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^ agree 100% with that. Def not a 2008 all over again. Different animal.
If I was in the market to buy and could get a high 2% rate then I’d be pulling the trigger and buying. It could be 10-12 years before rates go up to offset the prices. And even then nothing is given.
I’m on the flip side. I love it, I’m not selling. I would get worst case scenario 150k more than it cost me in 2018. No one is trading up only people selling are leaving the state. The markets not going to cool for a few years. As long as a 30 year is under 3.75-4% the housing market will be nuts.
I’m on the flip side. I love it, I’m not selling. I would get worst case scenario 150k more than it cost me in 2018. No one is trading up only people selling are leaving the state. The markets not going to cool for a few years. As long as a 30 year is under 3.75-4% the housing market will be nuts.
It is not sustainable for the long term. If I had to venture a guess I would guess the bubble will be over by this time next year. Once, the interest rates are adjusted it will be the beginning of the correction.
^ agree 100% with that. Def not a 2008 all over again. Different animal.
If I was in the market to buy and could get a high 2% rate then I’d be pulling the trigger and buying. It could be 10-12 years before rates go up to offset the prices. And even then nothing is given.
From what I've been told, because the rates are also so low that is also driving the cost up of homes. Once the interest rates start going up then home prices will stabilize a bit? Who knows. It's like there's no way of getting around it. It's going to be crazy expensive no matter what.
Yesssss so true, but we're trying to not spend anything more than $450k...$500k absolute max, and it's been so hard. It's like by the time we can get into a house that's just been listed there's already multiple offers way above asking that we don't even stand a chance. And, if we can get in, the house is entirely way too small and needs to be completely re-done.
I’m on the flip side. I love it, I’m not selling. I would get worst case scenario 150k more than it cost me in 2018. No one is trading up only people selling are leaving the state. The markets not going to cool for a few years. As long as a 30 year is under 3.75-4% the housing market will be nuts.
I'm w gx on this one. Flips selling in Levittown in a week...for $700k!!!?!?! Interesting though, very Queens-ish, lots of asian/indian/arab small business owners (limos, groceries, restaurants). So in my mind not all that different than the jewish/irish/italian white flight of the 60s-70's. The spices change, the gaudy masonry stays the same.
Yesssss so true, but we're trying to not spend anything more than $450k...$500k absolute max, and it's been so hard. It's like by the time we can get into a house that's just been listed there's already multiple offers way above asking that we don't even stand a chance. And, if we can get in, the house is entirely way too small and needs to be completely re-done.
Try Valley Stream where you could get something decent for under $500K. The house will be on the small side, likely needing updating and with one bathroom, but in this market there will have to be tradeoffs. All of your boxes cannot be checked.
The area north of Munro Boulevard has lower taxes, as it's not in the Hewlett-Woodmere S.D. OTOH, there could be Village taxes that would cost $2K+ extra.
Also, check the flood maps to ensure you won't have to pay a lot of extra to insure the house. I sold a house in safe Zone X in S.D. 24 not too long ago, so know what I'm talking about.
Valley Stream is a safe, mixed community with two LIRR stations and very neighborly.
What you're experiencing is the awakening. Prices have been insane on Long Island for twenty years in earnest and when combined with suffocatingly high property taxes, presents as a nearly impossible task to buy into.
When we purchased our first house in 1997 we paid $165K and had property taxes around $7.5K. That house now sells for $500K (last year, as a matter of fact) and other than a modest extension we built, hasn't changed at all in terms of square footage. Add on that property taxes are around $12K and you have an insane situation.
Your problem is that as an adult, and now with a growing family of your own, you're forced to process the problem not as a sound bite that impacts someone else, but as your reality.
Quote:
Originally Posted by hotkarl
Just like last time, it will grenade.
When? Who knows. But it’s definitely coming.
Then we’ll have the upside down mortgages and foreclosures and all that crap again.
I’d say if you want to save a few bucks and can wait, hold off and see what happens.
Prices may still rise for the short term, especially in the hot zip codes, but there will be a peak, and a decline. If you’re loaded, then go ahead and buy.
Really? You sure about your bold prediction? Because when we sold out of the Long Island market in 2007, just as the sub-prime market bubble was about to burst, I too believed the Long Island market was on the verge of collapse (y'know, like many other markets around the world); it never happened. The house we sold for $589K never dipped much lower than 2-3% in market value and now sits at an alltime high of $640K. No one is making new land to build on, the market will remain active and healthy as long as NYC remains as a center of commerce (and despite rumors of its demise, it will bounce back like it always does).
You'd be wasting your time trying to time the Long Island real estate market. Better to buy now while interest rates are still super low, even if you pay more than you'd like.
I'm w gx on this one. Flips selling in Levittown in a week...for $700k!!!?!?! Interesting though, very Queens-ish, lots of asian/indian/arab small business owners (limos, groceries, restaurants). So in my mind not all that different than the jewish/irish/italian white flight of the 60s-70's. The spices change, the gaudy masonry stays the same.
It' actually worse than I thought. My builder contacted me this morning, they are going to copy my house in same town on a lot 2k sq ft larger. Asking price 235k more than it cost me. They asked to show a potential buyer my home as the customer is ready to buy pre construction. I told him I need a gift card to a nice restaurant and it better cover drinks and the desert room. It will be 200 sq ft smaller!
This is across the US not just on LI. Prices here are through the roof too.
Yup same here. You'd pay the same for a decent house close to employment - biggest difference is the taxes would be much, much lower. But as someone else said, this song has always been sung on LI. It's always been expensive. It sucks. And right now there is a HUGE supply/demand imbalance. Basic law of economics. I have a friend who sold her house in my neighborhood here - never even put it on the market, just put out word that she was relocating and she named her price $100K more than it would have sold for a year ago and she isn't lifting a finger to do anything to the house. The trickle down is she deals with the same on the buying end for the next house.
I think the only thing you can hope for is that supply eventually increases and balances things out. If rates stay low the housing market is going to stay relatively hot.
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