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luvsbob4603
To a healthy 2013
Member since 5/05 21840 total posts
Name:
To a brand new year to a healthier me
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finding a house
How long did it take everyone to find a House? it seems like its taking forever for Dh and I.
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Posted 2/17/06 2:14 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
MommyofG
just the girls
Member since 5/05 9461 total posts
Name:
Janice
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Re: finding a house
Hi Ro, we were lucky and purchased before this crazy price spike, but my brother and mother have been looking too and so far its taking my mom 1yr and my brother 2 yrs. Its really hard. Good luck  and dont worry it will come to you!
edited to say too, its far from my dream house, but well worth the money when we bought it and has plenty of room for us too.
Message edited 2/17/2006 2:20:10 PM.
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| Posted 2/17/06 2:19 PM |
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luvsbob4603
To a healthy 2013
Member since 5/05 21840 total posts
Name:
To a brand new year to a healthier me
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Re: finding a house
Thanks! I just hope we find something soon!
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| Posted 2/17/06 2:32 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
L
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Re: finding a house
We bought because we had to move to a different state due to DHs job transfer. I think that prices are stagnating, but that interest rates are rising. So, you can either save a little bit (10-20k) on the cost of your home or pay a little more in interest (since this summer mortgage rates are up 1%).
Some may say that the market wil drop, but with the higher interest rates you are paying the same amount for the house. One way is that the seller gets the $ the other way the bank gets the $.
eta: with bernakie saying that he will continue to raise things mortgage interest rates will continue to go up. I think rates will be above 7% in the near future. So for the house you could have paid 400,000 to the owner with a 5.125% mortgage = 1,633 monthly payment
(with 100,000 downpayment) you could pay 380,000 to the seller with a 7.125% mortgage = 1886 (with the same 100,000 downpayment)
a difference of 1886-1633 = $253 more per month in mortgage payments
you are paying more money for the same house that "cost less" but in reality does not cost you less b/c the interest payments that you will pay in the beginning will be a lot more.
Message edited 2/17/2006 2:56:00 PM.
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| Posted 2/17/06 2:48 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: finding a house
Posted by LSP2005
We bought because we had to move to a different state due to DHs job transfer. I think that prices are stagnating, but that interest rates are rising. So, you can either save a little bit (10-20k) on the cost of your home or pay a little more in interest (since this summer mortgage rates are up 1%).
Some may say that the market wil drop, but with the higher interest rates you are paying the same amount for the house. One way is that the seller gets the $ the other way the bank gets the $.
My Hubby had a good way of explaining this to me- he would rather pay the higher rate and refiance later- then buy a house that drops in value right after we buy it- b/c then house is worth negative-
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| Posted 2/17/06 2:51 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
L
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Re: finding a house
beth, I completely get your DHs pov, but that is assuming the rates will go down. I think the rates (3-5%) are at historic lows so you would have to bank upon them going that low again. I just don't see that happening in the near and not so near future. I think as you can see by the numbers in my post above, you are paying more in interest in the first few years. (yes you can get that as a deduction on taxes, but if the bush proposal to eliminate mortgage deductions goes through then it will not matter either). it is all a vicious cycle.
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| Posted 2/17/06 3:00 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: finding a house
he owns a mortage company- so I doubt we would be going the traditional route in terms of a 30 fixed etc-
I have to differ to him- I don't know much beyond what he tells me-
edited- I understand your math- but he is thinking things are going to drop more then just $20K over the new 2 years here- they already dropped more then that in some areas- (we are looking at homes in the "luxury" segement of the market- expect for the money they aren't so lux- IMO)
Message edited 2/17/2006 3:07:04 PM.
