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I'm soooo frustrated and disgusted with what's happening here on the island. I haven't been on this site in awhile, but recently came back. My husband, our son and I are looking for a home here and it's like covid completely threw a wrench into everything that we can no longer afford a home in our own backyard.
We're currently living in our 1bdrm Co Op here in E. Rockaway... 2 adults, our 19 month old son and 2 cats...We had our son and got married in summer 2019 and our plan was to stay put for a year to save more money and then Covid hit. We got our pre-approval letter in October and have been trying to search since then and it's pathetic. Both my husband and I are from Cedarhurst/East Rockaway and we're trying to find a home in this vicinity because both of our families are here and we rely on them for childcare. I'm now WFH indefinitely and my husband is now commuting into the city.
It's disgusting to see what you're getting now for your money. $500k for a bungalow sized home that needs work with $12K + in taxes? God, I wish I could convince our families to move out of state. It's painful knowing that we are essentially being pushed out of our own backyards because it's become so unaffordable here.
No one has a crystal ball, but I keep reading mixed information about the housing market here - some say it will continue to go up, some say prices will plateau come the summer...some say we're in for a depression within the next 2-3 years because many people will start defaulting on their mortgages that there will be an abundance of foreclosures. It's so sad because we've worked so hard to save our money to buy a home for our family and we feel stuck.
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.
Family is looking in Florida and it’s just as ridiculous. You have to remember at 2.5% interest rates today buyers have almost the double buying power then people had a few years ago.
Quote:
Originally Posted by nuts2uiam
This is across the US not just on LI. Prices here are through the roof too.
did you not hear what the Fed said-rate will stay low for the forseable future
The fed was referring to the short term rates they directly control.unless you get an adjustable mortgage the fixed rates are linked to longer term bonds and longer term bonds are now up by 3x what they were at their low.
Mortgages are edging in to the 3’s from the twos....so they are flipping back and forth .
It’s crazy right now. Low inventory and low interest rates. A total sellers market. And as others said it’s not just here it’s all over the place.
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.
See that’s the problem of course the market will go down eventually but no one knows when. It could be years from now for all anyone knows or it could be next week. Also this isn’t 2008 it’s not the same circumstances.
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