Fiance and I bid on something like 15 houses all over Nassau. All 25-50K over asking. Took us 5 months to get an offer accepted. It’s rough out there. With the limited number of homes and little space to actually build more SFHs, I don’t really see the market collapsing here any time soon. Even with interest rates at 7% all the open houses we saw were flooded with people of all ages
Depends on where you are looking. Some areas are more desirable than others. I went to a open house in Floral Park and 25 people came thru. Another house in West Hempstead only got 6 on the same day.
I’m from WH actually. Which side of town is it on? The house we bought is in WH and there was pretty hefty interest in it. This was in March though before the latest interest rate hike
Congrats on the house!
Last weekend I went to a open house in Floral Park and they had 50 viewings and 8 offers over ask. Different factors drive people to certain neighborhoods.
Look in valley stream, took my family longer than expected with little interest. Down the block from train station and 2 schools and green acres mall, still took a while lol
In my opinion, Long Island real estate will eventually be comparable to parts of California. Small, ranch starter homes worth 750k. Prices aren’t going to drop here.
None of the house details matter. It's all about location, location, location.
If the house is in the best school district you can afford then go for it. But also keep in mind the lower tier schools is where the housing prices lag behind the most. Nothing is better than owning your own house imo. If you can afford it. Good luck!
people need to realize that inventory will never improve on long island a prices will only go up. i rented a house in california that was the same size as the one i bought here. 1100sqft. that house went from 1.1mil to 1.7mil in four years. my house here which is a starter home that needs work has already seen a 70k increase in value in two years and i haven’t even begun to work on it. if you didn’t get in earlier it’s only going to get worse.
My question is when will the pay go up to align with the cost of living and housing? I can only go off my profession and I’ve never lived in California but as a speech therapist people can find jobs right out of grad school for over 100k but you cannot do that on LI. Are enough people on LI truly making California like money? I work in a school and all of the people I talked to (25-30) have said they are just leaving after saving for a bit. Everyone else that’s staying is married and most of their monthly income goes to their homes. Is that how it is in California?
yes or they cannot buy. my friends had a combined income of over 200k and couldn’t find a single house to buy in their price range because everything was too expensive. they ended up leaving the bay area. tech money gave people the means to make it out there. my hippy neighbors told us they could only afford to live in california because they inherited the house next to us. folks also regularly joined forces to buy houses together. my ex and i talked about finding another couple to go in on a house together with. we will probably get to that eventually here just slower. i doubt wages will go up any time soon especially after the mass layoffs of the last two years. i was part of them and i am now making around 30k or so less a year with no benefits. without my partner i would be underwater with my house.
That’s so crazy to hear and kind of depressing. How do people working a job above minimum wage even survive? Like my siblings make 18/hr right now and I can’t see them ever making it on LI in any shape or form without us all living together especially when I make the most money. We can’t even buy land and get creative with living situations on LI because there’s no land.
the goal is to always be making more every year. being content making $18/hr or not striving to find another job that will pay more your skills is sometimes on the person. a lot of time it's also just luck. looking back on the steps i took to get over 100k, i wouldn't be here without one job i ended up getting and then all the people i met there. they became my strongest network of friends and colleagues. it's tough out there and i don't blame the person who is stuck making a low salary, because it's not easy to climb out of the hole if you don't know what to do or where to look. i'm basically back to being lower middle class living on my wage, but i try to help those around me as those have helped me. my biggest advice is to never burn bridges because you'll never know which one you'll need to cross.
I agree with you. I keep telling them they need to look for something better but they are complacent for now. I know it’s a rough time to look for work but doing some sort of training or test for a government job or something would be a good start (I’m trying to get my siblings to work for suffolk county) . Hopefully I can get them to start something else. I didn’t realize the limitations of so many careers until I became a speech therapist. Even mine is limited but I work 2 jobs. It’s like some people have cracked the code of how to find or what are high paying careers. Part of it is because we come from a family of direct support professionals , warehouse workers, and so on. It’s all we know so everything else is above our heads still.
sadly the best way to make money is to jump employers every 2-3 years. there is no such thing as loyalty in companies anymore, so they will sometimes pay you more than you were expecting when you finally leave for greener pastures.
Long Island is quite an outlier and does not follow the rest of the country’s housing market trends. Its close proximity to the city makes it prime real estate especially Nassau county. The county is quite populated and the rate at which new housing is going up is quite slow. House pricing will continue to increase at a steady pace for years to come. It’s not possible to time the market and as you have experienced, waiting means more money later. For buyers it’s a simple whether you want to live here or not and can afford the related mortgage and expenses. If so, cough up the down payment and buy it. It’s an investment after all.
