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Old 05-09-2012, 08:00 AM
 
9 posts, read 4,163 times
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Default Is 4%/yr. appreciation on LI real estate likely from this point forward?

I was reading an article in USA Today that Moody's analytics cited 4% growth in some of the hardest hits markets assuming the 2-3% growth rate continues in this nation. I want to buy a home, however it would be more convenient for me to do it two years from now. The house will be long term hold a place to live, however with that being said, I don't want to pay 8% more by waiting two years. All input and insight appreciated. Thanks!
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Old 05-09-2012, 08:05 AM
 
Location: Glen Head, NY
840 posts, read 1,105,506 times
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just got a bank appraisal for refi, my house is up 6.3% over the last 9 months. depends on the area i guess
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Old 05-09-2012, 08:49 AM
 
1,917 posts, read 2,770,455 times
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Quote:
Originally Posted by BillyBats View Post
I was reading an article in USA Today that Moody's analytics cited 4% growth in some of the hardest hits markets assuming the 2-3% growth rate continues in this nation. I want to buy a home, however it would be more convenient for me to do it two years from now. The house will be long term hold a place to live, however with that being said, I don't want to pay 8% more by waiting two years. All input and insight appreciated. Thanks!

I believe this is accurate. However, keep in mind that the hypothetical home you wait out may not rise 8%. There are many other factors to consider, one being the time the house is listed on the market. It's not like people list their house in the spring, then raise the asking price in the fall, know what I mean?

The one disadvantage to waiting is interest rates. They are very, very low right now and may not be two years from now.
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Old 05-09-2012, 09:37 AM
 
Location: Village of Patchogue, NY
1,053 posts, read 968,081 times
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It shouldn't matter what the market does in 2 years. If you're not ready, don't buy. You know your situation best. Don't get yourself into something if you're not quite comfortable yet. A house is -the biggest- purchase of your life.

It won't hurt to start looking. Pop into open houses in areas that interest you. It's free! You might be in for an eye opener. Just avoid Listing Agents that want to get you to sign-up for stuff. Their interest is to sell you a house, not help you buy one. Many are very nice, but the bottom line is it's a business. Be honest but don't give out any voluntary information (salary, budget, family, time frame) they -will- use it against you.
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Old 05-09-2012, 10:43 AM
 
89 posts, read 100,741 times
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I doubt it..Long Island home prices are still dropping and Shiller predicts them to keep falling for the next year..I am house hunting in a very nice part of southern nassau and home prices are falling and being slashed, in some cases, 10-15%...Also, once interest rates start to rise, and they will, prices will fall further...If you can wait, I would..JMO....
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Old 05-09-2012, 11:15 AM
 
Location: Bridgeville,Pa
4,167 posts, read 6,731,756 times
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Prices are still going down. I cant see them improving for a few years at all.
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Old 05-09-2012, 11:31 AM
 
Location: Huntington, NY
7,464 posts, read 9,628,920 times
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This is what I'm seeing as a Realtor:

Houses that are priced right, sell quickly - and close to asking price, regardless of area.
My last three listings all went into contract in less than 30 days. Agreed upon price very very close to asking price - and back-up offers to boot. Still getting inquiries from plenty of buyers on the last two which haven't closed yet.

But, I also see plenty of (still) overpriced listings. Sometimes it's not only a matter of what the sellers paid for the house, but also the $$ they put into it - they don't think they should have to take less because it is/was worth it to THEM; the market often says otherwise, regardless of how spectacular the "finished product" may be.
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Old 05-09-2012, 11:42 AM
 
1,747 posts, read 1,167,680 times
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Sadly even if we had four percent growth, which we don't, it'll take many years just to get back to 2007 levels.
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Old 05-09-2012, 11:49 AM
 
66 posts, read 79,141 times
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The only way home prices are going up in the near term is if the inflation rate goes through the roof.
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Old 05-09-2012, 12:09 PM
 
Location: Bridgeville,Pa
4,167 posts, read 6,731,756 times
Reputation: 1952
Quote:
Originally Posted by Elke Mariotti View Post
This is what I'm seeing as a Realtor:

Houses that are priced right, sell quickly - and close to asking price, regardless of area.
My last three listings all went into contract in less than 30 days. Agreed upon price very very close to asking price - and back-up offers to boot. Still getting inquiries from plenty of buyers on the last two which haven't closed yet.

But, I also see plenty of (still) overpriced listings. Sometimes it's not only a matter of what the sellers paid for the house, but also the $$ they put into it - they don't think they should have to take less because it is/was worth it to THEM; the market often says otherwise, regardless of how spectacular the "finished product" may be.
We had an offer withing 15 days. But it was priced right. Neighbour is still for sale 2 years later.

On an different property, we had an offer in 4 months ; again, we had time to play with so we priced it a little high, but then after 3 months dropped it.

Price is what sells. I am loosing on my own house, but its the market so I cannot do a single thing about it. I have lots of great memories that no price can be put on.
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