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Thoughts on living in Newport/waterfront JC?
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Better question, why LI
Eh tons of reasons. That’s where we’re headed.
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they are hedging that property prices will increase more than how much they are paying for 'maintaining' them. Keep looking, there are gems somewhere out there
Because they have zero interest rate loans, and if they were to move, they would have to get something that is much higher almost tripling their payment so they’d rather just sit on it to try to offset that burden by getting more premium on the value of their house.
LI has always been pricey, great schools, near the ocean, access to the city. I live in the Midwest and even here prices just keep going up. Where I am houses go in a couple of days or 2 weeks tops. Only houses priced way out of whack are sitting.
Because they are nice and have good schools. You get what you pay for
I’ve purchased on LI twice. You have to be able to go over asking price, catch houses the first few days it hits the market, and make offers quick. Even then, it’s hit or miss. If you can afford the $1.5M - $2M range and are open to multiple towns you have better luck. If youre looking in the $650k - $850k range that’s the most competitive range to be in out here so be prepared to be super aggressive or have some give on your wish list. Good luck!
Also, houses that don’t budge are probably in a flood zone (flood insurance is challenging and a big added cost) so take longer, are overpriced with sellers waiting for the spring surge of buyers or not in a rush to sell, or have something off putting / weird about them that’s deterring buyers. Once viewed a home out here that was lopsided, had a weird layout, and needed a ton of work. Took awhile to sell but even that eventually sold. Homes here sell so if you’re seeing something stuck it’s for a reason beyond price.
I am guessing you are looking in the north shore, it’s expensive bc the schools are some of the best in the country. I do think that there is a bit of a bubble brewing, the supply is still low though and many have low mortgage rates so they are not in a rush to sell. It could change in a few years. Be patient.