| Posted By |
Message |
| Pages: 1 [2] |
Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
|
Re: To wait or not to wait
Posted by LSP2005
Posted by JenG
Posted by Redhead
that is the question
with the slow in the market and decreases (yes i know some tis the season)
But it leaves you seriously wondering where the market will go...
should we try waiting and seeing or take the winter slow down and run
my husband and i are wondering the same thing.
I can say that with the new FED chair coming in this January people are sort of in a holding pattern. The interest rates went from 5.73 last week to 5.88 this week. While not the 15-17 range that was popular in the mid 80s it is still a shift.
I would look at how much it would cost to rent a comperable size place in the same neighborhood. So long as it costs more to rent than your mortgage will be it is better to buy if you can. But if it is less expensive to rent than to own. Put your downpayment $ in something that will earn you more money and rent.
sorry but i don't think, if it is possible, i would ever rent!
|
Posted 11/2/05 12:14 PM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
dengal
Dad of Twins
Member since 5/05 1385 total posts
Name:
The 80's Man
Let's Go Mets!
|
Re: To wait or not to wait
If interests rates go up more, it'll make prices drop or not go up, so to me it's a wash. Outside of financial difficulties, I don't think I could ever rent either. It would kill me to see that money going to nothing at the end of the month.
|
| Posted 11/2/05 12:26 PM |
| |
|
Diana1215
Living on a prayer!!!
Member since 10/05 29450 total posts
Name:
Diana
|
Re: To wait or not to wait
I rented for a pretty long time (about 5 years or so) and I always had roomates so the most I ever paid was $600. But, looking back now - I wish I would have saved earlier on and bought something smaller like a condo before I got my house. I don't regret renting but if I had the $$ and were a little smarter with it back in the day I would have bought something.
Bottom line is this - you can't go wrong with owning real estate!!!
|
| Posted 11/2/05 12:27 PM |
| |
|
Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
|
Re: To wait or not to wait
Posted by Diana1215
Bottom line is this - you can't go wrong with owning real estate!!!
VERY true
My friend moved into an apt the same time i moved into my condo..
I can afford a house because i have that money from my condo to buy a nice home
My friend who rented......is freaking out wondering how she will ever own a home of her own
|
| Posted 11/2/05 1:07 PM |
| |
|
-Lisa-
---------------
Member since 5/05 6530 total posts
Name:
Lisa
|
Re: To wait or not to wait
Posted by Redhead
Posted by -Lisa-
I don't think the bubble will burst, but the market has stalled. I don't expect to see a huge decrease in prices, but they're not going up lately either.
i have already see some drop
I meant selling prices, not list price. Houses aren't selling for less than they did last year, but its common to see drops in list prices now (because they were ridiculously priced to start with).
The market has been at a standstill for the last few months.
Message edited 11/2/2005 2:32:07 PM.
|
| Posted 11/2/05 2:31 PM |
| |
|
Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
|
Re: To wait or not to wait
Posted by -Lisa-
Posted by Redhead
Posted by -Lisa-
I don't think the bubble will burst, but the market has stalled. I don't expect to see a huge decrease in prices, but they're not going up lately either.
i have already see some drop
I meant selling prices, not list price. Houses aren't selling for less than they did last year, but its common to see drops in list prices now (because they were ridiculously priced to start with).
The market has been at a standstill for the last few months.
true...but as of recently, this past month, i have started seeing the decrease in listing prices!
|
| Posted 11/2/05 2:34 PM |
| |
|
DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
|
Re: To wait or not to wait
Posted by Redhead
true...but as of recently, this past month, i have started seeing the decrease in listing prices!
You are probably seeing a decrease in listing prices for the same reason why people are seeing price drops.
The listing agents are probably not bothering with their insane asking prices anymore.
Originally you would see prices drop cause people weren't getting their listing. Well at this point... why delay with asking a crazy price? Just list it at its price to sell. This will bring down listing prices slightly.
But of course this could vary by town. I am still getting MLS listings for Levittown... and listing prices there really haven't changed. The norm for Levit listings is 375k to 450k. I saw a few just this week pass my email that were in the 440s!
|
| Posted 11/2/05 2:45 PM |
| |
|
~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
|
Re: To wait or not to wait
Posted by DjPiLL
But of course this could vary by town.
It must be b/c I haven't seen a drop in the *listing* price for towns I've been looking in.
I have seen houses that were listed at rediculous prices (thinking they could jump on the real estate gravy train), drop - significantly, even. I still see houses being listed at the same prices they've been listing at.
Sometimes we kick ourselves for not buying 5 years ago...but for the most part we feel that we've had a roof over our heads and we don't pay a rediculous amount in rent for a great apartment and location AND we're able to save a ton of money.
|
| Posted 11/2/05 2:55 PM |
| |
|
karacg
Babygirl is 4!
Member since 5/05 17076 total posts
Name:
Kara®
|
Re: To wait or not to wait
Red -- I know you don't want to hear from me, but I did go to a seminar a few weeks ago, re: Investing in the Market vs. Real Estate, at Edward Jones. Supposedly the top areas forecasted to burst soonest and hardest are #1 Boston/Braintree area and right after that -- LI. I find it hard to believe but this is what the RE investor told us.... So, perhaps prices will come down a bit.