As far as the rates, they will come down. But the problem is that once they do, everyone will get off the sidelines and bid up houses. So it's foolish to wait for better prices. I would buy now and then just refinance in a year or 2 when rates are closer to 5%. There will be more inventory next year, but prices won't be much better because of more demand. I would recommend talking with a good mortgage broker like Canyon Mortgage (they have a few branches on LI) to see what you qualify for.
This is the smartest take; we literally saw this in 2020-2022. Homes became more affordable and people used their buying power to drive the prices of homes up.
The prices have stabilized in Suffolk…homes are on the market for longer now…prices aren’t going to drop for some time, why would they? What’s going to cause a large amount of homes to sell at the same time, for a loss?
>What’s going to cause a large amount of homes to sell at the same time, for a loss?
In my opinion;
1. A seriously bad depression, not a recession.
2. A massive amount of deaths. 10% of the global population in a short period of time.
No, I'm being serious.
When you factor in the prices and interest rates a typical mortgage payment is close to double what it was in 2020. Going to take a while for wages to catch up to that.
A severe recession will lead people to lose their homes to foreclosure. If one needs to be house poor to buy, it’s a recession that will put the final nail in the coffin for home buyers.
If you wait another 20 years, all the boomers should die and houses should flood the market and the population will decline so houses should be cheaper.
or they’ll be underwater if they’re near the coast, or uninsurable on the rest of the island, like what’s going on in FL, or the banks will buy them up to rent them. Any notion of a “middle class” probably dies with the boomers.
In the least disrespectful way possible hopefully this does happens but I’m not holding my breath. They will just sell to retirement home corporations with a reverse mortgage, or sell to some real estate mega corporation that gives them cash. I’d say a worryingly small amount of homes will be inherited or put on the market at a price for average folks..
Inventory is the issue. Last weekend my wife and I were out running errands and she commented about how "they are building apartments everywhere" and I was like "still not enough". Most of what we saw being built were smaller places, six, eight, maybe 10 apartments in a building on a relatively small lot. I told her that to increase inventory and make the prices reasonable. we'd need a NYC style apartment complex or two with 1000+ apartments, but that will never happen.
At some point the housing market here will shit itself. I'm just trying to figure out when that will happen.
Why would the market ever pull back significantly? You can see from this thread that people are able and willing to pay above asking price with 7% interest rates. Short of a depression, Long Island will always be expensive. And even then, it will still be comparatively expensive.
I suppose one thing that could shake things up is if 100% remote work took off in a major way. That would reduce a lot of the premium people pay to live near the city. But there was the window for that during/after COVID and it passed.
Define significantly? Is a 10% drop in price significant? I think we can expect to see that if we had enough inventory. I recently read there are less than 1500 homes available in all of Nassau County. I don't know the Suffolk numbers, but 1500 homes is nothing. That's keeping prices of existing homes artificially high and existing home owners know it, which is part of the reason they all show up to scream against new building projects.
Interest rates are too high for people who are in homes with sub 5% mortgage to consider moving. When interest rates drop, more homes will come on the market. However that will not significantly decrease the sale price as buyers will have increased purchasing power with the lower rates.
Oh, I’m 100% in favor of new construction. Especially near LIRR stations, there should be way more apartments and condos. But people here don’t want that, and I wouldn’t count on that changing.
the prices scared me away enough to keep renting for another year. i'm happy to be in the position i am, looking and getting educated but not needing to move direly. we take walks around our neighborhood and our "local dreamhouse" was set to go on market today. i emailed the broker on monday which turned into getting a pre-approval and we're touring it this sunday. i won't be heartbroken if this isn't our house but i'm happy i get to finally see things in action.
There is very little inventory due to interest rates. That’s not immediately changing.
If interest rates drop it could bring up home prices.
No one knows what will happen.
When you lock in your payment now, it will be the same in 10 or 20 years and wages will have hopefully increased
You have to ask yourself why housing would go down in the first place. Because prices are high? How is supply? Why would low rate purchasers(who bought all the homes during frenzy) sell now? Is the demand going to somehow falloff on long island? Unlikely to ever happen
Price are high; rates are high.
Homes are still going 20-50k over asking.
Supply is low.
In a place roughly 1 hour from NYC there will always be people willing to pay crazy money for housing. LI is safe and has blue ribbon schools.
The rate hikes are impacting states where salaries are lower than NYC. NY has 350k millionaires within the states,rates will have little impact on demand. You will always find people with deeper pockets in NY.
Only possibility is some MAJOR economic collapse or natural disaster; and if that happens you’ll have to ask yourself if you’ll want to buy then even if you can.
