Home Selling in Wading River>Question Details

Dkarp3030, Home Buyer in Wading River, NY

My wife and I are currently renting on Long Island for $2000 a month. We own a home in Vermont that we bought in '08 for $250,000 with an

Asked by Dkarp3030, Wading River, NY Sat May 1, 2010

$80,000 mortgage. We would like to sell the home in Vermont and buy a home on Long Island for about $400,000. Should we wait until the market gets better? We know we may have to take a loss on the home in Vermont if we list it now. {yet we are losing $24,000 a year in rent}

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I just worked with a home purchaser in Oct 09 who was relocating from New Hampshire and buying on the North Fork of LI. They felt the adjustment in housing prices on the island was worth the loss they were taking on the home in New Hampshire. This is a higher cost of living marketplace and the appreciation moves with the markets historically at a higher percentage than a lower cost of living area in terms of housing prices. They did not want to get priced out of the market on Long Island and were able to purchase in a beach community with a school district they desired. The decision they made on the rent money was that money is paid out to someone else and they will not recover that expense.
Thought you would like to hear another similar perspective.
0 votes Thank Flag Link Thu May 6, 2010
The decision to sell your Vermont home and purchase here on Long Island is entirely yours--do keep in mind that if purchasing, there are very good deals out there waiting to be had and interest rates are still very good, and who knows where they will be tomorrow.
0 votes Thank Flag Link Sat May 1, 2010
What you lose on the selling end, you will gain on the buying end, plus I would assume that you will need a mortgage, so it definitely is a good time for that. Do you have any cash to put down on a purchase?
0 votes Thank Flag Link Sat May 1, 2010
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