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Old 11-25-2007, 03:33 AM
 
10 posts, read 6,008 times
Reputation: 11

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I'm amazed at the number of MLS closings/sales all over the North/South East coast in November. I would like to hear from Agents. Why now ? Are Sellers giving into "Lowballers"(Buyers) ? Is the Real Estate market making a "comeback" ? Are Buyers finally giving in to the stagnant home inventory on the market ? I always thought Real Estate sales were slow this time of year. Should Sellers start pricing their homes a bit higher now ? Thanks for your input.
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Old 11-25-2007, 09:12 AM
 
Location: Pawleys Island, SC
1,696 posts, read 7,699,317 times
Reputation: 693
It's funny you mention this. I have had several offers on my house in Long Beach over the past 21 months. I have accepted four of them and three of the deals have fallen apart for various reasons. I am currently in contract for sale at a 34% reduction from where we started in Feb '06. I hope to close before the end of the year.

Incidentally, my agent called me twice in the past two weeks to tell me that we have backup offers from people who have seen the house over the past year in case closing does not go through.

Does anyone feel that the market has finally reached bottom? Has that brought out more buyers, especially this time of year?
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Old 11-25-2007, 09:50 AM
 
327 posts, read 870,537 times
Reputation: 130
I always herd the best time to buy a house is during the winter because whoever is still on the market is desperate to sell. Whoever has relocated their children to a new school district may be paying two mortgages and needs to dump their other house.
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Old 11-25-2007, 10:52 AM
 
Location: Huntington, NY
652 posts, read 1,930,096 times
Reputation: 236
All of a sudden...this weekend...right after Thanksgiving we're getting lots of calls to come look at our house. More than there was even at Open Houses.

Maybe people have landmark days they wait for such as holidays to end. Who knows?
No one seemed to be hurting during the Black Friday shopping sprees.

My guess is that it'll slow down right before xmas then pick up quite a bit after New Years.
CEO's also get their bonuses after New Years FWTW.
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Old 11-25-2007, 11:02 AM
Status: "Answering Your Real Estate Questions" (set 28 days ago)
 
Location: East Northport
3,038 posts, read 7,613,763 times
Reputation: 879
Andy - You may be seeing more interest in your high end home because the Wall Street firms just announced that they will be giving out record bonuses this year.

Overall, I have seen a small uptick in activity. I would not venture to say, though, that this is the end of the downturn. Most experts expect the slowdown to continue well into next year. I am also seeing more foreclosed properties come onto the market, even in areas where you never really saw foreclosures.

The homes that I see moving are those in the lower end of the price range, regardless of which town. I think that some prices (repeat, some) have fallen to the point where first time buyers who were priced out in the last cycle are now able to get in.

The midrange home ($700,000 to $1.2 million) remains pretty stagnant.
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Old 11-25-2007, 02:33 PM
 
Location: Pawleys Island, SC
1,696 posts, read 7,699,317 times
Reputation: 693
Quote:
You may be seeing more interest in your high end home because the Wall Street firms just announced that they will be giving out record bonuses this year.
Being a civil servant who does not have many friends on Wall St, I feel compelled to ask... do most of the companies & their employees get bonuses? I have read in the news about some outlandish bonuses that are more than my salary over many years, but what is the norm?

Quote:
The midrange home ($700,000 to $1.2 million) remains pretty stagnant.
Well, that's not good for me... That is what is considered mid-range? Yikes!
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Old 11-25-2007, 04:04 PM
 
Location: sinking LI
81 posts, read 304,176 times
Reputation: 37
Houses priced right will sell

I live in New Hyde Park and just sold my house in 2 weeks!! I still can't believe it !!!!
Time to get off this sinking sand spit!!
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Old 11-25-2007, 04:23 PM
 
Location: LI, NY
248 posts, read 724,069 times
Reputation: 79
700-1 mil is midrange...guess we are moving into a scumhouse...lmao...
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Old 11-25-2007, 07:05 PM
 
245 posts, read 176,592 times
Reputation: 43
Default Interest Rates

Quote:
Originally Posted by PARelo View Post
I'm amazed at the number of MLS closings/sales all over the North/South East coast in November. I would like to hear from Agents. Why now ? Are Sellers giving into "Lowballers"(Buyers) ? Is the Real Estate market making a "comeback" ? Are Buyers finally giving in to the stagnant home inventory on the market ? I always thought Real Estate sales were slow this time of year. Should Sellers start pricing their homes a bit higher now ? Thanks for your input.
Interest rates just dropped again, perhaps that matters.
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Old 11-25-2007, 08:59 PM
 
Location: Metropolis
1,140 posts, read 3,117,967 times
Reputation: 635
No, the market isn't coming back, yet. Wait till 2009, I hope.
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