Bianca Fabian and her husband faced unexpected expenses while navigating their first home purchase on Long Island, New York. After diligently saving for three years, they found themselves contending with rising home prices, intense bidding wars, and hefty property taxes. Their budget started at $600,000 but had to adapt due to taxes ranging widely. After losing multiple bids to all-cash buyers, they finally secured a property, agreeing to a price $100,000 over the asking price due to lower property taxes in the area. The couple's experience highlights the difficulties new buyers face in today's housing market.
"Initially around $600,000 (budget), which we were able to adjust based on property taxes, which ranged anywhere from $7,000 to $25,000 per year depending on the area."
"Our previous three offers on other houses ... lost out to all-cash buyers that were bidding over ask. All-cash offers are extremely compelling as the process tends to go more quickly not dealing with banks..."
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