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Housing prices
This board gets more traffic....
A family member is looking for a house and I was helping them look online. What in the actual F. Such high prices and crazy bidding wars! This is insane. Anyone think this will calm down. Houses going for 500k+ I’m sorry but totally not worth that overall, maybe just the immediate moment. Crazy!
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Posted 12/12/20 2:24 PM  |
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Sash
Peace
Member since 6/08 10312 total posts
Name:
fka LIW Smara
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Re: Housing prices
The market is way over priced right now. Low supply and high demand. I think it’s going to flatten out. I already see houses in NJ dropping 50-80K from March because they were way overpriced. We have been looking for investment properties and it’s been insane. It’s getting better now. A few months ago sellers were acting like you need to beg them to buy their house, recently I noticed the attitude is shifting. As a buyer, I suggest really researching, and holding off if you can. Don’t jump in out of desperation. It’s a big purchase.
With people losing their jobs, foreclosures on the horizon, the market will change in a year.
Message edited 12/12/2020 2:31:50 PM.
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| Posted 12/12/20 2:31 PM |
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lululu
LIF Adult
Member since 7/05 9508 total posts
Name:
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Re: Housing prices
I don't think that we will see prices go down any time soon, especially in areas farther east on Long Island, as people have the option to work from home more frequently and the distance to the city becomes less of an issue. I think if anything you will see prices start to level off but unless there is a major recession (which I do think is a strong possibility) I don't think you will see prices come down substantially.
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| Posted 12/12/20 2:34 PM |
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BFNY516
LIF Adult
Member since 7/20 1187 total posts
Name:
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Housing prices
It’s great for sellers, bad for buyers. Even homes that need complete renovations from green carpeting, wood paneling in every room, cabinets from 1960, mirrored walls, and vintage blue giant jacuzzi tubs up on a platform in the bathroom, are listed at $475k.
I’m pretty sure I saw Kevin Arnold’s childhood home listed for $515k.
Homes that are priced fairly will sell. The ones that are inflated sit and then eventually drop down. I think the worst thing buyers can do is get caught up in the rush and over-pay for a home, especially one that they will have to pour a ton of money in to bring it up to date.
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| Posted 12/12/20 3:06 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Housing prices
Homes are selling at astronomical prices right now. There is zero inventory and buyers from NYC are saturating the market out east. They have cash offers and apparently don't care what they pay. We just sold a 2 bedroom 1 bath house in a not so great area for 325k our house still had the original 1950s kitchen. We signed contracts around labor day and just closed and probably could have gotten more. I would wait until prices drop to buy if they are in a position to do so. I can't believe what I'm seeing right now..
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| Posted 12/12/20 3:31 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19454 total posts
Name:
L
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Re: Housing prices
My brother bought a home and put his offer in on February 22. They closed in early June. At the closing both of the realtors asked him if he wanted to resist as they each had buyers who looked at the home and were willing to pay him 100-200k more than he bought it for. Both realtors said they could have him close within the week. That is how insane things are. They did not take the offers.
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| Posted 12/12/20 3:44 PM |
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KarenK122
The Journey is the Destination
Member since 5/05 4431 total posts
Name:
Karen
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Housing prices
Houses are crazy now in some areas. We have had realtors asking us to sell our home, since we are in the cheaper part of a great school district. Our house alone went up in value over $100K since March.
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| Posted 12/12/20 3:48 PM |
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Re: Housing prices
I would hold off buying right now if possible. When/if this current bubble bursts many could be left underwater on mortgages in the future and really regret it. Things are too unstable right now and it won’t be like this forever. Wait a couple months until things open up and (some)people have to go back into Manhattan for work.
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| Posted 12/12/20 4:15 PM |
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LuckyStar
LIF Adult
Member since 7/14 7272 total posts
Name:
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Housing prices
I think the market will come down as soon as people return to their offices in the city. I don’t believe as many companies will stay fully remote as people think. At that point no one will want a house an hour from the city.
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| Posted 12/12/20 7:05 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: Housing prices
Posted by LuckyStar
I think the market will come down as soon as people return to their offices in the city. I don’t believe as many companies will stay fully remote as people think. At that point no one will want a house an hour from the city.
I dont think that's happening anytime soon. My friend moved to NYC October 2019 for a promotion with her company. Fast forward to now, they are allowed to work remotely indefinitely so she actually moved back to California. I think unless productivity drops immensely, this will continue for a long time and companies will save on not having to rent out those huge corporate offices....
