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It's not the limited land that keeps population the same it's the lack of dense building. Your parents probably paid 80k for the house and 12% interest rate on such a low mortgage is way different than borrowing 350k. You are right though, people will always buy on LI.
No they paid $250k and a lot of it was loaned at 12%. Salaries were not as high. It was a big burden just the same. What wasn't a burden back then - it started at $4k total taxes, and is now $14k.
I also don't doubt owning anything is better than renting both in the long and short run. Yes his mortgage will likely be cheaper than his rent and all that. But taking his "love" for the home out of it (that's emotional), it is not fiscally wise to pay well above ask for a house. He will get less equity in the long run, as he's at a higher starting point. He will end up with a house that is worth less than what he paid for it. Eventually (nobody can say when but some have guessed 20 years), he will be in the black on it, but that's a long time, a long commitment, a risk and even if it all goes his way, he will be in worse shape than the guy who waited for the market to cool. This isn't your problem nor is it a reflection of your home. Everything has their appraisal value, and that's what it is worth. Not more.
This is the same mentality for car owners who buy a car thinking only about what they can get back on it when it comes time to sell. It is ok to let go of your finance brain for half a second. This is a home you will actually use and benefit from (likely better education for your kids). Same goes for the car that you buy and use for 10 trouble-free years that it's ok to not get an extra $2k more when selling, as long as you were happy with it. Coincidentally I've had my car for 10 years now and it's only worth 21% of what I paid - but I wouldn't care if it were down to 1% - it has been that satisfactory for me. A house - you're coming out on top (sale price), if not close, if you buy in Nassau. At the very least you will have gotten a lot out of being here for what you end up spending. We are NOT in a bubble like in the past. You and many people (often the finance types) want it but overthink it. I don't care what it's about - you can't live enjoyably that way. Maybe this is just a discussion for your entertainment - unlikely any of this will change your outlook.
I finally just caught up with this thread. $93/mo. is going to affect you and prevent you from buying a house that took months to find? Better not hire landscapers either... that's at least $100. I hope you mow yourself - I do! You really are just wasting people's time.
Quote:
Originally Posted by gx89
We are now going to sell but it will be contingent on us getting one of the 3 houses available in s neighboring town. Luckily these homes need full renos but are to much $$ for builders to knockdown.
Are you moving to Syosset, and only because of the schools?
I don't care what it's about - you can't live enjoyably that way. Maybe this is just a discussion for your entertainment - unlikely any of this will change your outlook.
there is an adage about home buying and selling is an emotional one. Sometimes its more than just the numbers.
I finally just caught up with this thread. $93/mo. is going to affect you and prevent you from buying a house that took months to find? Better not hire landscapers either... that's at least $100. I hope you mow yourself - I do! You really are just wasting people's time.
Are you moving to Syosset, and only because of the schools?
I would never move to Syosset!. The increased cost of housing makes no sense to me. We would move to Melville the areas that are under 2 miles to Nassau County. All the homes over there are 1 acre. Unlike the current town you can get a house with that type of land for allot less money. If it doesn't work out so be it, we a are happy with what we have now!
there is an adage about home buying and selling is an emotional one. Sometimes its more than just the numbers.
Very true. I cannot tell you how many times people have described to me what they are looking for and end up buying something completely different. However, the numbers still have to work.
Reality, fear tactics (get over yourself, no one is trying to scare you, lmfao)...call them what you want. So don't buy. Now, ever, who cares? Your take on the LI market and theories on rent vs buy and timing the market are not new or particularly enlightening. They've been addressed here pretty completely for years and years. "Buy low, sell high!" Right on!! Sounds like a good book! You got this!
My brother's house in Buffalo appreciated 40% in 5 years. The entire city is being developed and prices rising. Should everyone wait until the next rust belt malaise to buy, or maybe jump in at 40% above market (an arbitrary term that is pro or con depending on who is wielding it) and catch the rest of the ride? Per you, they should run. Apparently, there are other opinions on it.
That is the point I've been trying to make. LI's market is independent of reason. It is not based on development, gentrification, modernization, new industry or thriving tech. It is based on paltry inventory, NYC prices, expanding NYC population and an adversarial climate towards development and density on LI. To those of us who have "waited out the market" before just to lose out, we gave our opinions on waiting over a $20k gap. As painful as it is to say, $20k is sort of nominal on LI and that's how we approach it and advise on it. $500k homes on LI can and do swing $20k up or down in a month per Zillow or Realtor.com.
Seems like we beat this horse enough. Good luck whatever you do. You have a principled take on it. You'll do well in the end.
It's not a matter of me getting over myself. I'm full aware that you're all talking to lurkers more than me. Trying to undermine my observations and advice because you are home owners and / or agents who would benefit from convincing people it's smart to overpay on homes.
I finally just caught up with this thread. $93/mo. is going to affect you and prevent you from buying a house that took months to find? Better not hire landscapers either... that's at least $100. I hope you mow yourself - I do! You really are just wasting people's time.
Seriously? $93/mo is a lot of money. That doesn't mean I wouldn't hire a landscaper... but then my expense is $100 instead of $193. You can't outrun that expenditure.
This is the same mentality for car owners who buy a car thinking only about what they can get back on it when it comes time to sell. It is ok to let go of your finance brain for half a second. This is a home you will actually use and benefit from (likely better education for your kids). Same goes for the car that you buy and use for 10 trouble-free years that it's ok to not get an extra $2k more when selling, as long as you were happy with it. Coincidentally I've had my car for 10 years now and it's only worth 21% of what I paid - but I wouldn't care if it were down to 1% - it has been that satisfactory for me. A house - you're coming out on top (sale price), if not close, if you buy in Nassau. At the very least you will have gotten a lot out of being here for what you end up spending. We are NOT in a bubble like in the past. You and many people (often the finance types) want it but overthink it. I don't care what it's about - you can't live enjoyably that way. Maybe this is just a discussion for your entertainment - unlikely any of this will change your outlook.
Hahahahha wow the emotional plea sales ploys are off the charts. "So what if you have to overpay, it's for your children's better education and doggonit Nassau County is worth it!"
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