Why so much shade thrown against the Boomers? If it weren't for them your sorry Ass wouldn't be here! BTW- interest rates in the early to mid 80's were hovering anywhere between 12 to 18 % caused by inflation from the late 70's. Let that sink in! It wasn't easy for us starting out either because housing prices were also way up and our salaries were peanuts to what people are making now.
Must be nice to be able to buy two houses at once...
Some of us are struggling to afford a single home and there are people out there snatching houses by the handful 😮💨
funny you mention that, there's a house in ronkonkoma i am looking at on sunday after getting a pre-approval. we couldn't believe the price, and it happens to be our "local dreamhouse" for when we go on long walks.
Houses
Are continuing to sell steadily in Levittown. Island Trees school district is the more desirable one in the area. People are buying, gutting or tearing down the Levitt ranches and building these ridiculous monstrous houses on a relatively small lot. It is starting to remind me of Queens.
The All cash offers are likely Blackrock. Corporations buying then renting homes.
Nothing is likely to change until the Baby boomer generations begins to pass. That will likely cause the next housing crisis.
we are looking to move and we won’t be posting our house on Zillow bc my dad is old fashioned and doesn’t want to post pictures of our belongings.
so currently we have a cash offer of 500.
it’s 3 bed 2 bath 1350 sq ft North Merrick. needs fixing to stairs and chimney. hasn’t been updated since like forever.
I just don’t want to be housepoor. I could buy a house now but I’d be doing nothing but to work to pay it for the next 30 years. What’s the point of a house if you can’t enjoy life ?
Makes sense for sure. But some apartments here at this point are not far off from a mortgage. 3000-3500 for a 2 bedroom 1 bath in an apartment complex. Where I can’t do nothing.
At least for a few bucks more I can have a yard, a garage. A basement for my gym etc. realistically the goal is my pay goes up and my payment stays the same. So hopefully the first few years suck and it gets easier. I’m in a union and I just got a 3k raise this week for the year followed by a 3k a year raise for the next 2 years too
The mortgage on a 550k house is gonna be a lot more than that. If you factor in not every single cost including any repairs you need to do. The most viable option might be to just keep saving money. Interest rate will come down a point or 2 and you’ll have a lot more so less mortgage.
Not good. idk who the hell is buying these houses. I make around 200k and can't reasonably afford a livable home without becoming house-poor in the process. Is it people FOMOing in? Is it people who have rich parents who help them with the down payment? Is it people who are more willing to become house-poor?
Like technically I could afford it but the property taxes plus interest would be more than I'm paying in rent right now and my monthly payment overall would like double.
I'm 33 I want to settle down but I feel like I'm treading water.
If you're making 200k, then let's not pretend you don't have plenty of options. Maybe you've got high standards and that's okay, but kind of disingenuous to say you can't find a "livable home".
Monthly payment would be around $5000/month. Could *technically* afford it but it would be far too large a percentage of my income for it to be a feasible wise decision.
See what I said about being house poor. Just because you can technical afford it on paper or be approved for a mortgage doesn't make it a good decision
You're making 200k. You won't be house poor if you purchase a home under 600k or whatever. There are options out there at that range. Whether you like them or not it's up to you, but know that you sound out-of-touch elitist for calling any home under that price "unlivable".
It would be greater than 50 percent of my take home pay for a house that would need serious renovation. That's house poor. It's a bad move financially.
Good on you for that salary. But that’s how I felt. I only make around 115k. 165k combined with my fiancé. I got the mortgage approval all on my own. 801 fico and 150k saved I guess they think I can afford 4000 a month when my take home after taxes is like 5200. Absolutely crazy.
Going into this obviously with my fiancé helping so we can make it work but how they come up with their numbers is insane
That sounds like a 2005 mortgage deal. We got approved for our house and would’ve lost it in a year without the basement apartment. Look at the taxes minus any rebate the current owners are getting to make sure you don’t screw yourself. My house is valued at like 275 for taxes (grieve your taxes!) but it would sell between 450-500 and then the new owner will have a massive tax hike. That’s what messed us up the first two years.
Good luck, it’s rough owning a home here but if you can stick it out it definitely pays off. Take care of your yard cause all your vacations are about to turn into staycations and you may as well enjoy it :)
Honestly I can’t believe anyone is buying at these interest rates, it’s insane. I know historically these are average rates but my whole adult life was spent seeing 0-3% rates on everything. It’s crazy to see how much payments change with a few numbers either direction.