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| Posted 12/12/20 9:42 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: Housing prices
Posted by Mrs213
Posted by LuckyStar
I think the market will come down as soon as people return to their offices in the city. I don’t believe as many companies will stay fully remote as people think. At that point no one will want a house an hour from the city.
I dont think that's happening anytime soon. My friend moved to NYC October 2019 for a promotion with her company. Fast forward to now, they are allowed to work remotely indefinitely so she actually moved back to California. I think unless productivity drops immensely, this will continue for a long time and companies will save on not having to rent out those huge corporate offices....
I agree. My DH is now working from home permanently and I think when I do go back it will be part time in the office and the rest WFH.
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| Posted 12/12/20 10:06 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19454 total posts
Name:
L
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Re: Housing prices
Posted by alli3131
Posted by Mrs213
Posted by LuckyStar
I think the market will come down as soon as people return to their offices in the city. I don’t believe as many companies will stay fully remote as people think. At that point no one will want a house an hour from the city.
I dont think that's happening anytime soon. My friend moved to NYC October 2019 for a promotion with her company. Fast forward to now, they are allowed to work remotely indefinitely so she actually moved back to California. I think unless productivity drops immensely, this will continue for a long time and companies will save on not having to rent out those huge corporate offices....
I agree. My DH is now working from home permanently and I think when I do go back it will be part time in the office and the rest WFH.
Yup, my DH is WFH permanently now too. West Coast companies are moving from SF. So many people are moving. I can tell you there are high level tax discussions being implemented for WFH at most Fortune 500 companies.
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| Posted 12/13/20 12:01 AM |
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Re: Housing prices
On a separate note, I can’t help to think that if housing prices are so high on LI and so many WFH now, why not just leave LI altogether for cheaper housing?
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| Posted 12/13/20 10:03 PM |
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BFNY516
LIF Adult
Member since 7/20 1187 total posts
Name:
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Re: Housing prices
Posted by LSP2005
Posted by alli3131
Posted by Mrs213
Posted by LuckyStar
I think the market will come down as soon as people return to their offices in the city. I don’t believe as many companies will stay fully remote as people think. At that point no one will want a house an hour from the city.
I dont think that's happening anytime soon. My friend moved to NYC October 2019 for a promotion with her company. Fast forward to now, they are allowed to work remotely indefinitely so she actually moved back to California. I think unless productivity drops immensely, this will continue for a long time and companies will save on not having to rent out those huge corporate offices....
I agree. My DH is now working from home permanently and I think when I do go back it will be part time in the office and the rest WFH.
Yup, my DH is WFH permanently now too. West Coast companies are moving from SF. So many people are moving. I can tell you there are high level tax discussions being implemented for WFH at most Fortune 500 companies.
Right. I’m sure it’ll work out where the companies make out like bandits when poor workers are stuck with high utility bills & pay to run an office from home without much, if any, of a stipend.
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| Posted 12/13/20 10:51 PM |
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LuckyStar
LIF Adult
Member since 7/14 7272 total posts
Name:
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Housing prices
There are many companies who value in-person collaboration. Start-ups, tech/biotech, non-profits, the arts. That’s why they built these open offices and shared workspaces. The core philosophies of these companies haven’t changed because of COVID. So while they have adapted for the time being, the day to day will eventually swing back to in office.
Obviously that’s not the case for ALL jobs, but it will be the norm for certain industries. My point is the suburbs won’t be cool forever. Give it a year after we’re all vaccinated and there will be a whole bunch of bright eyed and bushy tailed 22 year olds from the middle of the country clamoring to get to Manhattan and Brooklyn and driving the city prices up and the far flung suburbs down.
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| Posted 12/13/20 11:00 PM |
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Sash
Peace
Member since 6/08 10312 total posts
Name:
fka LIW Smara
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Re: Housing prices
Posted by LuckyStar
There are many companies who value in-person collaboration. Start-ups, tech/biotech, non-profits, the arts. That’s why they built these open offices and shared workspaces. The core philosophies of these companies haven’t changed because of COVID. So while they have adapted for the time being, the day to day will eventually swing back to in office.
Obviously that’s not the case for ALL jobs, but it will be the norm for certain industries. My point is the suburbs won’t be cool forever. Give it a year after we’re all vaccinated and there will be a whole bunch of bright eyed and bushy tailed 22 year olds from the middle of the country clamoring to get to Manhattan and Brooklyn and driving the city prices up and the far flung suburbs down.
