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Our economy is hurting for many reasons other than real estate! Try to think of more than one thing that the USA manufacturers? Look on anything you buy, whats it read? China! We have changed as a nation over the last 20 years and we need to look for a new supporting role in our economy. I personally think its going to get uglier before it gets better.
Im ready to pay whatever the cost will be when the dust settles. If its $400,00 then thats what it is. Ive already accepted that.
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Originally Posted by xbure9x
well, as much as we all hate it, if you want to pay that much for a home, better start looking out of the state, that will NEVER happen here again, just face it.
I would guess around $240,000 based on a typical 4% yearly increase. The same as most peoples salary increases. Right? Maybe Im getting short changes by only getting 4% a year increases?
But that would mean the $365,000 house would have to drop in price by almost 35% to be at the $240,000 you'd expect it to be at. Wow. Do people really see that happening? Am I missing something?
To be honest I dont see that big of a drop. But who knows? I know that many of my friends cannot come close to purchasing a home at these prices. Not saying they are the only ones on LI BUT their professions vary. So I take it that the common Joe cannot afford it. I could be wrong.
Quote:
Originally Posted by monkeygorilla
But that would mean the $365,000 house would have to drop in price by almost 35% to be at the $240,000 you'd expect it to be at. Wow. Do people really see that happening? Am I missing something?
i don't think home prices and salaries will ever be in line again here, it won't be like it has been, but long island still is and always will have a premium placed on the housing stock here, for reasons discussed on this site many times.
I just don't think it is good advice, nor fair advice to tell people looking to buy a home to wait until so and so time because the prices will drop. Like I said, they might come down a bit in some areas, but I guarantee you the nicer areas and more desirable areas will continue to hold value, and I don't mean the rich places, I am talking towns like New hyde Park, Merrick, Bellmore, Wantagh, Massapequa, Rockville Center, etc.
so I think if buyers are expecting to buy a house in Massapequa for $350,000 in six months to a year, they will have a rude awakening.
Like alexei wrote, if you want a house, buy it, the buyer will lose time that they could have been spending in their new houses, and the sellers won't get their homes sold if everyone were to wait.
Do you want the economy to crumble any more than it already has?
the OP wants to rent, which is what I said was a good idea. It is impossible to time the market and if they find a nice house, then bid on it. Everone in real estate is hoping for a turn around spring (me too, I depend on house sales) but the reality is that this is not over yet and if they want to try to time the market, they should wait.
I totally disagree with you, places like Bellmore are getting slammed with inventory and 1st time buyers are buying 3/4 bedroom splits for under $450. There is 100 splits for sale in one School district. Only things moving, like you said is property that is priced right and ahead of the downward curve.
Trust me, I don't like it either, but its today reality.
If you were selling a house to buy, I'd say it doesn't matter. However, since you don't own a house, it matters. Cyclically speaking, the best time to buy is August or thereafter. This is the time you have all those listings from Springtime still on the markey because they weren't priced right. Those who need to sell, will lower their price. Those who don't necessarily need to sell will be disgusted but they will not flex with the market like they should. The remainder of houses on the market are not selling for their own specific reasons.
Speaking long term, the real estate market has not bottomed out, but it is leveling off as it continues south. I don't know when the decline will end, but I do know it will be a few years before prices start climbing again.
I have said it so many times before. People who try to time the market usually get burned. If you like a home and plan to stay in it for several years, you have nothing to worry about. I am actually glad that the market has corrected the way that it has from it's overheated peak of a few years ago. Perhaps people will return to treating a house as a home instead of as a short term investment.
Our economy is hurting for many reasons other than real estate! Try to think of more than one thing that the USA manufacturers? Look on anything you buy, whats it read? China! We have changed as a nation over the last 20 years and we need to look for a new supporting role in our economy. I personally think its going to get uglier before it gets better.
Well the nice thing about the dollar losing its value is that it make manufacturing goods and services more economical to do here in America. Hopefully manufacturing will come back to the states.
As a nation, we need to develop an energy policy that works and it needs to be done yesterday. It is a looming headache that will not go away and nobody wants to address it.
Some people say you can't time the market thats true, but you also can't plant corn in the winter. You may ask yourself what that has to do with anything. I'll tell you, no one knows when home prices will hit bottom until after they have already started to go up, you can't time the bottom perfectly. That still doesn't mean now is a good time to buy a home, it doesn't hurt to wait and see.
If you look at this thread you will see the only people telling you to buy now have some financial gain linked to house.
If I was you I'd rent, your new to the island. You may end up hating the areas you think like today. It'll be easyer to move if you rent.
Some people say you can't time the market thats true, but you also can't plant corn in the winter. You may ask yourself what that has to do with anything. I'll tell you, no one knows when home prices will hit bottom until after they have already started to go up, you can't time the bottom perfectly. That still doesn't mean now is a good time to buy a home, it doesn't hurt to wait and see.
If you look at this thread you will see the only people telling you to buy now have some financial gain linked to house.
If I was you I'd rent, your new to the island. You may end up hating the areas you think like today. It'll be easyer to move if you rent.
Good point but from a buyers view, its better now than in the past 7 years....you may not get rock bottom but they are also not getting 2004 prices.
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