I think that if you find what you are looking for though, you should just go for it.
|
| Posted 11/2/05 3:31 PM |
| |
|
JenG
Love my little boy!
Member since 6/05 2489 total posts
Name:
Jen
|
Re: To wait or not to wait
Posted by karacg
Red -- I know you don't want to hear from me, but I did go to a seminar a few weeks ago, re: Investing in the Market vs. Real Estate, at Edward Jones. Supposedly the top areas forecasted to burst soonest and hardest are #1 Boston/Braintree area and right after that -- LI. I find it hard to believe but this is what the RE investor told us.... So, perhaps prices will come down a bit.
I think that if you find what you are looking for though, you should just go for it.
what parts of long island, did they say?
|
| Posted 11/2/05 4:02 PM |
| |
|
karacg
Babygirl is 4!
Member since 5/05 17076 total posts
Name:
Kara®
|
Re: To wait or not to wait
Posted by JenG
what parts of long island, did they say?
No, they just grouped it all together --
I am also of the mind that owning real estate is much better than renting.
Message edited 11/2/2005 4:13:24 PM.
|
| Posted 11/2/05 4:12 PM |
| |
|
kat813
LIF Adolescent
Member since 9/05 754 total posts
Name:
Kathleen
|
Re: To wait or not to wait
I'm jumping in here late in the game but just wanted to add my MIL is a real estate appraiser and says it has been much slower than usual. All homes that are sold need to be appraised so I would think this means that the market is slowing down. Also, think about all the houses that are now on the market for many months. In the past few years you did not see this as there was a very short supply of houses. Now I notice for sale signs everywhere and I think people are trying to take advantage of the end of the bubble. I think prices will go down...maybe not to what they were 5 years ago but I would bet they go down 20%. Doesn't sound like much but 20% on $500K takes that house down to $400K. Pretty big difference.
And Red, to your point on Condo's...I think they tend to trail the market a little. Typically they are a little more affordable than houses so people are attracted to that if they can get a nice place for a little less than they would spend on a house that may need work.
Best of luck to you:)
|
| Posted 11/2/05 7:05 PM |
| |
|
Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
|
Re: To wait or not to wait
Posted by karacg
Red -- I know you don't want to hear from me, but I did go to a seminar a few weeks ago, re: Investing in the Market vs. Real Estate, at Edward Jones. Supposedly the top areas forecasted to burst soonest and hardest are #1 Boston/Braintree area and right after that -- LI. I find it hard to believe but this is what the RE investor told us.... So, perhaps prices will come down a bit.
I think that if you find what you are looking for though, you should just go for it.
thank you for the info! It was appreciated
|
| Posted 11/2/05 8:48 PM |
| |
|
Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
|
Re: To wait or not to wait
Posted by kat813
I'm jumping in here late in the game but just wanted to add my MIL is a real estate appraiser and says it has been much slower than usual. All homes that are sold need to be appraised so I would think this means that the market is slowing down. Also, think about all the houses that are now on the market for many months. In the past few years you did not see this as there was a very short supply of houses. Now I notice for sale signs everywhere and I think people are trying to take advantage of the end of the bubble. I think prices will go down...maybe not to what they were 5 years ago but I would bet they go down 20%. Doesn't sound like much but 20% on $500K takes that house down to $400K. Pretty big difference.
And Red, to your point on Condo's...I think they tend to trail the market a little. Typically they are a little more affordable than houses so people are attracted to that if they can get a nice place for a little less than they would spend on a house that may need work.
Best of luck to you:)
THanks very much...
i am thankful we went to contract on our condo!
I won't have to worry about that part any longer 
|
| Posted 11/2/05 8:50 PM |
| |
|
-Lisa-
---------------
Member since 5/05 6530 total posts
Name:
Lisa
|
Re: To wait or not to wait
my MIL is a real estate appraiser and says it has been much slower than usual. All homes that are sold need to be appraised so I would think this means that the market is slowing down.
I'm a real estate appraiser also, and it has been slow lately, particularly on the refinancing side. With interest rates going up, and house prices stablizing, there's less interest in refi's.
|
| Posted 11/2/05 9:06 PM |
| |
|
Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
|
Re: To wait or not to wait
Posted by -Lisa-
my MIL is a real estate appraiser and says it has been much slower than usual. All homes that are sold need to be appraised so I would think this means that the market is slowing down.
I'm a real estate appraiser also, and it has been slow lately, particularly on the refinancing side. With interest rates going up, and house prices stablizing, there's less interest in refi's.
well i think that is to be expected
|
| Posted 11/2/05 9:18 PM |
| |
|
BabyAvocado
Happy New Year
Member since 5/05 17334 total posts
Name:
|
Re: To wait or not to wait
I wouldn't wait. I think the stall right now is as much of a bubble burst as you are going to see. Like someone else said...it's only an asking price. And in the long run, real estate always goes up. It's like you said with your friend who rented the apt while you bought the condo.
I say keep looking and if you find something you like go ahead and make an offer. I think with the market the way it is right now, you'll have a better chance of bidding low and having that offer accepted (though it may be awhile because they might want to wait it out a bit).
|
| Posted 11/3/05 9:48 AM |
| |
|
| Pages: 1 [2] |
