are every where!
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