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| Posted 2/17/06 3:03 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
L
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Re: finding a house
Posted by Beth1210
he owns a mortage company- so I doubt we would be going the traditional route in terms of a 30 fixed etc-
I have to differ to him- I don't know much beyond what he tells me-
edited- I understand your math- but he is thinking things are going to drop more then just $20K over the new 2 years here- they already dropped more then that in some areas- (we are looking at homes in the "luxury" segement of the market- expect for the money they aren't so lux- IMO)
ahh, yes in the luxury market I definately agree with your DH, since in the million+ I see price drops of 50-100,000 and that is a lot of $. I think in the mid range 350-600k the drops are not as big (more like 10-30k over the next 2 years. But for the majority of people they will have interest rates in the 7% range and for those types of homes, the 20k drop will still mean they are paying more $ on a monthly basis. Also, you ahve another huge advantage, since you are in the industry you will get the best rate and that is a lot lower than what others are/will be able to get. So if I were you I would wait a little bit more to see how the market is since you will still prob be able to get in the 5%
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| Posted 2/17/06 3:36 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: finding a house
we plan on waiting 18 months to 2 years-
I have an advantage- no closing costs- and a very low rate
I don't mind waiting so much- b/c either way we will have more money saved and I will be out of credit card debt-
I really want a house- but I love my apartment on the beach- it's ok for now-
I still look- but nothing has jumped out at me-I can't help it- I love house- my dad owned a real estate company- and when I was little I would go look at houses with him- I could do that all day long
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| Posted 2/17/06 3:40 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: finding a house
We started looking in the beginning of Jan & found one the first week of Febuary. We were lucky our friends have been looking for over a year. The house needs work but it is on a great block in sayville and is such a cute house that we couldn't resist. I don't think it is normal to find a house so soon. We had been "looking" for a lot longer but just in books and on mlsli.com. We actually started looking with a realtor in the beginning of jan. Good luck but we foudn that every house you look at needs work no matter if it $450k or $600k
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| Posted 2/17/06 5:05 PM |
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Tanaholic
My Big Boy!
Member since 10/05 2383 total posts
Name:
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Re: finding a house
It took us about a few months back in 2003.
You will find one! You just have to decide what is important to you and what you are willing to give up.
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| Posted 2/17/06 5:15 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: finding a house
Posted by Beth1210
Posted by LSP2005
We bought because we had to move to a different state due to DHs job transfer. I think that prices are stagnating, but that interest rates are rising. So, you can either save a little bit (10-20k) on the cost of your home or pay a little more in interest (since this summer mortgage rates are up 1%).
Some may say that the market wil drop, but with the higher interest rates you are paying the same amount for the house. One way is that the seller gets the $ the other way the bank gets the $.
My Hubby had a good way of explaining this to me- he would rather pay the higher rate and refiance later- then buy a house that drops in value right after we buy it- b/c then house is worth negative-
So its worth negative. Who cares? You simply don't sell.
People seem to treat house buying the same way they treat buying stocks. Real Estate is a long term deal.
And that is also assuming rates go down enough to refinance. Then you have to factor in the cost of refinancing. Its not cheap.
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| Posted 2/17/06 5:18 PM |
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Re: finding a house
When we were looking for our co-op it took us a few months. With our house we knew the people selling it and we didnt look at anything else.
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| Posted 2/17/06 5:32 PM |
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StressedNoMore
LIF Toddler
Member since 6/05 493 total posts
Name:
Christine
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Re: finding a house
DH and I have been looking for just about a year now. Nothing yet. We keep changing our minds on what town we want to look in... So far we looked in levittown, bethpage, and wantagh... Nothing .... So I am expanding into Suffolk county...
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| Posted 2/17/06 6:33 PM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: finding a house
we looked for over a year, in different towns-took a few breaks. Then we decided on our neighborhood & looked at every house that came on the market for almost three months-then found our 
it can take time, don't settle you will find what you are looking for.
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| Posted 2/17/06 6:35 PM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: finding a house
Posted by luvsbob4603
How long did it take everyone to find a House? it seems like its taking forever for Dh and I.
i think it is 6 months and still counting 
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| Posted 2/17/06 6:37 PM |
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chris605
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Member since 5/05 3205 total posts
Name:
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Re: finding a house
Dont rush - We took our time and foudnthe right house with potential like we wanted... GOOD LUCK
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| Posted 2/17/06 6:51 PM |
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AnnBrunoXO
2 Girls For Me!
Member since 5/05 4377 total posts
Name:
MaMMa
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Re: finding a house
It took us about 6 months...
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| Posted 2/17/06 8:00 PM |
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Re: finding a house
We looked for about a year, but then we were seriously looking (ready to place a bid) for about 4 months when we found our house.
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| Posted 2/17/06 8:21 PM |
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Diana1215
Living on a prayer!!!
Member since 10/05 29450 total posts
Name:
Diana
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Re: finding a house
We looked for about 3 months found a house that we went to contract with -- that fell through (THANK GOD) and then we found this house that we love.
It will def. take time to find the house you love and don't settle for anything less - the perfect house for everyone is out there you just need to have the patience to find it.
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| Posted 2/17/06 11:29 PM |
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luvsbob4603
To a healthy 2013
Member since 5/05 21840 total posts
Name:
To a brand new year to a healthier me
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Re: finding a house
Thanks everyone! Redhead(jenn) I know we are in the same boat we have been looking since dec maybe not as long as you but it fels like forever!
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| Posted 2/18/06 8:38 AM |
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