I disagree with other posts on this thread because homes in Centerport and Huntington Beach are not appreciating. They have fallen 20% of the high of 2005 and are not expected to recover anytime soon. If you would like recent articles, I would be glad to send them directly to you.
Nevertheless, it is the best time to buy a house. Interest rates are extremely low. My customer got a 5.75% yesterday for a 30 year fixed.
I moved in last winter and I can tell you that the town is very prompt to clean the roads from the snow. I do not have a 4x4 and it has never been a problem!
I have been hunting for a house for a while before settling here and have never stopped looking at the market here since. If you really are looking for somebody to help you find a house in this area, give me a call, I just went where you are heading....
Any agent who's saying or implying that the area - or any area has not taken a hit - a good hit - isn't providing accurate information. No offense to anyone else on this post.
Home values - across the board - throughout Long Island have taken a hit. But that's why is such a good time to buy. And these areas you asked about are fantastic areas. No question about that.
Yes, this is a great area in terms of appreciation and quality of life. If you seek woodsy natural beauty, access to the water and a friendly community, this area can't be beat.
Your concerns about hilly terrain and snowy weather is valid. The snow removal in this area is usually very prompt. There are several less hilly routes in and out of this area, but having a 4 wheel drive vehicle will give you an edge on the bad days, truth be told it's usually only a handful of days each winter where heavy snow is an issue.
If you'd like more info on the area, value and appreciation history, please feel free to email or call me directly.
These areas will hold their value better than others - yes. Is appreciation expected? Real estate is NOT the stock market. It doesn't just "bounce back" on "good information" on a given day. It's long term. While appreciation is not in the foreseeable future - a purchase today, will most likely yield, over time - a good 5 to 6 percent increase in overall appreciation. This of course doesn't include factors like, the initial investment you put down, etc.
Purchase a home for 1,000,000 and put 200,000 down - and sell for 2,000,000 ten years from now will yield approximately (and total basic assumption) of 400% (again just general) - however, same purchase price and put only 50,000 down would yield 1600%! This doesn't account for tax write offs, and a host of other benefits of owning real estate but my point is that there are several factors that impact whether something is a good buy or not. Financing the purchase is a key part.
Buying now - at say a 6.5% nonconforming rate - as opposed to 8% a year from now would mean - alot more interest write off - yes - but also a lot more out of pocket expense throughout the year and over the course of the entire loan. Say you sell it 10 years from date of purchase - the interest paid would be an astronomical difference.
But I alway say - keep it simple! :)
If you like it and you're going to live in it - then buy it and don't worry...be happy!