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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 Meaghan729
honestly, If i had been able to buy before the boom I would be in that boat.
but it irks me that people who bought 5 years ago wouldnt be able to afford their own home today. and I have to get over that, but thats insane to me!
and I agree, LI is a great place to live, but again - when the middle class can't afford a home....theres a serious economic problem happening!
eta: the lower salary thing isnt necessarly true either - i know pleanty of people that make comparable salaries in "cheaper" states. For example, friends of mine moved to NC - put no money down on a new construction 4 bedroom colonial in NC and her FHwas able to transfer with his NY Salary! His mortgage and taxes are less than one paycheck
ITA with your whole post. This is why we're seriously considering leaving next year. DH makes the same $ elsewhere, and in another state our mortgage payment, and future car payments could be covered in one paycheck. I think people have to sacrifice way too much. We could afford to live here, but can't enjoy to, because we wouldn't have the $. If our kids wanted to go to dance or gymnastics, we'd have to scrape pennies to make it happen. Yeah, its possible to have a house on LI for our family, but the quality of life isn't the same as if we bought down in NC.
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Posted 7/7/06 10:46 AM  |
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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 Meaghan729
And if you didn't buy 5 years ago??? you're screwed?? sorry, I was 19 five years ago!
I didn't say that at all - you were saying you thought it unfair that people who bought 5 years ago couldn't afford their houses now....I was simply pointing out that that might not be true, depending on the situation.
Believe me, I was older than you are now 5 years ago - and I was no where ready to buy a house!!
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| Posted 7/7/06 10:46 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Somethings gotta give, right?
Posted by Colleen9304
Posted by Meaghan729
but it irks me that people who bought 5 years ago wouldnt be able to afford their own home today. and I have to get over that, but thats insane to me!
Sure, but their parent's and friend's said the same thing to them when they were buying that home 5 years ago. So really, it's all relative. Where there's a will, there's a way.
when in history have we seen appreciation at this rate?? not when my parents bought, thats for sure!
I think people (not saying you) have dillusions that this is how the housing market always is and has been - 100%+ price appreciation over just a couple of years....um no!
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| Posted 7/7/06 10:47 AM |
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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 Palebride
Posted by SweetestOfPeas
yup! making less outside of NY is a misconception. same goes for "taxes are higher here b/c we have better schools"
umm no. taxes are higher here because we don't get the Gov't funding the rest of the country gets!
The salary thing isn't a misconception if you're a teacher, as i am. There's NO WAY I could make my salary as a teacher aywhere but on LI. I have a friend who has been teaching twice as long as I have, but I'm making more money than her now - only because I'm on LI and she isn't.
And I never said we have better schools than anywhere else. I said we have high taxes, and excellent schools. I don't mind paying higher taxes if it is going to the school so that my children can get an excellent education.
I don't know, maybe it's just me, but I don't understand why people have to be so negative about things. Why doesn't anyone like to look on the positive side of this situation?
Think happy thoughts 
my SIL is a teacher in TX (Dallas suburbs). DH told she makes about $45K a year. and while that probably isn't a lot of money to teachers in NY, their house cost $120K back in the late 90's when they bought it. you can buy a house there today for $200K. so when you compare what you make here vs. cost of living, people outside of NY actually do make more.
Her husband (my BIL) is an architect and makes $$$!!! so yes, it does depend on the field. but the quality of life in general outside this area is SO much higher! my BIL will be retiring when he's 50.
people are so negative because it is almost impossible to buy a house on LI unless you want to live check to check! what kind of life is that? live for your mortgage? it's infuriating!
Message edited 7/7/2006 10:49:33 AM.
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| Posted 7/7/06 10:48 AM |
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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 Beth1210
No I understand but if we lived somewhere else, we would still be complaining because salaries are less out of state also.
In the end we all die complaining about our 30 yr mortgages and taxes
that's not true at all- such a myth
my sister are her BF moved to Maryland- and the make the same if not more then they would have made here
my Brother lives in floirda with his FW- they both make more then they could have made here- and are buying a house next year
Sasha who moved to Atlanta- both her and her DH make more- own a home and 2 new cars- something they did not have here
But thats not every situtation, I know people who faired better in outher states and those that have as hard a time as if they lived here.
If someone has the chance to go else where and live better, I applaud them
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| Posted 7/7/06 10:49 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Somethings gotta give, right?
people are so negative because it is almost impossible to buy a house on LI unless you want to live check to check! what kind of life is that? live for your mortgage? it's infuriating!
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| Posted 7/7/06 10:50 AM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: Somethings gotta give, right?
