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bookworm
Two Little Rosebuds
Member since 8/09 2106 total posts
Name:
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price range
we were pre-approved for 350k by the bank. i have no idea what's typical for sellers' concessions on price. any idea where i should set my price range for searches? everything i love seems to be between 380k & 400k, which is a cruel irony (melodramatic, i know  ). TIA!
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Posted 8/21/09 10:28 AM  |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: price range
If you were approved for 350k, it doesn't mean you should buy a house at 350k.
Of course you'll like the more expensive houses, they are just nicer! lol
If I were you, I'd be looking at houses in the 300-330 range. And IF you find a house in the 340/350 range you love, then offer less on the house to get yourself in the 330 range.
But that's just me.
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| Posted 8/21/09 10:38 AM |
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BriBri2u
L'amore vince sempre
Member since 5/05 9320 total posts
Name:
Mrs. B
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Re: price range
Posted by neener1211
If you were approved for 350k, it doesn't mean you should buy a house at 350k.
Of course you'll like the more expensive houses, they are just nicer! lol
If I were you, I'd be looking at houses in the 300-330 range. And IF you find a house in the 340/350 range you love, then offer less on the house to get yourself in the 330 range.
But that's just me.
I agree...I wouldn't take out a loan for the entire $350k...
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| Posted 8/21/09 10:40 AM |
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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: price range
Posted by Beaver2be
Posted by neener1211
If you were approved for 350k, it doesn't mean you should buy a house at 350k.
Of course you'll like the more expensive houses, they are just nicer! lol
If I were you, I'd be looking at houses in the 300-330 range. And IF you find a house in the 340/350 range you love, then offer less on the house to get yourself in the 330 range.
But that's just me.
I agree...I wouldn't take out a loan for the entire $350k...
ITA!
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| Posted 8/21/09 10:52 AM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: price range
WOW i wish hahahaha Anyway yea don't go to your highest amount, ask how much your payments would be for that top range, then 20K less etc. because even though your approved doesn't mean you really can afford it while keeping up your lifestyle.
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| Posted 8/21/09 10:52 AM |
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bookworm
Two Little Rosebuds
Member since 8/09 2106 total posts
Name:
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Re: price range
Posted by Beaver2be
Posted by neener1211
If you were approved for 350k, it doesn't mean you should buy a house at 350k.
Of course you'll like the more expensive houses, they are just nicer! lol
If I were you, I'd be looking at houses in the 300-330 range. And IF you find a house in the 340/350 range you love, then offer less on the house to get yourself in the 330 range.
But that's just me.
I agree...I wouldn't take out a loan for the entire $350k...
thanks for responding so quickly!
we're not attracted to the nicer house so much as a decent size piece of property in a good school district. i don't want to buy a starter and then find myself selling & moving again in 5 years. it's tough to find more than 1/4 acre in the low 300s, and since we're buying in suffolk, i feel like it's reasonable to expect a little space.
if we spend the full 350, we will still have $ left over for renovations that we're not putting down. we crunched the numbers, and 350 works for us in terms of affordability.
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| Posted 8/21/09 10:53 AM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: price range
Posted by amber-rae
it's tough to find more than 1/4 acre in the low 300s, and since we're buying in suffolk, i feel like it's reasonable to expect a little space.
It depends on where you are looking. It is not hard to find more than 1/4 acre in that price range we found a lot-we just had to pick which one suited us. Try expanding the towns you are looking in.
Where in suffolk are you looking, eastern or western, or right in the middle?
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| Posted 8/21/09 10:59 AM |
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bookworm
Two Little Rosebuds
Member since 8/09 2106 total posts
Name:
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Re: price range
Posted by neener1211
Posted by amber-rae
it's tough to find more than 1/4 acre in the low 300s, and since we're buying in suffolk, i feel like it's reasonable to expect a little space.
It depends on where you are looking. It is not hard to find more than 1/4 acre in that price range we found a lot-we just had to pick which one suited us. Try expanding the towns you are looking in.
Where in suffolk are you looking, eastern or western, or right in the middle?
islip, east islip, parts of islip terrace (in e. islip school district, oakdale, bohemia, sayville, bayport, blue point, smithtown, st. james, lake grove, parts of holbrook
and open to suggestion
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| Posted 8/21/09 11:06 AM |
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chicky724
LIF Infant
Member since 8/09 80 total posts
Name:
Kristen
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Re: price range
You should also factor in that that’s how much your mortgage is going to be… so depending on what you’re planning on putting down as a down payment, you could hypothetically spend more than $350k. 
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| Posted 8/21/09 11:08 AM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: price range
Posted by amber-rae
islip, east islip, parts of islip terrace (in e. islip school district, oakdale, bohemia, sayville, bayport, blue point, smithtown, st. james, lake grove, parts of holbrook
and open to suggestion
You might have to compromise. Pay around 330 for a house with more than 1/4 acre, BUT the house might need more work. You'll have to determine what is more important.
That, or look more east. 
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| Posted 8/21/09 11:13 AM |
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Nik211
my little monkey<3
Member since 5/08 3303 total posts
Name:
Nik
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Re: price range
i wouldnt worry about what you are approved for.......
i would figure how much you have for a DP and then see what your payments would be like for different amounts - 290, 300, 310, 320, 330, 340, 350 and don't forget to factor in taxes (for example 5k taxes per year can add another $400 to your monthly payment) and don't forget about insurance either.....
then once you know what you can afford then start looking at houses in that price range.....
that is how we did it.....we def did not go by what we were approved for - we spent A LOT less - but A LOT less is what we can comfortably afford 
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| Posted 8/21/09 11:20 AM |
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