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HeatherO
LIF Zygote
Member since 1/09 10 total posts
Name:
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Poll: Good time to buy a home on L.I.?
We're about to go into contract on a home and I'm starting to have cold feet. My husband, on the other hand, is cool as a cucumber. I believe we've only seen the tip of what is to come in this economy and I worry that it might be better to wait and see how much lower prices go. We're not in a rush.
Thanks for answering!
Message edited 2/22/2009 12:48:12 PM.
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Posted 2/22/09 12:40 PM  |
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MrsYank
She's here :)
Member since 4/07 3238 total posts
Name:
Mrs. Yank
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Re: Poll: Good time to buy a home on L.I.?
If you are stable financially (with no threat of job loss) and with a nice down payment ABSOLUTELY. I cannot believe how much home values went down.
If we had $$ for a down payment I would absolutely consider buying an investment property.
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| Posted 2/22/09 12:48 PM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: Poll: Good time to buy a home on L.I.?
This is a great market to BUY....if you can secure a mortgage and afford it and the taxes and house costs!
It's nothing to rush into, so if you are having 2nd thoughts, ask yourself why and talk it over with your DH. Buying a house should NOT be done lightly. It is a big responsibility and you will want to love the home you're buying!
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| Posted 2/22/09 12:52 PM |
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HeatherO
LIF Zygote
Member since 1/09 10 total posts
Name:
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Re: Poll: Good time to buy a home on L.I.?
Thanks for the replies. I do LOVE the home we're buying, that's why this is so hard. If I didn't love it so much, I'd be insisting we wait a little longer. I just worry that six months from now prices will drop and our mortgage could have been like 300 bucks a month cheaper, KWIM? I just want to be able to enjoy life to the fullest and make the smartest decisions possible.
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| Posted 2/22/09 1:01 PM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: Poll: Good time to buy a home on L.I.?
Posted by HeatherO
Thanks for the replies. I do LOVE the home we're buying, that's why this is so hard. If I didn't love it so much, I'd be insisting we wait a little longer. I just worry that six months from now prices will drop and our mortgage could have been like 300 bucks a month cheaper, KWIM? I just want to be able to enjoy life to the fullest and make the smartest decisions possible.
The issue is - this is the season for people to house hunt and buy, so they can move over the summer without disrupting a child's education.
The house you are getting may not be around in that span of time. There will always be houses that you think...if only I waited a month, 6 months, 1 year, but I have never regretted our home and we've made it our home and those houses that did come available gave us ideas of what we could do with our home.
Besides, in a few years, you can always refinance if need be!
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| Posted 2/22/09 1:05 PM |
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Elbee
Zanzibar
Member since 5/05 10767 total posts
Name:
Me
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Re: Poll: Good time to buy a home on L.I.?
The prices of houses have dropped.
The interest rate is the lowest it has been in years (decades)
Government Assistance is abundant (FHA, Tax Credit, etc)
I think now is the time to buy. Will house prices drop more? Will interest rates go lower? Will the government help even more? MAYBE ... but maybe house prices will go up, interest rates will rise and the government abandons its plans.
Who knows what tomorrow will bring.
If you can afford the down payment, payments, interest, taxes, repairs/decorating, maintenence, etc ... Then I think NOW is a great time to buy.
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| Posted 2/22/09 1:15 PM |
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babymakes3
Almost there!
Member since 7/06 7376 total posts
Name:
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Re: Poll: Good time to buy a home on L.I.?
Great time to buy! Low house prices, low interest rates...
The caveat is that you need to be the perfect homebuyer... 20% down (except for FHA, but that comes with upfront PMI and PMI for 5 years no matter what), excellent credit, documented sufficient income and $ in reserve. Also, times are better for you if you have no house to unload first, since perfect buyers are in short supply.
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| Posted 2/22/09 2:38 PM |
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jteach
2 and through
Member since 9/07 3939 total posts
Name:
Jess
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Re: Poll: Good time to buy a home on L.I.?
My dh is a mortgage broker and a realtor and he does feel that prices will continue to come down over the next year.
But, as a pp already stated, if you have secure jobs, a good down payment, and are able to obtain a mortgage then why wait.
So what if it goes down $20,000 next year, that house may not be available, or something else could come up.
If you love the house, and the price is okay where it is, just enjoy it
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| Posted 2/22/09 2:43 PM |
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BaroqueMama
Chase is one!
Member since 5/05 27530 total posts
Name:
me
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Re: Poll: Good time to buy a home on L.I.?
Honestly, I think that now is a great time to buy and you're only helping the cause. If more people would just get over their fears and go out and buy up these low priced houses, the market might start to move back in a better direction.
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| Posted 2/22/09 3:01 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: Poll: Good time to buy a home on L.I.?
Posted by HeatherO
I just worry that six months from now prices will drop and our mortgage could have been like 300 bucks a month cheaper, KWIM?
for a monthly payment drop to be that big, you are looking at a price difference of $50K+ that's a pretty big drop for 6 months. Not saying that it wouldn't happen to a listing price, but probably not from the price you settled upon.
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| Posted 2/22/09 3:36 PM |
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tj2008
LIF Adult
Member since 3/08 1000 total posts
Name:
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Re: Poll: Good time to buy a home on L.I.?
Posted by PotofLuck06
This is a great market to BUY....if you can secure a mortgage and afford it and the taxes and house costs!