The appreciation rate of the last 5 years has definitely gone through the roof. But houses have always appreciated. The house that went for $14k in the 50's and sold for $170k in the 80's - I'm sure people thought the person who paid $170k for a $14k house, was NUTS! LOL But that's inflation...it's a catch-22.
Houses may level off...but there is no way prices will go down - especially to where they were 5 years ago. If they do, we're all in a world of hurt.
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| Posted 7/7/06 10:53 AM |
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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 Beth1210
people are so negative because it is almost impossible to buy a house on LI unless you want to live check to check! what kind of life is that? live for your mortgage? it's infuriating!
I get SO insanely jealous when I hear about my BIL's $800 a month mortgage on a 4 bedroom, 3 bath 3000 sq foot house - while they're earning the same if not more than DH and I!  
not to mention the retiring at 50 part!
NOW THAT is living!
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| Posted 7/7/06 10:53 AM |
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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 SweetestOfPeas
people are so negative because it is almost impossible to buy a house on LI unless you want to live check to check! what kind of life is that? live for your mortgage? it's infuriating!
I won't be living check to check to pay my mortgage because I plan to live within my means.
And my quality of life will be fine, because living on LI means living near my family. That means more to me than having a huge house on a multi-acred piece of land.
I didn't mean to imply there was anything wrong with being frustrated with the housing situation on LI....I'm guess I'm just the kind of person that likes to look on the positive side of life, rather than dwell on the negatives.
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| Posted 7/7/06 10:55 AM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: Somethings gotta give, right?
Posted by SweetestOfPeas
people are so negative because it is almost impossible to buy a house on LI unless you want to live check to check! what kind of life is that? live for your mortgage? it's infuriating!
That is no life and if that was the life we were going to live, we never would have bought. You need to resolve yourself to the fact that you're not going to be able to buy in the best SD or the best neighborhood coming out of the gate. But once you get some equity and sell to buy, then you move up.
Unless, of course, you're making more than the average and have a lot of money saved/invested...then you have more of a field to play with. Or if you're not afraid to do some work. But never look at the asking price as the final # - it's just that, asking.
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| Posted 7/7/06 10:57 AM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: Somethings gotta give, right?
Posted by SweetestOfPeas
I get SO insanely jealous when I hear about my BIL's $800 a month mortgage on a 4 bedroom, 3 bath 3000 sq foot house - while they're earning the same if not more than DH and I!
not to mention the retiring at 50 part!
NOW THAT is living!
You need to prioritize what is important to you. Is the actual house and its size the most important thing? Or is it being near family & friends? Not everyone wants the McMansion but if that's what you expect for LI, then I could see why you'd be frustrated. It's unrealistic.
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| Posted 7/7/06 11:00 AM |
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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 Colleen9304
Posted by SweetestOfPeas
people are so negative because it is almost impossible to buy a house on LI unless you want to live check to check! what kind of life is that? live for your mortgage? it's infuriating!
That is no life and if that was the life we were going to live, we never would have bought. You need to resolve yourself to the fact that you're not going to be able to buy in the best SD or the best neighborhood coming out of the gate. But once you get some equity and sell to buy, then you move up.
Unless, of course, you're making more than the average and have a lot of money saved/invested...then you have more of a field to play with. Or if you're not afraid to do some work. But never look at the asking price as the final # - it's just that, asking.
we're in the latter part of what you said... but we're sitting tight. we're in no rush to buy the way the market is right now.
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| Posted 7/7/06 11:00 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: Somethings gotta give, right?
Posted by Palebride
Posted by SweetestOfPeas
yup! making less outside of NY is a misconception. same goes for "taxes are higher here b/c we have better schools"
umm no. taxes are higher here because we don't get the Gov't funding the rest of the country gets!
The salary thing isn't a misconception if you're a teacher, as i am. There's NO WAY I could make my salary as a teacher aywhere but on LI. I have a friend who has been teaching twice as long as I have, but I'm making more money than her now - only because I'm on LI and she isn't.
And I never said we have better schools than anywhere else. I said we have high taxes, and excellent schools. I don't mind paying higher taxes if it is going to the school so that my children can get an excellent education.
I don't know, maybe it's just me, but I don't understand why people have to be so negative about things. Why doesn't anyone like to look on the positive side of this situation?
Think happy thoughts
Me too, I can't earn what I earn doing what I do anywhere else. I would have to take substantially less money. I don't know about DH though.
My parents bought their house in 1974 for $25,000. That was a struggle for them. They told me it was scary and it was tough so they made it work. It wasn't a big house or fancy but a modest home in a nice neighborhood with good schools.
They sold it for $175,000 in 1994 and moved out of state because my dad couldn't find a job.
The people who bought their house were both CPAs and also were nervous about how they would afford to the payments, taxes..etc..