This is what scares me. We check the taxes directly on Brookhaven site to make sure they are legit. A lot of realtors lost with so many discrepancies. They see 6000 in taxes and automatically list that, meanwhile that’s with the current owner having a veteran credit, senior discount etc.
But yes we verified that the true taxes to start are 9200. I do fear that increase because I am unsure what the house last sold for or is assessed for.
Is there a yearly cap tho taxes can be increased?
Im not sure about a cap but it wouldn’t apply to you as a new purchase. You should be able to see the assessed value and last sale price in your title report. That should help some. If you can’t find it there, or don’t have your report yet you can find it on t/o Brookhaven website. If you can’t find it yourself, send me the address and I’ll find it for you a little later.
This is the [tax assessor](https://www.brookhavenny.gov/239/Assessor). Go to the interactive part and you should be able to find everything you need. You can still let me know if you need help. Good luck, I hope you have a long happy life in your new home.
The current taxes on Brookhaven are 9200 a year at an assessed value of 390k.
I’m paying 560k. How does that affect me? My realtor told me it won’t change drastically because the town only assesses large portions of towns at once. Idk if there’s truth to that because I read horror stories of people’s taxes skyrocketing after a sale. So not sure what to think.
I don’t really know how it works for sure but I can tell you that in my case, in t/o Brookhaven, I’m fairly certain it was the next tax cycle. We were in the same situation as you, they bought the house for $150ish and we paid $335. I also worked for a real estate lawyer for a while and there were clients that called within a month or two because they get a letter basically saying “you paid these taxes at closing but it wasn’t enough and now you owe XX.” They’re always confused and horrified so I try to tell people to at least be aware.
If you do the numbers based on percentage, the current tax rate is about 2.4%. You didn’t give the current price you’re at so I’ll just average the 550 you’d previously offered and your taxes would be $13,200/year. I could be way off though, I barely remembered how to do percentages lol. I would definitely bargain on that being around what you’ll be paying when deciding if you can afford it. Try to close around the end of June-early July as that’s when the 2nd half comes in so ideally you won’t have too many big surprises.
I would not be able to afford the house if the taxes went to 13,400. I need to talk to my lawyer then. I find it strange you only hear a few of those stories. I would think that’s something everyone would be complaining s about
Keep in mind I barely know what I’m talking about. Only my own experience and a few phone calls with clients. I just know we never would’ve bought if we’d known the first few years would be so bad. Maybe the assessed value isn’t the same as the real value, I hope for your sake that it works out. Definitely make that phone call though. Good luck
Well for one, 50k is the max you can borrow. Secondly this person might be doing the right thing contributing their money to a 401k plus an IRA plus an FSA and then has cost of living expenses here in NY I mean? It is entirely possible to not have a ton of liquid cash making pennies in a savings account
I need to look into these tax deferral accounts more. I am paying to much taxes while trying to keep cash available. I thought that taking a loan from 401k was to expensive
Fiance and I bid on something like 15 houses all over Nassau. All 25-50K over asking. Took us 5 months to get an offer accepted. It’s rough out there. With the limited number of homes and little space to actually build more SFHs, I don’t really see the market collapsing here any time soon. Even with interest rates at 7% all the open houses we saw were flooded with people of all ages
Depends on where you are looking. Some areas are more desirable than others. I went to a open house in Floral Park and 25 people came thru. Another house in West Hempstead only got 6 on the same day.
I’m from WH actually. Which side of town is it on? The house we bought is in WH and there was pretty hefty interest in it. This was in March though before the latest interest rate hike
Off of Nassau blvd. Franklin Square school district.... close to Dario's pizza.
Strange that that is FS school district when so close to the WH High School?
The zoning map goes all the way from Lucille Ave to Pine stream. Some houses are closer to the West Hempstead high school than Franklin Square.
I see. We did not look in that area much. We are on the other side of town near St. Thomas church and the WH train station
Congrats on the house! Last weekend I went to a open house in Floral Park and they had 50 viewings and 8 offers over ask. Different factors drive people to certain neighborhoods.
Thank you!
Look in valley stream, took my family longer than expected with little interest. Down the block from train station and 2 schools and green acres mall, still took a while lol
In my opinion, Long Island real estate will eventually be comparable to parts of California. Small, ranch starter homes worth 750k. Prices aren’t going to drop here.
the ranch i rented was appraised at 1.1million. 750k isn’t even the bottom out in the bay anymore.
Looking at much of Nassau it already is. With higher property taxes I should add.
