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That doesn't meet her commute criteria, though. She needs under an hour to Penn so her husband can get the PATH. Even Babylon would be tough; anything east of that is going to mean a change of train and too much time.
Babylon is probably the best bet, though, given the constraints of price, condition, and lot size. Anything for 600K in the Nassau areas quoted above will either be on a 1/4 acre lot (which will probably not meet the OP's criteria for a "big backyard") or will be a house that needs work or updating. Quite possibly both. Looking at the big overall picture of what one gets for the house dollar, she is probably better off in West Islip or Babylon.
I guess my definition of a big back yard may be a little bit different since I am moving from Queens. I know that given my commuting limitations I am not goign to get a HUGE yard, but I would like to have enough outdoor space for my children and dog to play in.
I seem to be getting conflicting opinions. Everyone around me says now is the time to buy. I realize that prices will drop but if so then wouldn't the interest rates rise? And now although the asking prices are higher, it seems based on some peoples experience, sellers are willing to take a much lower price than what is advertised. And if that is the case then can't I get away with paying a lower price and a lower interest rate?
I'm not really sure, like I said everywhere I turn I get different opinions
I've been perusing MLSLI but those are asking prices, not going prices. Maybe I should ask this way - are houses listed at $700k going anywhere near $600-625k? Many more options up at 700k but I want to know if I'm being realistic with expectations.
My experience has been that Sellers in the better areas of LI are holding pretty close to firm on their asking prices. They certainly are not dropping them anywhere near 10%. I've been shocked at what I believe to be unrealistic expectations across the board in towns such as Port Washington & Huntington. One house, for example, went on the market at under 600K. The asking price was 10% higher than that house sold for in 2007. The first month on the market they received 4 offers, all Over the previous sales price. The Seller had done no work on the house since buying it in 2007. The Seller took that house off the market.
Another, in Port W. had an asking price of 599. Seller would not entertain offers under 590.
And still a third, in Huntington, had an asking price of 589. It is a beautiful house, but on a busy street. It has been on the market for almost a year. No reductions in price.
Roslyn Heights could be a good choice for the OP, BUT, the train from Roslyn into Penn Station is just a hair faster than the Tooterville Trolley. However, a drive to Manhasset or Port Washington is doable - just have to rent a parking spot at someone's house.
I seem to be getting conflicting opinions. Everyone around me says now is the time to buy. I realize that prices will drop but if so then wouldn't the interest rates rise? And now although the asking prices are higher, it seems based on some peoples experience, sellers are willing to take a much lower price than what is advertised. And if that is the case then can't I get away with paying a lower price and a lower interest rate?
I'm not really sure, like I said everywhere I turn I get different opinions
I thought the prices are already low and won't go much lower (probably based on predictions of a 1-2 yr lasting recession) so within the year is the time to buy. I'm sure you've heard this before, but I'd like to hear more opinions from everyone.
I guess my definition of a big back yard may be a little bit different since I am moving from Queens.
Ah, that clarification does help. It sounds like you'd be okay with a typical 1/4 acre Nassau County lot. I was assuming you were looking for a minimum of 1/3 acre or more (my bad!).
I heard on the radio today that mortgage rates are expected to go lower, which in turn will put upward pressure on houses prices. Depending on your situation and financial plans for the future, does it benefit you more to have a larger mortgage interest deduction and a somewhat lower mortgage principal, or vice versa?
IMHO it's impossible to generalize about the LI real estate market. As coachgns pointed out, normal (meaning not "distressed/forced") sellers in desirable areas are not dropping their prices dramatically nor are they likely to do so in the near future. If a house is priced fairly there are likely to be several competing offers (we can attest to that from personal experience over the past 6 months!) which in turn will decrease the likelihood of the buyer getting a so-called "bargain".
A big price reduction often means that the seller was asking an unrealistically high number in the first place and is probably now just chasing the market down.
I don't commute to NYC but have heard that the Babylon branch overall is faster and more convenient than many (most?) of the more northern lines.
Port Washington is the best service, but the highest house prices as a direct result. The other really "north shore" line is Oyster Bay, which is poor for commuting--time wise, it's OK for the first few stations, but there aren't that many trains and you have to change as it's diesel.
Babylon branch is good to excellent. Service along the main line is good. Syosset/CSH/Huntington is fine but at the tolerable limits.
Unless you buy right along the city line, lots will be bigger than Queens, though a lot of Nassau has 60'x100' which isn't huge.
Ahhh, yes.... a statistical term you REA's know and love (maybe not as much as median tho) !!!..
LOL I didn't choose the word, you did!
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