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Freddie
LIF Adult
Member since 3/06 1162 total posts
Name:
Freddie
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Re: Somethings gotta give, right?
Posted by SweetestOfPeas
honestly DH and I can afford a house here but we're not buying yet. the market has changed from when we first started looking (in Jan) and we want to wait a little longer. the inventory of houses on LI is at an all time high and a lot of them have been for sale since the winter.
I think you are smart in this market to have this philosophy. Houses are definitely sitting longer and it is to your avantage to see how desparate some sellers get (if they bought their house first)
I know I have seen some obscene listing prices where the people had no right to list it for that much. You just can't list for 20% higher - I think people are beginning to understand this and houses are being listed at more reasonable numbers.
Lucky for you, you probably won't have to deal with bidding wars that were going on a few years ago.
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Posted 7/7/06 2:28 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: Somethings gotta give, right?
Posted by SweetestOfPeas
Posted by Blu-ize
Posted by SweetTooth
Posted by SweetestOfPeas
Posted by Blu-ize
I was asking you all for real numbers. I wasn't looking for documentation.
DH and I make more than that average. I'll put up a poll if anyone is interested.
I'm not sure I understand.
the average is just that, an average of what everyone who lives on LI makes
I think she's trying to show that even though many of us make more than this average, we still can't afford a house.
yes, also if we all make more than that and I'm merely speculating on this that 2.5x the average is not realistic either for the price of a home here.
So if you make $150,000 a year 2.5x of that is $400,000..I hope I did that right..lost w/o my calculator...
SO if you make $75k a year-you will never buy a house here.
I'm just trying to make the numbers make sense.
2.5 x $150K = $375
thanks..I'm math deficient..
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| Posted 7/7/06 2:28 PM |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: Somethings gotta give, right?
Posted by SweetestOfPeas
Posted by Blu-ize
Posted by SweetTooth
Posted by SweetestOfPeas
Posted by Blu-ize
I was asking you all for real numbers. I wasn't looking for documentation.
DH and I make more than that average. I'll put up a poll if anyone is interested.
I'm not sure I understand.
the average is just that, an average of what everyone who lives on LI makes
I think she's trying to show that even though many of us make more than this average, we still can't afford a house.
yes, also if we all make more than that and I'm merely speculating on this that 2.5x the average is not realistic either for the price of a home here.
So if you make $150,000 a year 2.5x of that is $400,000..I hope I did that right..lost w/o my calculator...
SO if you make $75k a year-you will never buy a house here.
I'm just trying to make the numbers make sense.
2.5 x $150K = $375
This equation always bother me, cause I dont understand it. does that mean your mortgage should be 2.5 your salary or the actual cost of the house
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| Posted 7/7/06 2:30 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: Somethings gotta give, right?
I would say cost of the house.
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| Posted 7/7/06 2:30 PM |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: Somethings gotta give, right?
Posted by Ricki
Posted by SweetestOfPeas
honestly DH and I can afford a house here but we're not buying yet. the market has changed from when we first started looking (in Jan) and we want to wait a little longer. the inventory of houses on LI is at an all time high and a lot of them have been for sale since the winter.
I think you are smart in this market to have this philosophy. Houses are definitely sitting longer and it is to your avantage to see how desparate some sellers get (if they bought their house first)
I know I have seen some obscene listing prices where the people had no right to list it for that much. You just can't list for 20% higher - I think people are beginning to understand this and houses are being listed at more reasonable numbers.
Lucky for you, you probably won't have to deal with bidding wars that were going on a few years ago.
Ahh I remember those bidding wars, every house 2 years ago that was 360 or less on the market had like 50 bids, of course we were out bid many times by contractors which really ****** me off
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| Posted 7/7/06 2:31 PM |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: Somethings gotta give, right?
Posted by Blu-ize
I would say cost of the house.
hmm ok
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| Posted 7/7/06 2:32 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Somethings gotta give, right?
Posted by Ricki
Posted by SweetestOfPeas
honestly DH and I can afford a house here but we're not buying yet. the market has changed from when we first started looking (in Jan) and we want to wait a little longer. the inventory of houses on LI is at an all time high and a lot of them have been for sale since the winter.
I think you are smart in this market to have this philosophy. Houses are definitely sitting longer and it is to your avantage to see how desparate some sellers get (if they bought their house first)
I know I have seen some obscene listing prices where the people had no right to list it for that much. You just can't list for 20% higher - I think people are beginning to understand this and houses are being listed at more reasonable numbers.
Lucky for you, you probably won't have to deal with bidding wars that were going on a few years ago.
thanks for the re-assurance.  I hope we're as "smart" as you say 
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| Posted 7/7/06 2:33 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Somethings gotta give, right?