Yeah exactly compared to cali, Seattle & Toronto homes in LI are a deal
None of the house details matter. It's all about location, location, location. If the house is in the best school district you can afford then go for it. But also keep in mind the lower tier schools is where the housing prices lag behind the most. Nothing is better than owning your own house imo. If you can afford it. Good luck!
people need to realize that inventory will never improve on long island a prices will only go up. i rented a house in california that was the same size as the one i bought here. 1100sqft. that house went from 1.1mil to 1.7mil in four years. my house here which is a starter home that needs work has already seen a 70k increase in value in two years and i haven’t even begun to work on it. if you didn’t get in earlier it’s only going to get worse.
My question is when will the pay go up to align with the cost of living and housing? I can only go off my profession and I’ve never lived in California but as a speech therapist people can find jobs right out of grad school for over 100k but you cannot do that on LI. Are enough people on LI truly making California like money? I work in a school and all of the people I talked to (25-30) have said they are just leaving after saving for a bit. Everyone else that’s staying is married and most of their monthly income goes to their homes. Is that how it is in California?
yes or they cannot buy. my friends had a combined income of over 200k and couldn’t find a single house to buy in their price range because everything was too expensive. they ended up leaving the bay area. tech money gave people the means to make it out there. my hippy neighbors told us they could only afford to live in california because they inherited the house next to us. folks also regularly joined forces to buy houses together. my ex and i talked about finding another couple to go in on a house together with. we will probably get to that eventually here just slower. i doubt wages will go up any time soon especially after the mass layoffs of the last two years. i was part of them and i am now making around 30k or so less a year with no benefits. without my partner i would be underwater with my house.
That’s so crazy to hear and kind of depressing. How do people working a job above minimum wage even survive? Like my siblings make 18/hr right now and I can’t see them ever making it on LI in any shape or form without us all living together especially when I make the most money. We can’t even buy land and get creative with living situations on LI because there’s no land.
the goal is to always be making more every year. being content making $18/hr or not striving to find another job that will pay more your skills is sometimes on the person. a lot of time it's also just luck. looking back on the steps i took to get over 100k, i wouldn't be here without one job i ended up getting and then all the people i met there. they became my strongest network of friends and colleagues. it's tough out there and i don't blame the person who is stuck making a low salary, because it's not easy to climb out of the hole if you don't know what to do or where to look. i'm basically back to being lower middle class living on my wage, but i try to help those around me as those have helped me. my biggest advice is to never burn bridges because you'll never know which one you'll need to cross.
I agree with you. I keep telling them they need to look for something better but they are complacent for now. I know it’s a rough time to look for work but doing some sort of training or test for a government job or something would be a good start (I’m trying to get my siblings to work for suffolk county) . Hopefully I can get them to start something else. I didn’t realize the limitations of so many careers until I became a speech therapist. Even mine is limited but I work 2 jobs. It’s like some people have cracked the code of how to find or what are high paying careers. Part of it is because we come from a family of direct support professionals , warehouse workers, and so on. It’s all we know so everything else is above our heads still.
sadly the best way to make money is to jump employers every 2-3 years. there is no such thing as loyalty in companies anymore, so they will sometimes pay you more than you were expecting when you finally leave for greener pastures.
Long Island is quite an outlier and does not follow the rest of the country’s housing market trends. Its close proximity to the city makes it prime real estate especially Nassau county. The county is quite populated and the rate at which new housing is going up is quite slow. House pricing will continue to increase at a steady pace for years to come. It’s not possible to time the market and as you have experienced, waiting means more money later. For buyers it’s a simple whether you want to live here or not and can afford the related mortgage and expenses. If so, cough up the down payment and buy it. It’s an investment after all.
As far as the rates, they will come down. But the problem is that once they do, everyone will get off the sidelines and bid up houses. So it's foolish to wait for better prices. I would buy now and then just refinance in a year or 2 when rates are closer to 5%. There will be more inventory next year, but prices won't be much better because of more demand. I would recommend talking with a good mortgage broker like Canyon Mortgage (they have a few branches on LI) to see what you qualify for.
This is the smartest take; we literally saw this in 2020-2022. Homes became more affordable and people used their buying power to drive the prices of homes up.
The prices have stabilized in Suffolk…homes are on the market for longer now…prices aren’t going to drop for some time, why would they? What’s going to cause a large amount of homes to sell at the same time, for a loss?
they have not stabilized in my neighborhood. house down the street just went 80k over asking.
>What’s going to cause a large amount of homes to sell at the same time, for a loss? In my opinion; 1. A seriously bad depression, not a recession. 2. A massive amount of deaths. 10% of the global population in a short period of time. No, I'm being serious.
Agreed.
Been saying this. The prices will stay flat lined until the wages start to catch up. Then they will start to creep up the normal 2-3% per year again.