It's nothing to rush into, so if you are having 2nd thoughts, ask yourself why and talk it over with your DH. Buying a house should NOT be done lightly. It is a big responsibility and you will want to love the home you're buying!
I agree
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| Posted 2/22/09 3:50 PM |
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Re: Poll: Good time to buy a home on L.I.?
The prices might go lower but the house you love might be gone.
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| Posted 2/22/09 6:35 PM |
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Acerone
I hate ants and ugly people.
Member since 3/07 6437 total posts
Name:
Chris
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Re: Poll: Good time to buy a home on L.I.?
The prices are falling... I would wait....
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| Posted 2/22/09 7:08 PM |
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lovemy2boys
LIF Adult
Member since 10/07 3915 total posts
Name:
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Re: Poll: Good time to buy a home on L.I.?
Posted by Acerone
The prices are falling... I would wait....
me too, I'm waiting. Taxes are sky high and will only go up, I want to get as low a mortgage as possible, so I'll be waiting till the fall, or possibly next spring
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| Posted 2/22/09 9:12 PM |
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HeatherO
LIF Zygote
Member since 1/09 10 total posts
Name:
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Re: Poll: Good time to buy a home on L.I.?
Thanks for your input, everyone. My cold feet are warming a bit. I'm certain prices will come down some more over the next few months, but we are very particular and this house is really what we want so we are going for it. We are also getting a great price and a great interest rate, so that makes us feel comfortable with our decision (though I'm sure I'll still have a few freak-outs between now and closing).
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| Posted 2/23/09 2:25 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.?
I am casually looking for a second (investment) house.
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.
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| Posted 2/23/09 4:17 PM |
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Re: Poll: Good time to buy a home on L.I.?
Posted by Acerone
The prices are falling... I would wait....
i agree.. we plan on beginning the house hunt in the fall/winter.
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| Posted 2/23/09 4:20 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: Poll: Good time to buy a home on L.I.?
Posted by ave1024
I am casually looking for a second (investment) house.
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.
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.
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| Posted 2/23/09 4:58 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.?
it really all depends on why you are buying your home.
we purchased in September of 2008. I have no idea if my home value has dropped since then and I don't care right now. we plan on being there a LONG time.
we purchased our house at that time b/c I LOVED it. and I felt the price WE were paying for the house was quite reasonable for what we got.
could we have gotten it cheaper had we waited? perhaps.
but it's really not that important in the grand scheme of the ups and downs of the market. we didn't buy our house with the expectation of MAJOR and RAPID appreciation to fund the rest of our life dreams.
we purchased a house we could afford IN ADDITION to the rest of our life dreams.
the market is correcting itself now b/c of the times of over inflated home prices.
but if people wait and they continue to drop, homes run the risk of being UNDERVALUED which may seem good for the buyer, but I really don't think it's good for anyone.
our home is an investment, sure...but it's more of an investment in our quality of life than it is in our bottom line.
good luck.
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| Posted 2/23/09 5:21 PM |
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tourist
Member since 5/05 10425 total posts
Name:
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Re: Poll: Good time to buy a home on L.I.?
If prices have fallen to a price you can afford, then it is a good time to buy.
You don't have to wait for the absolute lowest ever, unless you are selling right away & think you will lose money on resale.
Message edited 2/23/2009 5:24:50 PM.
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| Posted 2/23/09 5:24 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Poll: Good time to buy a home on L.I.?
another thing to think about is that if prices fall lower, many will refi with some of the programs that will undoubtedly come out and stay put.
I know personally, we aren't going anywhere and if prices fall further, I will certainly take advantage of any refinancing available. I may rent out the house, but I won't sell it for a long time.
People won't sell their homes if they don't feel they can get what they need to sell it. Inventory may be affected.
This is just one scenario and personally it applies to our situation.
Message edited 2/23/2009 5:40:09 PM.
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| Posted 2/23/09 5:39 PM |
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Tabitha
Member since 2/07 2029 total posts
Name:
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Re: Poll: Good time to buy a home on L.I.?
personally, i would buy now. if you found a house you love, you think its worth the selling price and can secure a mortgage - go for it
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| Posted 2/23/09 5:43 PM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: Poll: Good time to buy a home on L.I.?
Posted by HeatherO
Thanks for the replies. I do LOVE the home we're buying, that's why this is so hard. If I didn't love it so much, I'd be insisting we wait a little longer. I just worry that six months from now prices will drop and our mortgage could have been like 300 bucks a month cheaper, KWIM? I just want to be able to enjoy life to the fullest and make the smartest decisions possible.
Yes, you COULD wait but this is a gamble. Prices are never going to be for a 3 bedroom house in Farmingdale down to $200K.
Sure prices could drop a little more or they may not. They are not going to give away houses on LI. There are some buyers out there and they will buy the best houses on the market.
So while you could wait and see, you could lose a lot by missing out on great houses.
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| Posted 2/23/09 5:53 PM |
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MelBobby
LIF Infant
Member since 11/08 292 total posts
Name:
Mel
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Re: Poll: Good time to buy a home on L.I.?
Posted by Acerone
The prices are falling... I would wait....
I agree...the prices will continue to go down!!! no rush here
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| Posted 2/23/09 6:15 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 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....
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| Posted 2/23/09 7:04 PM |
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