"Moving At The Speed of You!"

Lindenhurst NY Home Buying - Are You Being Too Picky?

Just like most parts of the country, it is a buyer's market. In Lindenhurst NY, there are currently 238 homes on the market. Prices range from $220,000 to $999,000. <---- Waterfront home that is not going to sell at that price!

Some buyers are having a hard time finding what they want. Depending upon your price point, you will not find everything you want in a new home.

Lindenhurst NY has mostly High Ranch, Cape and Ranch style homes. If you want a Tudor style home, you will not find any in Lindenhurst NY. If you want an Expanded Ranch, there are 12 on the market and most of them are in the higher price points.

Here is a perfect example as to why some buyers cannot find what they want:

You want a ranch style home. All rooms are on the first floor. You want a full, finished basement. You gotta have a fireplace in the living room. You want a 2 car garage and won't budge on that. You want the property taxes under $6,000.00. Oh, and you need 2 full baths. Good luck! You won't find this home in Lindenhurst, NY.

I am finding that most buyers are pre-approved for up to $250,000. Here is what on the market for up to that price point:

Now, since you want a ranch style home with a 2 car garage, you only have 1 home to go see out of the 14 homes that are currently on the market in your $250K price point.

A fireplace shouldn't be a must have. If a kitchen has old wallpaper, that shouldn't deter you from buying that home. That can be removed. Cosmetic changes can be done over time. Worry about major repairs like a 20 year old roof. With a $250K price point, expect to have to do a good amount of cosmetic changes down the road.

So, not all buyers have choices. Seriously think about if you are being too "picky" and re-evaluate what is important and what is not. You will make the process of searching for a home easier on you and with less stress. You will then find you have more choices.

It's a buyer's market. That means there are so many homes on the market that buyers do have choices.

I am finding that good, solid homes in the low to mid $300's are selling. My buyers are realizing the same thing.

We made 2 offers on 2 different homes and there were already 2 accepted offers on them. But, one home was very overpriced so I told the listing agent to bring our offer to the seller.

Their counter was so little that my buyers walked based on my advice.

This home will appraise for no more than $335,000. Similar homes that are nicely updated are selling for that amount. Not the home we were making an offer on. The listing agent told me that the other buyers are paying cash. Ah, ha! The light bulb went on.

When a cash buyer sees a home they love, they don't care what they are paying. They want the home, period. So, I am asking, why don't you care that you are paying at least $30k above what it will appraise for? The market hasn't stabilized yet. It's still going down little by little. Maybe next year we will have more stabilization but not this year.

If you lose your job, you won't be able to sell that home for what you paid three months from now. You will be doing a short sale guaranteed.

Patience wins out. Buy a home that is priced well and present a good offer. If you are dealing with low counter offers from the seller, move on. I educate my buyers to the point that they know by looking at a home if it is over-priced or not. 

And sellers, price your home well and your home will not languish on the market for months and months. Buyers have choices and they will move on to the home that is priced right.

• You have to have a job to own a home.
• You have to have decent income to own a home.
• You need a really good FICO score to have choices of different mortgage programs so you can own a home.
• You should have an emergency fund to cover at least 1 years worth of bills. Six months is not enough these days. Just ask the unemployed.
• Forget about owning SUV's. Trade down to a smaller car. The money you will save on gas can go towards your emergency fund.
• Stop giving your children all the new-fangled electronic devices. Put that money towards their education or your emergency fund. Learn to say no unless you like being in credit card debt.
  
• Stop giving your children a "just because" allowance. Have them earn their allowance for actually doing work in the house that you bought with YOUR hard-earned money. Teach them that they will earn more when they work more. If not, they will feel they are just entitled.
• Don't worry about the Joneses. Worry about the important things you have: each other.