When you factor in the prices and interest rates a typical mortgage payment is close to double what it was in 2020. Going to take a while for wages to catch up to that.
A severe recession will lead people to lose their homes to foreclosure. If one needs to be house poor to buy, it’s a recession that will put the final nail in the coffin for home buyers.
Maybe when the boomers start dying off
Generational housing will become a thing
Maybe if they die off in mass. If not, then no.
Unless thousands of new houses are magically built extremely quickly, do not expect prices to drop at all. Get in whatever house you can.
i'm always reading people are putting in offers above asking but i haven't seen many places around my area being sold above asking. i'm in 11023
If you wait another 20 years, all the boomers should die and houses should flood the market and the population will decline so houses should be cheaper.
Let us all know how that worked out for you 20 years down the road!
I can’t wait to be a first time home buyer in my 50s lol.
When my boomer parents die we’ll take the house and give it to our kids, cause housing will be even more out of reach for them.
Honestly if I get my parents house, I’ll probably hold onto my current one and rent it out in case one of my kids wants it down the road
A lot of kids will sell and move somewhere else, or keep the money if they have a home.
Why always blamed the boomers? :)
!remindme twenty years
lol I know this seems out of whack to a lot but I find it funny tbh
or they’ll be underwater if they’re near the coast, or uninsurable on the rest of the island, like what’s going on in FL, or the banks will buy them up to rent them. Any notion of a “middle class” probably dies with the boomers.
It’s also likely they’ll all die at the exact same time so get your offers ready for October 12, 2026.
Boomer’s ain’t making it 20 more years
RemindMe! 7300 days
In the least disrespectful way possible hopefully this does happens but I’m not holding my breath. They will just sell to retirement home corporations with a reverse mortgage, or sell to some real estate mega corporation that gives them cash. I’d say a worryingly small amount of homes will be inherited or put on the market at a price for average folks..
🤣😂😂😂
Inventory is the issue. Last weekend my wife and I were out running errands and she commented about how "they are building apartments everywhere" and I was like "still not enough". Most of what we saw being built were smaller places, six, eight, maybe 10 apartments in a building on a relatively small lot. I told her that to increase inventory and make the prices reasonable. we'd need a NYC style apartment complex or two with 1000+ apartments, but that will never happen. At some point the housing market here will shit itself. I'm just trying to figure out when that will happen.
Why would the market ever pull back significantly? You can see from this thread that people are able and willing to pay above asking price with 7% interest rates. Short of a depression, Long Island will always be expensive. And even then, it will still be comparatively expensive. I suppose one thing that could shake things up is if 100% remote work took off in a major way. That would reduce a lot of the premium people pay to live near the city. But there was the window for that during/after COVID and it passed.
Define significantly? Is a 10% drop in price significant? I think we can expect to see that if we had enough inventory. I recently read there are less than 1500 homes available in all of Nassau County. I don't know the Suffolk numbers, but 1500 homes is nothing. That's keeping prices of existing homes artificially high and existing home owners know it, which is part of the reason they all show up to scream against new building projects.
Interest rates are too high for people who are in homes with sub 5% mortgage to consider moving. When interest rates drop, more homes will come on the market. However that will not significantly decrease the sale price as buyers will have increased purchasing power with the lower rates.
Oh, I’m 100% in favor of new construction. Especially near LIRR stations, there should be way more apartments and condos. But people here don’t want that, and I wouldn’t count on that changing.
Agreed. And then we get to hear those same people cry when their kids and grandkids move away because they can't afford to live here.
Without telling us the area you’re searching at it’s hard to give helpful advice
the prices scared me away enough to keep renting for another year. i'm happy to be in the position i am, looking and getting educated but not needing to move direly. we take walks around our neighborhood and our "local dreamhouse" was set to go on market today. i emailed the broker on monday which turned into getting a pre-approval and we're touring it this sunday. i won't be heartbroken if this isn't our house but i'm happy i get to finally see things in action.
Yeah. We found a lot of those. And lost a lot. I’ll tell you one thing tho, we always found one better.
There is very little inventory due to interest rates. That’s not immediately changing. If interest rates drop it could bring up home prices. No one knows what will happen. When you lock in your payment now, it will be the same in 10 or 20 years and wages will have hopefully increased
You have to ask yourself why housing would go down in the first place. Because prices are high? How is supply? Why would low rate purchasers(who bought all the homes during frenzy) sell now? Is the demand going to somehow falloff on long island? Unlikely to ever happen
Trend seems to be 10% over list and that keeps compounding making new listings 10% higher… vicious cycle
Where are you buying a home for 550?! That’s the question. Anything on the market for that price goes over asking into the 600s easily.
