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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 schnapy
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
The point is you said "Houses always appreciate" and that is not true. Many people today have that mindset.
All I am saying, the point of the post from the very first one - is that first time homebuyers are being squeezed out of the market because of the crazy appreciaton.
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Posted 7/7/06 11:17 AM  |
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Long Island Weddings
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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
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?
B/c average's are just that. My house cost less than the "average" and while my salary is less than the "average", combined we make close to triple the "average". You shouldn't look at what everyone else has but rather what you can afford. Jmo.
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| Posted 7/7/06 11:19 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?
this is a $400K home in the Dallas burbs near where my BIL & SIL live
Standard Features:
Security system
Wrought iron stair balusters
Skip trowel finish on walls in kitchen, breakfast nook, and master bath dressing area
Direct or top vent fireplace in family with painted mantle, fluted legs, and choice of marble or ceramic tile surround
Custom stained ash kitchen cabinets with raised panels and 42" uppers
Marble or ceramic tile entry floor
Ceramic tile kitchen, breakfast nook, and utility floors
High efficiency 13 SEER air conditioning, dual zone in 2 story plans
8' mahogany wood front door with beveled glass
Crown moulding in entry, formal living, and formal dining
6 3/8" base mouldings throughout downstairs
Choice of 12x12 granite, marble, or ceramic tile countertops with wood edging
Full sod and sprinkler system
Full gutters
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| Posted 7/7/06 11:21 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
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?
yes. my dad owned his own business and worked during the day. my mom is a nurse and worked nights at a hospital
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| Posted 7/7/06 11:22 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 Palebride
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!
I don't think it's as impossible as some people think it is to afford a home. Perhaps you can't afford the nicest home in the nicest town right away, but there are homes out there that are affordable.
My husband and I are FAR from wealthy - but we will be able to afford a house (once we find one that we like)
And people who bought 5 years ago could easliy sell their homes for A LOT more than they paid then, and use the money they made as a nice down payment on a new home.
Where there's a will, there's a way.
And if you didn't buy 5 years ago??? you're screwed?? sorry, I was 19 five years ago!
NO you are not, you still will make a profit maybe not a killing but a profit. The house down the block from us was bought last year at 360 and sold this year for 450
90k profit not bad
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| Posted 7/7/06 11:23 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
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?
B/c average's are just that. My house cost less than the "average" and while my salary is less than the "average", combined we make close to triple the "average". You shouldn't look at what everyone else has but rather what you can afford. Jmo.
you're not getting the point here.
the avg salary here is not higher than the Nat'l avg but the avg price of a house nationwide is in the low 200's.
see the imbalance?
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| Posted 7/7/06 11:23 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
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?
yes. my dad owned his own business and worked during the day. my mom is a nurse and worked nights at a hospital
my folks bought their house in 1981 for $80K and yes, it was a struggle with 3 kids.
but mom was a SAHM. not very possible these days, not here anyway.
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| Posted 7/7/06 11:25 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?
[
NO you are not, you still will make a profit maybe not a killing but a profit. The house down the block from us was bought last year at 360 and sold this year for 450
90k profit not bad
90K minus any work put into the house
minus 12 months of mortgage payments
what do they have in the end???
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| Posted 7/7/06 11:25 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
this is a $400K home in the Dallas burbs near where my BIL & SIL live
and that's a wonderful deal if you want to move to Texas. Personally, and this is nothing against the state of Texas, or anyone who lives there, I will not ever live there. I visited once and the climate does not agree with me, and it is too far from my family. Not worth it to me.
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| Posted 7/7/06 11:25 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
this is a $400K home in the Dallas burbs near where my BIL & SIL live
and that's a wonderful deal if you want to move to Texas. Personally, and this is nothing against the state of Texas, or anyone who lives there, I will not ever live there. I visited once and the climate does not agree with me, and it is too far from my family. Not worth it to me.