They are still there, they have made improvements on the house..etc..
It works out in the end...everybody struggles with buying a home and the money involved. We did..we were petrified. We are very happy we did it and wouldn't change a thing.
We will probaby sell our home in 3-5 years and hopefully be able to trade up. If we can't we will just stay put. There is always a chance we will move out of state, but aside from lower housing there isn't much of a draw for us at this point.
I guess my point is that every generation feels strangled by their mortgage and taxes and wishes it could be lower. My parents did, the people who bought their house did and we did.
The market is softer than it was a year ago which should make it easier to get into a house but the rates are higher. The rates are still historically low though. My parent's mortgage in 1974 was 6%.
I wish everyone luck in figuring this out for themselves. If I could make the same salary and move out of NY I would probably consider it.
Long Island is desirable for many reasons. If you stay here your housing costs will be high.
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| Posted 7/7/06 11:01 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Somethings gotta give, right?
Posted by Colleen9304
The appreciation rate of the last 5 years has definitely gone through the roof. But houses have always appreciated. The house that went for $14k in the 50's and sold for $170k in the 80's - I'm sure people thought the person who paid $170k for a $14k house, was NUTS! LOL But that's inflation...it's a catch-22.
Houses may level off...but there is no way prices will go down - especially to where they were 5 years ago. If they do, we're all in a world of hurt.
HOUSES HAVE NOT ALWAYS APPRECIATED!!!
thats the point!! everyone forgets how housing prices sank in the late 80s!
How can you say that there is NO WAY prices will go down??
eta: and you are talking about a house going from $14K in 1950 to $170 in 1970 - thats a thirty year time period, not five!
and Im not saying prices should decrease to where they were five years ago, but over 100% appreciation in five years is ridiculous.
Message edited 7/7/2006 11:04:19 AM.
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| Posted 7/7/06 11:01 AM |
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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 Colleen9304
Posted by SweetestOfPeas
I get SO insanely jealous when I hear about my BIL's $800 a month mortgage on a 4 bedroom, 3 bath 3000 sq foot house - while they're earning the same if not more than DH and I!
not to mention the retiring at 50 part!
NOW THAT is living!
You need to prioritize what is important to you. Is the actual house and its size the most important thing? Or is it being near family & friends? Not everyone wants the McMansion but if that's what you expect for LI, then I could see why you'd be frustrated. It's unrealistic.
none of DH's family is here. he moved to NY to be with me. I have some family here, but I am not "married" to this area... however, I would prefer to stay. I just get so frustrated when I see what other people have down south or in other parts of the country. they don't have a 40-60 yr old small house that needs $100K worth of work and $7K a yr in taxes.
Message edited 7/7/2006 11:04:15 AM.
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| Posted 7/7/06 11:03 AM |
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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 Beth1210
people are so negative because it is almost impossible to buy a house on LI unless you want to live check to check! what kind of life is that? live for your mortgage? it's infuriating!
Everyone I know that has bought a house doesnt live paycheck to paycheck. wether is was 10 years ago or 50 years ago... or recently.
I think its tough with every generation...
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| Posted 7/7/06 11:04 AM |
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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 Blu-ize
My parents bought their house in 1974 for $25,000. That was a struggle for them. They told me it was scary and it was tough so they made it work. It wasn't a big house or fancy but a modest home in a nice neighborhood with good schools.
They sold it for $175,000 in 1994 and moved out of state because my dad couldn't find a job.
Exactly! My parents bought their house in 1978 for $65,000. They sold it last year for over $600,000.
When they bought, they struggled (especially with 4 young children). But they made it work. We lived with only bathtub (no shower) for 10 years....but it worked!
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| Posted 7/7/06 11:05 AM |
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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 Palebride
Posted by Blu-ize
My parents bought their house in 1974 for $25,000. That was a struggle for them. They told me it was scary and it was tough so they made it work. It wasn't a big house or fancy but a modest home in a nice neighborhood with good schools.
They sold it for $175,000 in 1994 and moved out of state because my dad couldn't find a job.
Exactly! My parents bought their house in 1978 for $65,000. They sold it last year for over $600,000.
When they bought, they struggled (especially with 4 young children). But they made it work. We lived with only bathtub (no shower) for 10 years....but it worked!
did both your parents work while you were growing up?
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| Posted 7/7/06 11:08 AM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: Somethings gotta give, right?
I didn't forget about the 80's...but that depreciation only hurt those who had to sell. Everyone else who bought for the long haul, were able to sit and wait...and then they probably sold in 2000 for triple what the house was worth just 10 years prior.
I also remember the stock market crashing...