Agree. People will be going back into the offices. And like I said I am already seeing houses drop since March in NJ. The market will flatten out. Also not everyone works from home. Sadly, there will be a lot of foreclosures and many more people homeless in 1+ years. Right now we are living in Covid denial, where only the virus matters. There is the detrimental impact that will effect many who physically survived this virus but couldn’t financially sustain their lifestyle.
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| Posted 12/13/20 11:31 PM |
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NervousNell
Just another chapter in life..
Member since 11/09 54919 total posts
Name:
..being a mommy and being a wife!
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Re: Housing prices
Posted by LuckyStar
There are many companies who value in-person collaboration. Start-ups, tech/biotech, non-profits, the arts. That’s why they built these open offices and shared workspaces. The core philosophies of these companies haven’t changed because of COVID. So while they have adapted for the time being, the day to day will eventually swing back to in office.
Obviously that’s not the case for ALL jobs, but it will be the norm for certain industries. My point is the suburbs won’t be cool forever. Give it a year after we’re all vaccinated and there will be a whole bunch of bright eyed and bushy tailed 22 year olds from the middle of the country clamoring to get to Manhattan and Brooklyn and driving the city prices up and the far flung suburbs down.
All of this. I work in tech and I can assure you that 90 percent of my company is clamoring to get back to the office as soon as it's safe. Especially anyone in sales.
Also, there are many businesses that rely on people being in offices. Think of the trickle down effect on the restaurants, delis , coffee shops, bodegas, retail stores etc that rely on people commuting to work and patronizing them all day long. And what will become of all these huge office buildings in NYC if the world is sitting home working at their kitchen table indefinitely? Will they sit vacant and rot? What will become of the commercial real estate industry?
The city needs people back at work. In offices. Commuting. Stimulating the economy.
I shudder to think what NYC would look like if businesses were no longer there
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| Posted 12/13/20 11:39 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: Housing prices
Don’t see prices going back down anytime soon. People have been talking about a Long Island “bubble” for 10+ years now. Hasn’t happened. Id say anything west of say Smithtown/Commack area is likely not to drop.
Maybe the Far East of Suffolk might see a slight dip only because it ballooned out of proportion. But even that is stretching it.
And you can’t compare NJ to Long Island either. Two different markets.
Message edited 12/14/2020 12:06:02 AM.
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| Posted 12/14/20 12:05 AM |
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Re: Housing prices
Posted by LuckyStar
There are many companies who value in-person collaboration. Start-ups, tech/biotech, non-profits, the arts. That’s why they built these open offices and shared workspaces. The core philosophies of these companies haven’t changed because of COVID. So while they have adapted for the time being, the day to day will eventually swing back to in office.
Obviously that’s not the case for ALL jobs, but it will be the norm for certain industries. My point is the suburbs won’t be cool forever. Give it a year after we’re all vaccinated and there will be a whole bunch of bright eyed and bushy tailed 22 year olds from the middle of the country clamoring to get to Manhattan and Brooklyn and driving the city prices up and the far flung suburbs down.
Most people I know are back at work in the office FT or close to it. I agree that young people will seek out the novelty of working and living in Manhattan over remote positions in suburbia.
If companies adapted to remote only employees why would they hire someone on LI for 100k when they can pay someone who lives in Ohio less? There is talent everywhere. Over time, those in higher cost of living areas can be penalized because of this as employers focus on hiring from out of state. DH has worked at companies that did just this. NY based companies that hired him remote but then let him go for someone in Florida with half the salary for the same job(one of the reasons he stopped considering remote positions). It’s inevitable. I’m not sure why people aren’t afraid of this.
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| Posted 12/14/20 12:43 AM |
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Sash
Peace
Member since 6/08 10312 total posts
Name:
fka LIW Smara
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Re: Housing prices
Posted by ave1024
Don’t see prices going back down anytime soon. People have been talking about a Long Island “bubble” for 10+ years now. Hasn’t happened. Id say anything west of say Smithtown/Commack area is likely not to drop.
Maybe the Far East of Suffolk might see a slight dip only because it ballooned out of proportion. But even that is stretching it.
And you can’t compare NJ to Long Island either. Two different markets.
I’m not comparing the two but eventually you will see the market being effected everywhere, even in precious LI. My point was it already started in NJ and it will follow in the rest of the tri state area. I live in an area where all the wealthy NY’ers moved to, so the market isn’t much different than NYC. Or I guess my friends in real estate don’t know what they are talking about.
Also just like people went out east to LI, a lot of people went down the shore as well. Same thing.
Message edited 12/14/2020 6:58:35 AM.
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| Posted 12/14/20 6:55 AM |
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NervousNell
Just another chapter in life..