I was trying to point out the obvious imbalance. you can also get just as a nice of a house in the burbs of Atlanta or NC for even LESS $
it's rediculous
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| Posted 7/7/06 11:28 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 SweetestOfPeas
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?
thats with one person. thats about 4000k take home a month, approx. if its a 2 person income and they make the same thats about 8k a month. if you cant pay a mortgage on 8k a month coming in. Something is wrong
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| Posted 7/7/06 11:28 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 you are not, you still will make a profit maybe not a killing but a profit. The house down the block from us was bought last year at 360 and sold this year for 450
90k profit not bad
90K minus any work put into the house
minus 12 months of mortgage payments
what do they have in the end???
It could have cost him 10k to fix the house, maybe he had a small mortgage. My point is that he did sell the house for more. Thats it
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| Posted 7/7/06 11:30 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 schnapy
Posted by SweetestOfPeas
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?
thats with one person. thats about 4000k take home a month, approx. if its a 2 person income and they make the same thats about 8k a month. if you cant pay a mortgage on 8k a month coming in. Something is wrong
sorry, I should have clarified... $76K is the avg HOUSEHOLD income on LI
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| Posted 7/7/06 11:30 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 schnapy
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
The point is you said "Houses always appreciate" and that is not true. Many people today have that mindset.
All I am saying, the point of the post from the very first one - is that first time homebuyers are being squeezed out of the market because of the crazy appreciaton.
I agreeeee.. the market *****.... But it is what it is
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| Posted 7/7/06 11:31 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?
Posted by schnapy
Posted by Beth1210
[
NO you are not, you still will make a profit maybe not a killing but a profit. The house down the block from us was bought last year at 360 and sold this year for 450
90k profit not bad
90K minus any work put into the house
minus 12 months of mortgage payments
what do they have in the end???
It could have cost him 10k to fix the house, maybe he had a small mortgage. My point is that he did sell the house for more. Thats it
I doubt that he bought a house at the peak last year and sold it for more this year with out doing a decent amount of work
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| Posted 7/7/06 11:32 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
Posted by Palebride
Posted by SweetestOfPeas
this is a $400K home in the Dallas burbs near where my BIL & SIL live
and that's a wonderful deal if you want to move to Texas. Personally, and this is nothing against the state of Texas, or anyone who lives there, I will not ever live there. I visited once and the climate does not agree with me, and it is too far from my family. Not worth it to me.
I was trying to point out the obvious imbalance. you can also get just as a nice of a house in the burbs of Atlanta or NC for even LESS $
it's rediculous
And I wouldn't move to either of those places either.
My personal preference is to stay on LI and accept any negatives that come with that decision. If that means less house for my money and higher taxes, that's what I will deal with. But it also means living closer to my family and my husband's family and making more money as a teacher, and THOSE are the things that are important to me.
I don't find it to be ridiculous, I find that to be life. Nothing is ever perfect.
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| Posted 7/7/06 11:32 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 SweetestOfPeas
this is a $400K home in the Dallas burbs near where my BIL & SIL live
IMAGE
Standard Features:
Security system
Wrought iron stair balusters
Skip trowel finish on walls in kitchen, breakfast nook, and master bath dressing area
Direct or top vent fireplace in family with painted mantle, fluted legs, and choice of marble or ceramic tile surround
Custom stained ash kitchen cabinets with raised panels and 42" uppers
Marble or ceramic tile entry floor
Ceramic tile kitchen, breakfast nook, and utility floors
High efficiency 13 SEER air conditioning, dual zone in 2 story plans
8' mahogany wood front door with beveled glass
Crown moulding in entry, formal living, and formal dining
6 3/8" base mouldings throughout downstairs
Choice of 12x12 granite, marble, or ceramic tile countertops with wood edging
Full sod and sprinkler system
Full gutters
You can either keep comparing houses, what other people have dont have, etc. Or buy when you are ready
**** if that was the case and one kept looking at what else you can get, this society would be worse off than it is. I can care less what other states have, you have to live for oyur lifem,be happy or move to dallas
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| Posted 7/7/06 11:33 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?
sorry, I should have clarified... $76K is the avg HOUSEHOLD income on LI
Living on $4K a month with a family of 4 on LI is really hard
g-d bless anyone that can do it- I doubt it's fun
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| Posted 7/7/06 11:33 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
Posted by Colleen9304
Posted by SweetestOfPeas
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?