There is no absolute. If you can afford to buy, buy. It's a wise move. There is no reason to extend yourself. We were originally looking at houses in the $500k range...and wound up buying for almost $100k less - because we "stepped in it". We could have afforded the higher range (on one salary, mind you) but now we can still travel when and where we want and we don't have to tighten our belt's. And don't kid yourself, every house in every price range needs work. It's virtually impossible to purchase your dream home unless you're building it yourself.
Keep your options open and try to look at potential more than $$.
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| Posted 7/7/06 11:09 AM |
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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 Colleen9304
And don't kid yourself, every house in every price range needs work. It's virtually impossible to purchase your dream home unless you're building it yourself.
that's EXACTLY why so many young people are leaving LI.
they can buy a brand new house for 1/2 the price of a crappy one here. (and about 1/8th the taxes!)
Message edited 7/7/2006 11:11:02 AM.
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| Posted 7/7/06 11:10 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Somethings gotta give, right?
Posted by Colleen9304
I didn't forget about the 80's...but that depreciation only hurt those who had to sell. Everyone else who bought for the long haul, were able to sit and wait...and then they probably sold in 2000 for triple what the house was worth just 10 years prior.
I also remember the stock market crashing...
There is no absolute. If you can afford to buy, buy. It's a wise move. There is no reason to extend yourself. We were originally looking at houses in the $500k range...and wound up buying for almost $100k less - because we "stepped in it". We could have afforded the higher range (on one salary, mind you) but now we can still travel when and where we want and we don't have to tighten our belt's. And don't kid yourself, every house in every price range needs work. It's virtually impossible to purchase your dream home unless you're building it yourself.
Keep your options open and try to look at potential more than $$.
believe me, I am looking at potential!
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| Posted 7/7/06 11:11 AM |
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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 Meaghan729
Posted by Colleen9304
The appreciation rate of the last 5 years has definitely gone through the roof. But houses have always appreciated. The house that went for $14k in the 50's and sold for $170k in the 80's - I'm sure people thought the person who paid $170k for a $14k house, was NUTS! LOL But that's inflation...it's a catch-22.
Houses may level off...but there is no way prices will go down - especially to where they were 5 years ago. If they do, we're all in a world of hurt.
HOUSES HAVE NOT ALWAYS APPRECIATED!!!
thats the point!! everyone forgets how housing prices sank in the late 80s!
How can you say that there is NO WAY prices will go down??
eta: and you are talking about a house going from $14K in 1950 to $170 in 1970 - thats a thirty year time period, not five!
and Im not saying prices should decrease to where they were five years ago, but over 100% appreciation in five years is ridiculous.
Im lost then whats the point. Im sorry Im not being mean Im not really. We can all sit here and complain. People told me I was nuts to buy a house for $400k that has one bathroom. So my choice was sit in my apt longer and not live my life. We were able to afford it maybe it wasnt our taste but we took a gamble.
I dont life waiting around to see mayb just maybe the prices will drop significantly, Im not waiting 30years to see about inflation...
It is a soft market right now, but if oyu have the funds and are ready to take the step I would say go for it
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| Posted 7/7/06 11:13 AM |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: Somethings gotta give, right?
I have been debating this alot with my friends lately. My reasoning for staying here is that my friends and family are here. What's the point of owning a brand new house if I have no one to share it with. Plus when you move out of state you don't know what the areas are like, what the schools are like, etc. (unless you know someone who already lives there).
And I don't agree that everyone on Long Island lives paycheck to paycheck to own a house.
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| Posted 7/7/06 11:14 AM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: Somethings gotta give, right?
Posted by schnapy
Im lost then whats the point. Im sorry Im not being mean Im not really. We can all sit here and complain. People told me I was nuts to buy a house for $400k that has one bathroom. So my choice was sit in my apt longer and not live my life. We were able to afford it maybe it wasnt our taste but we took a gamble.
I dont life waiting around to see mayb just maybe the prices will drop significantly, Im not waiting 30years to see about inflation...
It is a soft market right now, but if oyu have the funds and are ready to take the step I would say go for it
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| Posted 7/7/06 11:15 AM |
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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 charon54
I have been debating this alot with my friends lately. My reasoning for staying here is that my friends and family are here. What's the point of owning a brand new house if I have no one to share it with. Plus when you move out of state you don't know what the areas are like, what the schools are like, etc. (unless you know someone who already lives there).
And I don't agree that everyone on Long Island lives paycheck to paycheck to own a house.
well if the avg salary on LI is $76K and the avg house costs $422K, how is it that the average Long Islander buying a house today would not be living check to check?
Message edited 7/7/2006 11:16:31 AM.
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| Posted 7/7/06 11:16 AM |
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