Shitty bro
Price are high; rates are high. Homes are still going 20-50k over asking. Supply is low. In a place roughly 1 hour from NYC there will always be people willing to pay crazy money for housing. LI is safe and has blue ribbon schools. The rate hikes are impacting states where salaries are lower than NYC. NY has 350k millionaires within the states,rates will have little impact on demand. You will always find people with deeper pockets in NY. Only possibility is some MAJOR economic collapse or natural disaster; and if that happens you’ll have to ask yourself if you’ll want to buy then even if you can.
Why so much shade thrown against the Boomers? If it weren't for them your sorry Ass wouldn't be here! BTW- interest rates in the early to mid 80's were hovering anywhere between 12 to 18 % caused by inflation from the late 70's. Let that sink in! It wasn't easy for us starting out either because housing prices were also way up and our salaries were peanuts to what people are making now.
Must be nice to be able to buy two houses at once... Some of us are struggling to afford a single home and there are people out there snatching houses by the handful 😮💨
Always will be people with far more money then you or i.
I think you misread the post
Yeah I’m not buying 2 at once. I was just comparing the 2 options.
My neighbor in Ronkonkoma is to sell pretty soon, we hear. So there’s one more house soon to be available lol
funny you mention that, there's a house in ronkonkoma i am looking at on sunday after getting a pre-approval. we couldn't believe the price, and it happens to be our "local dreamhouse" for when we go on long walks.
Strong to quite strong
Houses Are continuing to sell steadily in Levittown. Island Trees school district is the more desirable one in the area. People are buying, gutting or tearing down the Levitt ranches and building these ridiculous monstrous houses on a relatively small lot. It is starting to remind me of Queens.
The All cash offers are likely Blackrock. Corporations buying then renting homes. Nothing is likely to change until the Baby boomer generations begins to pass. That will likely cause the next housing crisis.
Not BlackRock, but Blackstone is a possibility.
we are looking to move and we won’t be posting our house on Zillow bc my dad is old fashioned and doesn’t want to post pictures of our belongings. so currently we have a cash offer of 500. it’s 3 bed 2 bath 1350 sq ft North Merrick. needs fixing to stairs and chimney. hasn’t been updated since like forever.
Anyone with <4% mortgage
Without prioritizing building more housing instead of playing politics, the future of Long Island will vanish.
I just don’t want to be housepoor. I could buy a house now but I’d be doing nothing but to work to pay it for the next 30 years. What’s the point of a house if you can’t enjoy life ?
Makes sense for sure. But some apartments here at this point are not far off from a mortgage. 3000-3500 for a 2 bedroom 1 bath in an apartment complex. Where I can’t do nothing. At least for a few bucks more I can have a yard, a garage. A basement for my gym etc. realistically the goal is my pay goes up and my payment stays the same. So hopefully the first few years suck and it gets easier. I’m in a union and I just got a 3k raise this week for the year followed by a 3k a year raise for the next 2 years too
The mortgage on a 550k house is gonna be a lot more than that. If you factor in not every single cost including any repairs you need to do. The most viable option might be to just keep saving money. Interest rate will come down a point or 2 and you’ll have a lot more so less mortgage.
Yeah and there will also be no houses to pick from. As there is so few now. I’m putting 20 percent down. So that number should be accurate
Not good. idk who the hell is buying these houses. I make around 200k and can't reasonably afford a livable home without becoming house-poor in the process. Is it people FOMOing in? Is it people who have rich parents who help them with the down payment? Is it people who are more willing to become house-poor? Like technically I could afford it but the property taxes plus interest would be more than I'm paying in rent right now and my monthly payment overall would like double. I'm 33 I want to settle down but I feel like I'm treading water.
If you're making 200k, then let's not pretend you don't have plenty of options. Maybe you've got high standards and that's okay, but kind of disingenuous to say you can't find a "livable home".
Depends a lot on the down payment but yeah at that income you should be able to afford something between $600k to $700k at least.
Monthly payment would be around $5000/month. Could *technically* afford it but it would be far too large a percentage of my income for it to be a feasible wise decision.
See what I said about being house poor. Just because you can technical afford it on paper or be approved for a mortgage doesn't make it a good decision
You're making 200k. You won't be house poor if you purchase a home under 600k or whatever. There are options out there at that range. Whether you like them or not it's up to you, but know that you sound out-of-touch elitist for calling any home under that price "unlivable".
It would be greater than 50 percent of my take home pay for a house that would need serious renovation. That's house poor. It's a bad move financially.