Member since 11/09 54919 total posts
Name:
..being a mommy and being a wife!
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Re: Housing prices
Posted by LastLightGlow
Posted by LuckyStar
There are many companies who value in-person collaboration. Start-ups, tech/biotech, non-profits, the arts. That’s why they built these open offices and shared workspaces. The core philosophies of these companies haven’t changed because of COVID. So while they have adapted for the time being, the day to day will eventually swing back to in office.
Obviously that’s not the case for ALL jobs, but it will be the norm for certain industries. My point is the suburbs won’t be cool forever. Give it a year after we’re all vaccinated and there will be a whole bunch of bright eyed and bushy tailed 22 year olds from the middle of the country clamoring to get to Manhattan and Brooklyn and driving the city prices up and the far flung suburbs down.
Most people I know are back at work in the office FT or close to it. I agree that young people will seek out the novelty of working and living in Manhattan over remote positions in suburbia.
If companies adapted to remote only employees why would they hire someone on LI for 100k when they can pay someone who lives in Ohio less? There is talent everywhere. Over time, those in higher cost of living areas can be penalized because of this as employers focus on hiring from out of state. DH has worked at companies that did just this. NY based companies that hired him remote but then let him go for someone in Florida with half the salary for the same job(one of the reasons he stopped considering remote positions). It’s inevitable. I’m not sure why people aren’t afraid of this.
Because people think it's great to work from their bedrooms and never have to get dressed or interact with a human in person.
Because they get so much more done around the house when they can do laundry and run errands when they should be working.
And yes, it is scary. For the reason you mention and the one I listed above about big city's like NY crumbling without workers coming in and filling those offices.
Nobody looks at the bigger picture
Message edited 12/14/2020 8:25:48 AM.
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| Posted 12/14/20 8:24 AM |
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PhyllisNJoe
My Box Is Broken
Member since 6/11 9145 total posts
Name:
Phyllis
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Re: Housing prices
Posted by LastLightGlow
Posted by LuckyStar
There are many companies who value in-person collaboration. Start-ups, tech/biotech, non-profits, the arts. That’s why they built these open offices and shared workspaces. The core philosophies of these companies haven’t changed because of COVID. So while they have adapted for the time being, the day to day will eventually swing back to in office.
Obviously that’s not the case for ALL jobs, but it will be the norm for certain industries. My point is the suburbs won’t be cool forever. Give it a year after we’re all vaccinated and there will be a whole bunch of bright eyed and bushy tailed 22 year olds from the middle of the country clamoring to get to Manhattan and Brooklyn and driving the city prices up and the far flung suburbs down.
Most people I know are back at work in the office FT or close to it. I agree that young people will seek out the novelty of working and living in Manhattan over remote positions in suburbia.
If companies adapted to remote only employees why would they hire someone on LI for 100k when they can pay someone who lives in Ohio less? There is talent everywhere. Over time, those in higher cost of living areas can be penalized because of this as employers focus on hiring from out of state. DH has worked at companies that did just this. NY based companies that hired him remote but then let him go for someone in Florida with half the salary for the same job(one of the reasons he stopped considering remote positions). It’s inevitable. I’m not sure why people aren’t afraid of this.
This is an absolutely great point. And not many people consider this and should.
Out of my friends and family , most are WFH indefinitely because the companies are saving a ton on rent by going to much smaller locations to have a small hub.
But you are correct. That’s a very scary reality for a lot of people.
Message edited 12/14/2020 9:54:56 AM.
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| Posted 12/14/20 9:54 AM |
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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: Housing prices
Posted by Sash
Posted by ave1024
Don’t see prices going back down anytime soon. People have been talking about a Long Island “bubble” for 10+ years now. Hasn’t happened. Id say anything west of say Smithtown/Commack area is likely not to drop.
Maybe the Far East of Suffolk might see a slight dip only because it ballooned out of proportion. But even that is stretching it.
And you can’t compare NJ to Long Island either. Two different markets.
I’m not comparing the two but eventually you will see the market being effected everywhere, even in precious LI. My point was it already started in NJ and it will follow in the rest of the tri state area. I live in an area where all the wealthy NY’ers moved to, so the market isn’t much different than NYC. Or I guess my friends in real estate don’t know what they are talking about.
Also just like people went out east to LI, a lot of people went down the shore as well. Same thing.
I'll believe it when I see it (in Long Island). Maybe there will be a dip off the 17% increase we saw in the last 8 months just because that spike was simply panic buying at it's finest.
