Time to Buy Your Long Island Home?

Homes prices are down and interest rates are low. Is it time to buy that dream home on Long Island? A growing number of home-buyers think so, and here's why.

According to the Multiple Listing Service of Long Island, January data shows a $417,500 closed median home price for Long Island, the lowest since April, 2005 when it was $415,000. This year’s closed median price is 4.6 percent lower than the January 2007 closed median home price which was $437,800.

With lower prices and lower interest rates than a year ago, the same median priced Long Island home costs $2,273 today versus $2,491 last year--assuming a 10% downpayment and 6% 30 year fixed rate.

Hey, that's a nifty savings of over $200 per month!

The median price for Suffolk County homes sold last month was $373,500, a 6 % dip from a year ago; while Nassau's was $440,000.