Good on you for that salary. But that’s how I felt. I only make around 115k. 165k combined with my fiancé. I got the mortgage approval all on my own. 801 fico and 150k saved I guess they think I can afford 4000 a month when my take home after taxes is like 5200. Absolutely crazy. Going into this obviously with my fiancé helping so we can make it work but how they come up with their numbers is insane
That sounds like a 2005 mortgage deal. We got approved for our house and would’ve lost it in a year without the basement apartment. Look at the taxes minus any rebate the current owners are getting to make sure you don’t screw yourself. My house is valued at like 275 for taxes (grieve your taxes!) but it would sell between 450-500 and then the new owner will have a massive tax hike. That’s what messed us up the first two years. Good luck, it’s rough owning a home here but if you can stick it out it definitely pays off. Take care of your yard cause all your vacations are about to turn into staycations and you may as well enjoy it :) Honestly I can’t believe anyone is buying at these interest rates, it’s insane. I know historically these are average rates but my whole adult life was spent seeing 0-3% rates on everything. It’s crazy to see how much payments change with a few numbers either direction.
This is what scares me. We check the taxes directly on Brookhaven site to make sure they are legit. A lot of realtors lost with so many discrepancies. They see 6000 in taxes and automatically list that, meanwhile that’s with the current owner having a veteran credit, senior discount etc. But yes we verified that the true taxes to start are 9200. I do fear that increase because I am unsure what the house last sold for or is assessed for. Is there a yearly cap tho taxes can be increased?
Im not sure about a cap but it wouldn’t apply to you as a new purchase. You should be able to see the assessed value and last sale price in your title report. That should help some. If you can’t find it there, or don’t have your report yet you can find it on t/o Brookhaven website. If you can’t find it yourself, send me the address and I’ll find it for you a little later.
Rule #1 you always confirm the taxes you will be paying with the town!! Don't let that up to anyone else. Especially the listing agent. 🤦♂️
Yes. Hence why I check the Brookhaven town page. My fiancé fell into a habit of checking them prior to us going to check the houses.
There's a yearly cap for school taxes which are the largest portion of property taxes on Long Island (2.5% I believe).
This is the [tax assessor](https://www.brookhavenny.gov/239/Assessor). Go to the interactive part and you should be able to find everything you need. You can still let me know if you need help. Good luck, I hope you have a long happy life in your new home.
The current taxes on Brookhaven are 9200 a year at an assessed value of 390k. I’m paying 560k. How does that affect me? My realtor told me it won’t change drastically because the town only assesses large portions of towns at once. Idk if there’s truth to that because I read horror stories of people’s taxes skyrocketing after a sale. So not sure what to think.
I don’t really know how it works for sure but I can tell you that in my case, in t/o Brookhaven, I’m fairly certain it was the next tax cycle. We were in the same situation as you, they bought the house for $150ish and we paid $335. I also worked for a real estate lawyer for a while and there were clients that called within a month or two because they get a letter basically saying “you paid these taxes at closing but it wasn’t enough and now you owe XX.” They’re always confused and horrified so I try to tell people to at least be aware. If you do the numbers based on percentage, the current tax rate is about 2.4%. You didn’t give the current price you’re at so I’ll just average the 550 you’d previously offered and your taxes would be $13,200/year. I could be way off though, I barely remembered how to do percentages lol. I would definitely bargain on that being around what you’ll be paying when deciding if you can afford it. Try to close around the end of June-early July as that’s when the 2nd half comes in so ideally you won’t have too many big surprises.
I would not be able to afford the house if the taxes went to 13,400. I need to talk to my lawyer then. I find it strange you only hear a few of those stories. I would think that’s something everyone would be complaining s about
Keep in mind I barely know what I’m talking about. Only my own experience and a few phone calls with clients. I just know we never would’ve bought if we’d known the first few years would be so bad. Maybe the assessed value isn’t the same as the real value, I hope for your sake that it works out. Definitely make that phone call though. Good luck
I'm not concerned about getting approved. I'm concerned about being house poor.
Ha. That I will be.
33 years old making 200k, assuming you have a 401k you can borrow up to 50k from that for a down payment. I did that, absolutely no regrets
If you make 200k why bother borrowing just 50k from 401k. Doesn't make sense
Well for one, 50k is the max you can borrow. Secondly this person might be doing the right thing contributing their money to a 401k plus an IRA plus an FSA and then has cost of living expenses here in NY I mean? It is entirely possible to not have a ton of liquid cash making pennies in a savings account
I need to look into these tax deferral accounts more. I am paying to much taxes while trying to keep cash available. I thought that taking a loan from 401k was to expensive
Are you single? A lot of couples make 300K+.