But the bottom line is the upward trend on average for Long Island will continue to move upward. People have been complaining about housing bubbles for years. Do a search on this website, i can pull post after post of people claiming there is a bubble and housing will go down. Has it yet? Nope.
Even with WFH and the ability to work "anywhere", people have roots in Long Island. Family in Long Island. People enjoy the beaches, the water, the things to do.
People say for example "Oh i can get so much more house for my money in North Carolina" (for example). My response to that is always, "Well that means you also have to live in North Carolina". Different strokes for different folks.
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| Posted 12/14/20 10:11 AM |
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NervousNell
Just another chapter in life..
Member since 11/09 54919 total posts
Name:
..being a mommy and being a wife!
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Re: Housing prices
Posted by ave1024
Posted by Sash
Posted by ave1024
Don’t see prices going back down anytime soon. People have been talking about a Long Island “bubble” for 10+ years now. Hasn’t happened. Id say anything west of say Smithtown/Commack area is likely not to drop.
Maybe the Far East of Suffolk might see a slight dip only because it ballooned out of proportion. But even that is stretching it.
And you can’t compare NJ to Long Island either. Two different markets.
I’m not comparing the two but eventually you will see the market being effected everywhere, even in precious LI. My point was it already started in NJ and it will follow in the rest of the tri state area. I live in an area where all the wealthy NY’ers moved to, so the market isn’t much different than NYC. Or I guess my friends in real estate don’t know what they are talking about.
Also just like people went out east to LI, a lot of people went down the shore as well. Same thing.
I'll believe it when I see it (in Long Island). Maybe there will be a dip off the 17% increase we saw in the last 8 months just because that spike was simply panic buying at it's finest.
But the bottom line is the upward trend on average for Long Island will continue to move upward. People have been complaining about housing bubbles for years. Do a search on this website, i can pull post after post of people claiming there is a bubble and housing will go down. Has it yet? Nope.
Even with WFH and the ability to work "anywhere", people have roots in Long Island. Family in Long Island. People enjoy the beaches, the water, the things to do.
People say for example "Oh i can get so much more house for my money in North Carolina" (for example). My response to that is always, "Well that means you also have to live in North Carolina". Different strokes for different folks.
The beaches in Long Island are garbage compared to the ones in Florida.
I never understood how people think Long Island has such great beaches when you see what a Florida beach looks like in comparison.
And here you can only use these "wonderful" beaches 2 months out of the year. Kind of a waste
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| Posted 12/14/20 10:17 AM |
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Sash
Peace
Member since 6/08 10312 total posts
Name:
fka LIW Smara
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Re: Housing prices
Posted by ave1024
Posted by Sash
Posted by ave1024
Don’t see prices going back down anytime soon. People have been talking about a Long Island “bubble” for 10+ years now. Hasn’t happened. Id say anything west of say Smithtown/Commack area is likely not to drop.
Maybe the Far East of Suffolk might see a slight dip only because it ballooned out of proportion. But even that is stretching it.
And you can’t compare NJ to Long Island either. Two different markets.
I’m not comparing the two but eventually you will see the market being effected everywhere, even in precious LI. My point was it already started in NJ and it will follow in the rest of the tri state area. I live in an area where all the wealthy NY’ers moved to, so the market isn’t much different than NYC. Or I guess my friends in real estate don’t know what they are talking about.
Also just like people went out east to LI, a lot of people went down the shore as well. Same thing.
I'll believe it when I see it (in Long Island). Maybe there will be a dip off the 17% increase we saw in the last 8 months just because that spike was simply panic buying at it's finest.
But the bottom line is the upward trend on average for Long Island will continue to move upward. People have been complaining about housing bubbles for years. Do a search on this website, i can pull post after post of people claiming there is a bubble and housing will go down. Has it yet? Nope.
Even with WFH and the ability to work "anywhere", people have roots in Long Island. Family in Long Island. People enjoy the beaches, the water, the things to do.
People say for example "Oh i can get so much more house for my money in North Carolina" (for example). My response to that is always, "Well that means you also have to live in North Carolina". Different strokes for different folks.
You’re delusional if you think the housing market on LI can never go down and you even said a 17% dip which is a decrease. I said flatten out and basically you are restating what I said with a percentage tied to it. I don’t have to do my research because it’s already been done and i have firsthand experience. I am also not sure why you keep comparing LI to other states. LI is one part of an entire state. It’s apples to oranges. It’s like me comparing Jersey shore or Central NJ to NY/FL/NC. It doesn’t make sense.
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| Posted 12/14/20 10:27 AM |
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