B/c average's are just that. My house cost less than the "average" and while my salary is less than the "average", combined we make close to triple the "average". You shouldn't look at what everyone else has but rather what you can afford. Jmo.
you're not getting the point here.
the avg salary here is not higher than the Nat'l avg but the avg price of a house nationwide is in the low 200's.
see the imbalance?
I get the "point" but I disagree with basing it on average's. Salary average's fluctuate all over NY - let alone across the board. I suppose if you discluded NY & CA, perhaps houses could average out to the low $200's but I don't live anywhere but in NY. I have to base MY cost of living on where I live. I can't base it on Little Falls, AK. If I did, then perhaps that's where I should be living
We pay for a lot more than just our homes when we purchase in NY. That house from Dallas looks great - totally not my taste - but I'd have to make a huge sacrifice (by MY standards) by moving to Texas. Again, so not my thing.
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| Posted 7/7/06 11:34 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
Posted by schnapy
Posted by Beth1210
[
NO you are not, you still will make a profit maybe not a killing but a profit. The house down the block from us was bought last year at 360 and sold this year for 450
90k profit not bad
90K minus any work put into the house
minus 12 months of mortgage payments
what do they have in the end???
It could have cost him 10k to fix the house, maybe he had a small mortgage. My point is that he did sell the house for more. Thats it
I doubt that he bought a house at the peak last year and sold it for more this year with out doing a decent amount of work
This is what he did, ripped up carpet and sanded floors. Painted the inside and put a cheap *** home dopot kitchen.. And painted the outside. Hes handy so in that situation he didnt go for his throat
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| Posted 7/7/06 11:34 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
sorry, I should have clarified... $76K is the avg HOUSEHOLD income on LI
Living on $4K a month with a family of 4 on LI is really hard
g-d bless anyone that can do it- I doubt it's fun
How many of us complaining about the prices are a family of four..,.. Ill cross that bridge when I get to it..
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| Posted 7/7/06 11:34 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
sorry, I should have clarified... $76K is the avg HOUSEHOLD income on LI
Living on $4K a month with a family of 4 on LI is really hard
g-d bless anyone that can do it- I doubt it's fun
And now that you say that, my friend is a family of 4, her husband makes about 65k a year, they own a home and the wife works a pt job They do it. They also hardly spend but they do it..
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| Posted 7/7/06 11:36 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
but mom was a SAHM. not very possible these days, not here anyway.
I didn't realize that being a SAHM was being debated as well.
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| Posted 7/7/06 11:36 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?
Posted by schnapy
Posted by Beth1210
sorry, I should have clarified... $76K is the avg HOUSEHOLD income on LI
Living on $4K a month with a family of 4 on LI is really hard
g-d bless anyone that can do it- I doubt it's fun
How many of us complaining about the prices are a family of four..,.. Ill cross that bridge when I get to it..
were taking AVERAGE- that's the average family size
personally - I don't fall into the average category- and I am not rushing out to buy an over priced 40 year old- so go this really doesn't effect me either way-
I might buy a house herr next year- or I might move down to Florida- like the rest of my family- I hate the winter-
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| Posted 7/7/06 11:37 AM |
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verdila
LIF Infant
Member since 7/05 308 total posts
Name:
me
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Re: Somethings gotta give, right?
Beautiful house in Dallas....but it's DALLAS! I've been there and personally I would not want to live there.
We pay a high price because of our location too ... living near some of the greatest restaurants, theatre, and beaches in the country. I was talking to this guy on the train who was in town from Ohio on business the other day (he was lost) and we were talking about real estate. He told me how he had just bought his 4 bedroom ranch on 5 acres for 140k and he was saying how he had heard about the insane real estate market here. So, I told him how lucky he was and how he would never get that kind of property or house here. And what does he say!!! He actually tells me he thinks I'm lucky for living here! He loves coming to NYC on business for all the restaurants and theatre. He said by him all he has are malls and chain restaurants and he said the theatre by him is the local high school variety show! Ya know the old saying... grass is always greener on the other side!
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| Posted 7/7/06 11:37 AM |
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