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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
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Re: Poll: Good time to buy a home on L.I.?
Posted by gerdee
Home prices on LI WILL drop an additional
10-20% before it is all said and done.
Mark my words......
With this said, it is a good time to buy....
not that it wont happen but its bigger problems if they go that low. It means the stimulus isnt working and our economy is up the creek.
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Posted 2/23/09 7:33 PM  |
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MrsD06
LIF Toddler
Member since 9/07 478 total posts
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Re: Poll: Good time to buy a home on L.I.?
Posted by ave1024
Do I think home prices may fall further? Probably. However, I still think it's a great time to buy.
I think people get way too worked up over home values.
ITA.
Even though the OP's cold feet are warming, I wanted to add my two cents, especially because you said you love the house. If there's one thing I've learned from looking at houses for the past several months. it's just how difficult it is to find THE ONE. If we weren't so picky (which, really, I don't think we are), I may not be so concerned, but I have serious doubts about trying to time the market and then being able to find THE ONE within that window.
Message edited 2/23/2009 7:46:26 PM.
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| Posted 2/23/09 7:45 PM |
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ckone
LIF Adult
Member since 8/06 3014 total posts
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Re: Poll: Good time to buy a home on L.I.?
Besides the home prices - the interest rates are wonderful. Just that alone makes it worth purchasing a home.
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| Posted 2/23/09 8:19 PM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Poll: Good time to buy a home on L.I.?
Posted by ckone
Besides the home prices - the interest rates are wonderful. Just that alone makes it worth purchasing a home.
ITA.
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| Posted 2/23/09 8:50 PM |
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OStewarts
LIF Adult
Member since 11/07 1096 total posts
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Re: Poll: Good time to buy a home on L.I.?
I hope so - we're making a serious offer tomorrow. 
The interest rates are too good to pass up. It will save us a TON over 30 years, even assuming prices drop some more.
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| Posted 2/23/09 10:19 PM |
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gerdee
LIF Zygote
Member since 2/08 22 total posts
Name:
G
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Re: Poll: Good time to buy a home on L.I.?
Home prices had to come down - they had gotten ridiculous and unaffordable. They need to fall further! Home prices are not back to 2003 levels, so they continue to sit on the market.
I'm amazed that today's sellers think they can still put their homes on the market for housing boom prices. They have come down somewhat, but not nearly enough. One only needs to study market data for the past 10 years to see that prices still have a long ways to go in order to be where they would have been if the trend had followed historical increases.
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| Posted 2/24/09 1:20 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Poll: Good time to buy a home on L.I.?
Posted by Goobster
But what do you think the odds are that LI homes prices could drop by hundreds of thousands, such as go back to 200 and 300 thousands like they were 10 years ago? That's the only thing that concerns me. I don't mind losing 10s of thousands (ie 50,000) but 100s of thousands (ie 250,000) scares the heck outta me.
200-300s for top neighborhoods in Nassau County? Not happening.
I don't care what any "expert" says. Long Island's proximity to Manhattan jobs will prevent housing from ever going down that low.
That's like saying you will be able to buy a Merrick or Bellmore home for 250k. No way.
But of course that's just my opinion.  And I am one that doesn't worry about home values because if they drop that low, i'll simply buy a second house and rent either my current house or rent the second house.
So it's win-win for me either way the home values go.
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| Posted 2/24/09 3:32 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Poll: Good time to buy a home on L.I.?
Posted by gerdee
I'm amazed that today's sellers think they can still put their homes on the market for housing boom prices.
Because sellers simply don't HAVE to move. Nobody is forcing a seller out of their house (unless there is a circumstance like death or divorce).
If I was selling I would hold strong and wait it out. I am sure many other sellers out there have the same feeling.
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| Posted 2/24/09 3:34 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: Poll: Good time to buy a home on L.I.?
a seller can price their house for whatever they want.
they need it to appraise at that value for someone to purchase it.
if I were selling, I'd have my home appraised first and price it properly for the market,
this whole "stubborn" thing is doing NO ONE any good. the market adjusted. deal with it. adjust your prices. sell your house and move on.
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| Posted 2/24/09 4:28 PM |
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gerdee
LIF Zygote
Member since 2/08 22 total posts
Name:
G
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Re: Poll: Good time to buy a home on L.I.?
Posted by ave1024
Posted by gerdee
I'm amazed that today's sellers think they can still put their homes on the market for housing boom prices.
Because sellers simply don't HAVE to move. Nobody is forcing a seller out of their house (unless there is a circumstance like death or divorce).
If I was selling I would hold strong and wait it out. I am sure many other sellers out there have the same feeling.
Dont be upset b/c you are losing value in your home. Everyone is. It is what it is........Long Island real estate is way, way overpriced and over the next year or so we WILL see a Las Vegas/California like market adjustment....
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| Posted 2/24/09 4:51 PM |
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MST9106
My life:)
Member since 6/06 9589 total posts
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Re: Poll: Good time to buy a home on L.I.?
Home values are expected to drop another 15% by 2010...I would definitely wait it out until the market stabilizes itself, unless you're ok with losing a bit of equity...prob not much but you will lose some equity until 2010.
Message edited 2/24/2009 5:03:24 PM.
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| Posted 2/24/09 5:00 PM |
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Goobster
:)
Member since 5/07 27557 total posts
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:)
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Re: Poll: Good time to buy a home on L.I.?
Posted by ave1024
But of course that's just my opinion. And I am one that doesn't worry about home values because if they drop that low, i'll simply buy a second house and rent either my current house or rent the second house.
So it's win-win for me either way the home values go.
OMG, this is such a great point. We would be in this position as well (buy another home just to rent it) should the prices drop that low. So you make a GREAT point about that....thank you for making me realize that!
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| Posted 2/24/09 5:10 PM |
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