Posted by Blu-ize
Posted by SweetestOfPeas
Posted by Blu-ize
Posted by SweetTooth
Posted by SweetestOfPeas
Posted by Blu-ize
I was asking you all for real numbers. I wasn't looking for documentation.
DH and I make more than that average. I'll put up a poll if anyone is interested.
I'm not sure I understand.
the average is just that, an average of what everyone who lives on LI makes
I think she's trying to show that even though many of us make more than this average, we still can't afford a house.
yes, also if we all make more than that and I'm merely speculating on this that 2.5x the average is not realistic either for the price of a home here.
So if you make $150,000 a year 2.5x of that is $400,000..I hope I did that right..lost w/o my calculator...
SO if you make $75k a year-you will never buy a house here.
I'm just trying to make the numbers make sense.
2.5 x $150K = $375
thanks..I'm math deficient..
it's called a calculator, and unlike you, I had one 
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| Posted 7/7/06 2:34 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: Somethings gotta give, right?
Posted by schnapy
Posted by Ricki
Posted by SweetestOfPeas
honestly DH and I can afford a house here but we're not buying yet. the market has changed from when we first started looking (in Jan) and we want to wait a little longer. the inventory of houses on LI is at an all time high and a lot of them have been for sale since the winter.
I think you are smart in this market to have this philosophy. Houses are definitely sitting longer and it is to your avantage to see how desparate some sellers get (if they bought their house first)
I was in that bidding war time. I bid on no less than 10 homes and got out bid everytime. It woked out in the end, but that really s u c k e d.
I also agree that people are listing their homes for way too much money and that's why homes are sitting. My neighbor's house that he bought last year for $535 he's trying to sell for $589! Dream on..he's trying to re-coup his transaction fees and then some. He bought the house w/o showing it to his wife...(stupid) and she hated it and now wants out. They are kidding themselves..
I know I have seen some obscene listing prices where the people had no right to list it for that much. You just can't list for 20% higher - I think people are beginning to understand this and houses are being listed at more reasonable numbers.
Lucky for you, you probably won't have to deal with bidding wars that were going on a few years ago.
Ahh I remember those bidding wars, every house 2 years ago that was 360 or less on the market had like 50 bids, of course we were out bid many times by contractors which really ****** me off
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| Posted 7/7/06 2:35 PM |
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Freddie
LIF Adult
Member since 3/06 1162 total posts
Name:
Freddie
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Re: Somethings gotta give, right?
Posted by schnapy
This equation always bother me, cause I dont understand it. does that mean your mortgage should be 2.5 your salary or the actual cost of the house
I would think mortgage...since down payments vary so much.
But maybe it is an equation for house price with a given that you are putting 20% down? I remember hearing this is 1998-99? so that was before the crazy mortgage era
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| Posted 7/7/06 2:36 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: Somethings gotta give, right?
Posted by schnapy
Posted by Blu-ize
I would say cost of the house.
hmm ok
Yeah, but that doesn't take into consideration interest rates, savings accounts..etc.
That's merely a number the mortgage companies dreamt up.
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| Posted 7/7/06 2:37 PM |
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Palebride
I am an amazing bakist
Member since 5/05 13673 total posts
Name:
Lori
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Re: Somethings gotta give, right?
Posted by Ricki
First: Lori/Palebride - I love your optimism!! I'm like that too!
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| Posted 7/7/06 2:44 PM |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: Somethings gotta give, right?
Posted by Ricki
Posted by schnapy
This equation always bother me, cause I dont understand it. does that mean your mortgage should be 2.5 your salary or the actual cost of the house
I would think mortgage...since down payments vary so much.
But maybe it is an equation for house price with a given that you are putting 20% down? I remember hearing this is 1998-99? so that was before the crazy mortgage era
Thats why I always thought, cause what if oyu put down 200k on a 400k house, the # would be differnt
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| Posted 7/7/06 3:04 PM |
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Kidsaplenty
Sister love
Member since 2/06 5971 total posts
Name:
Stephanie
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Re: Somethings gotta give, right?
Posted by Blu-ize
I'm curious..if the average combined household income on LI is $76K what are the real numbers.
Are you making more or less than this or just about there combined?
I think this is a low number..but I could be wrong.
Dh makes less. My brother makes more and can't afford a house either. I'm sure that some people here do make more, but what about those that don't. Are they just out of luck? I think the main thing is we need to have more affordable housing on LI, and to raise the income qualifications. I'm glad we're leaving LI. I'd like to stay, but its just not possible for us. And everyone keeps saying that with sacrifices you can do it, but are you talking about not buying a new car, or going on shopping sprees? Or are you talking about eating mac and cheese every night for dinner, or telling your kids you can't afford more than 2 presents at Christmas? IMO, I'd rather live somewhere else to be financially comfortable than live on LI and work until I die to pay a 500,000 mortgage for a cape.
