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.
It's a fool's errand to purchase a home in today's market. I won't claim it's definitely leading to another housing bubble, but the warning signs are certainly there. At the very least, when capes in N. Bellmore are going for above ask, it's obvious that buyers are paying more than houses are worth . Why they're doing this, I do not know-- no equity is better than depreciating equity. The inventory is so low that *everything* is inciting a bidding war.
As an aside, why are there so many buyers out there when most millenials are supposed to be unable to buy homes I guess there's even fewer boomers downsizing than millennials unable to buy.
Wait it out, fellow qualified buyers. What goes up must come down. This market can't sustain. Just be ready to pounce as soon as the market shifts again (which it will, leaving today's buyers with homes they could never sell at the price they purchased at.)
My limited understanding of the situation is once interest rates go up there is uncertainty about what lies ahead and people are trying to lock in now.
My limited understanding of the situation is once interest rates go up there is uncertainty about what lies ahead and people are trying to lock in now.
Like I said, fool's errand. You can always refinance your home, or sell it for a profit if you buy in at least a fair market (not an insane seller's market.) If you bought it above ask / worth, regardless of the stellar interest rates you got, you're screwed.
Like I said, fool's errand. You can always refinance your home, or sell it for a profit if you buy in at least a fair market (not an insane seller's market.) If you bought it above ask / worth, regardless of the stellar interest rates you got, you're screwed.
Not if you plan on staying for 20 years. Try Suffolk. They haven't recovered from the bubble like Nassau has.
In half that time:
My husband could be offered a more lucrative job in another part of the world
My husband could lose his job leaving us unable to pay mortgage and / or taxes
The town or school district could turn to...poop
We could tire of the NYC metro area
Those are just a few plausible scenarios off the top of my head. The going advice is you should be able to get your money's worth out of a home after 10 years. 20 is pretty whack.
It's a fool's errand to purchase a home in today's market. I won't claim it's definitely leading to another housing bubble, but the warning signs are certainly there. At the very least, when capes in N. Bellmore are going for above ask, it's obvious that buyers are paying more than houses are worth . Why they're doing this, I do not know-- no equity is better than depreciating equity. The inventory is so low that *everything* is inciting a bidding war.
As an aside, why are there so many buyers out there when most millenials are supposed to be unable to buy homes I guess there's even fewer boomers downsizing than millennials unable to buy.
Wait it out, fellow qualified buyers. What goes up must come down. This market can't sustain. Just be ready to pounce as soon as the market shifts again (which it will, leaving today's buyers with homes they could never sell at the price they purchased at.)
trying to time any market, let alone real estate, is easier said than done. People who do this sort of thing professionally for a living have gone broke trying to guess the top and bottom. But good luck with that!
In half that time:
My husband could be offered a more lucrative job in another part of the world
My husband could lose his job leaving us unable to pay mortgage and / or taxes
The town or school district could turn to...poop
We could tire of the NYC metro area
Those are just a few plausible scenarios off the top of my head. The going advice is you should be able to get your money's worth out of a home after 10 years. 20 is pretty whack.
There are many homeowners that purchased property less than 10 years ago that are extremely happy with the amount of equity they have right now. Purchasing property is not for the everyone, renting is a good option as well.
trying to time any market, let alone real estate, is easier said than done. People who do this sort of thing professionally for a living have gone broke trying to guess the top and bottom. But good luck with that!
I agree you can't time the market. That's why I didn't offer any suggested time line. If past trends are to be believed, it should slow down in the winter but following the heels of this crazy market (which has sustained even past school starting), I wouldn't be surprised if prices continued to soar through the holidays. All I said was **eventually** they will come down, which is a certainty. When, no one knows.
While I can't guess the top and bottom, I can know that if there is limited inventory and capes in middle class towns are inciting bidding wars above ask/worth, that means we are in the throes of a vicious seller's market that won't benefit the buyer one bit.
There is a caveat, of course: if you can pay all cash on short close, you'll prob do just fine in this market. Otherwise, wait it out.
There are many homeowners that purchased property less than 10 years ago that are extremely happy with the amount of equity they have right now. Purchasing property is not for the everyone, renting is a good option as well.
I don't doubt that!! And that's splendid. They are happy with their equity because they didn't buy in an insane seller's market. Buyer's today unfortunately won't feel that way in less than 10, or as PP suggested, less than 20 years from now...
I don't doubt that!! And that's splendid. They are happy with their equity because they didn't buy in an insane seller's market. Buyer's today unfortunately won't feel that way in less than 10, or as PP suggested, less than 20 years from now...
Median purchase price in Nassau is same as it was 12 years ago. As long as a POS attached home in Queens goes for 650k don't expect prices in decent Nassau towns to go down. Don't be surprised if they increase either.
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.
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.
. Why they're doing this, I do not know-- no equity is better than depreciating equity. The inventory is so low that *everything* is inciting a bidding war. 
I guess there's even fewer boomers downsizing than millennials unable to buy. 