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| Posted 7/7/06 3:42 PM |
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2kids2cats
My babies
Member since 6/05 5229 total posts
Name:
f
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Re: Somethings gotta give, right?
Posted by Ricki
Posted by SweetestOfPeas
honestly DH and I can afford a house here but we're not buying yet. the market has changed from when we first started looking (in Jan) and we want to wait a little longer. the inventory of houses on LI is at an all time high and a lot of them have been for sale since the winter.
I think you are smart in this market to have this philosophy. Houses are definitely sitting longer and it is to your avantage to see how desparate some sellers get (if they bought their house first)
I know I have seen some obscene listing prices where the people had no right to list it for that much. You just can't list for 20% higher - I think people are beginning to understand this and houses are being listed at more reasonable numbers.
Lucky for you, you probably won't have to deal with bidding wars that were going on a few years ago.
\
My real estate broker told us that she is pushing her clients to put their homes up at a reasonable price if they don't want it to sit on the market because buyers won't even bid if it is way overpriced.
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| Posted 7/7/06 3:51 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: Somethings gotta give, right?
Posted by greeneyes361708
Posted by Blu-ize
I'm curious..if the average combined household income on LI is $76K what are the real numbers.
Are you making more or less than this or just about there combined?
I think this is a low number..but I could be wrong.
Dh makes less. My brother makes more and can't afford a house either. I'm sure that some people here do make more, but what about those that don't. Are they just out of luck? I think the main thing is we need to have more affordable housing on LI, and to raise the income qualifications. I'm glad we're leaving LI. I'd like to stay, but its just not possible for us. And everyone keeps saying that with sacrifices you can do it, but are you talking about not buying a new car, or going on shopping sprees? Or are you talking about eating mac and cheese every night for dinner, or telling your kids you can't afford more than 2 presents at Christmas? IMO, I'd rather live somewhere else to be financially comfortable than live on LI and work until I die to pay a 500,000 mortgage for a cape.
I just want to clarify..is that income for your DH alone or combined? Same with your brother. The reason I ask is that I alone or DH alone could not afford the house either. It definitely takes two incomes.
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| Posted 7/7/06 4:03 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Somethings gotta give, right?
Posted by Kitkat
Posted by Ricki
Posted by SweetestOfPeas
honestly DH and I can afford a house here but we're not buying yet. the market has changed from when we first started looking (in Jan) and we want to wait a little longer. the inventory of houses on LI is at an all time high and a lot of them have been for sale since the winter.
I think you are smart in this market to have this philosophy. Houses are definitely sitting longer and it is to your avantage to see how desparate some sellers get (if they bought their house first)
I know I have seen some obscene listing prices where the people had no right to list it for that much. You just can't list for 20% higher - I think people are beginning to understand this and houses are being listed at more reasonable numbers.
Lucky for you, you probably won't have to deal with bidding wars that were going on a few years ago.
\
My real estate broker told us that she is pushing her clients to put their homes up at a reasonable price if they don't want it to sit on the market because buyers won't even bid if it is way overpriced.
that's what my real estate agent told me too. they won't accept listings if they believe the seller is asking too much $
she said it's not worth it, it will sit on the market for months and the advertising is very expensive.
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| Posted 7/7/06 4:03 PM |
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Kidsaplenty
Sister love
Member since 2/06 5971 total posts
Name:
Stephanie
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Re: Somethings gotta give, right?
Posted by Blu-ize
Posted by greeneyes361708
Posted by Blu-ize
I'm curious..if the average combined household income on LI is $76K what are the real numbers.
Are you making more or less than this or just about there combined?
I think this is a low number..but I could be wrong.
Dh makes less. My brother makes more and can't afford a house either. I'm sure that some people here do make more, but what about those that don't. Are they just out of luck? I think the main thing is we need to have more affordable housing on LI, and to raise the income qualifications. I'm glad we're leaving LI. I'd like to stay, but its just not possible for us. And everyone keeps saying that with sacrifices you can do it, but are you talking about not buying a new car, or going on shopping sprees? Or are you talking about eating mac and cheese every night for dinner, or telling your kids you can't afford more than 2 presents at Christmas? IMO, I'd rather live somewhere else to be financially comfortable than live on LI and work until I die to pay a 500,000 mortgage for a cape.
I just want to clarify..is that income for your DH alone or combined? Same with your brother. The reason I ask is that I alone or DH alone could not afford the house either. It definitely takes two incomes.
The salary is DH alone. Same with my brother. My SIL and I are both SAHM. My brother makes about 85k, DH makes 52. Even with my salary we wouldn't make 100k, once you deduct our child care costs. And we have absolutely zero debt, no credit cards, car payments, etc. And we still would be cutting things tight.
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| Posted 7/7/06 7:46 PM |
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