Buy Now or Wait??? (Ridge, Miller Place: real estate, for sale, work)

[rprprprp]

So do you think the house prices in Nassau and Suffolk will drop any more in the coming year? We have been looking everywhere from Setauket to Rocky Point ( with an eye on bits of Nassau) and it seems like recently a lot more buyers are popping up at open houses than just a month ago. Does this mean prices wont drop anymore?
We are looking to spend about 350k so our options are somewhat limited.
Also would appreciate any suggestions on affordable towns with good schools. Diversity not an issue but test scores are.

[alexei27]

Rocky Point is fantastic so I think you are starting in the right place...many homes in your price range and a nice downtown area. Surrounding towns of Sound Beach/Miller Place/Ridge are nice bedroom communities.

[TomMoser]

We are definately seeing some increased buyer activity, especially at the lower end of the price range. If 350 is your max, I would start looking seriously. I doubt that houses in that price range in nice areas are going to drop that much further.

[okaydorothy]

The house next door to me has been for sale for almsot 2 years now.

They had an open hosue yesterday and I saw at least 4 cars there.

So it looks like things are warming up.

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[jasonsdaddy]

Being a buyer who just came off the sidelines, it's as much about securing an interest rate as it is a price difference of $10K -- there's a lot of concern about trying to lock in a best rate, although nobody can time that, just like they can't time the best price point.

My opinion, prices should still dip a little, although the dip has started to slow a bit, and rates ??? are anyone's guess. My view is they're pretty damn good right now, enough to bring more of the sidelined buyers into the game; some will continue to watch to see if prices continue the decline as widely expected. I also happen to believe the further east you are, the better chance of price declines; just my opinion.

[ProphetBeal]

I've also noticed more and more people out looking at houses recently. My wife and I just found a house in that price range and are currently in contract. Good luck

[Kbinspections]

In my opinion, the housing market will continue to fall apart over the next 6-16 months. If the spring selling season is poor, there maybe a "fire sale" during the summer and fall. With that said, business is picking up and buyers are jumping in the game. But deals are very shaky and all are nervous.

At the worst, prices may go down 8-10% from where they are now......if I was you, I would start looking now and find the right house for your needs and price. If you find it next week or in the fall, 10% will not make that big of a difference. In 5 years the house will be worth more than you paid for it with historically low interest rate. Good luck!

[rocafeller05]

Well lets face it, with our sluggish economy interest rates will not be rising anytime soon. In my opinion the real estate on LI will hit bottom next February/March 2009 then begin to rebound in the 09 summer. Housing slumps never change over night. Look at the history of real estate booms and busts. Just my 3 cents.

[alliswell]

I am aggressively looking for a home on LI. I also work in a real estate related industry. When and if we make an offer on a house this spring/summer, it will be 10% - 15% below asking price. As soon as the ink dries, you will lose value if you have to buy in '08, so you better make the best deal you can -- that is the kind of feedback I've been getting from various sources. Granted, the flip side is that everyone is expecting a rebound, some time, some day, but who knows when. For right now tho, I'm finding ample inventory to shop and compare.

I do think some homeowners are having a difficult time accepting what Fair Market Values for homes in the area are right now and the downward trend that is likely ahead. I agree with the above posters that the LI markets still have a ways to go in this pricing correction.

[GCGuy]

I think it's incredibly difficult to "time" the market. It may shoot up before you can react, it may drop also. I will say that LI prices have held up quite well (along with the NY metro) so far and there's no reason to really think they will plummet. It's not really being held up by foreign dollars like Manhattan is. There's also a limited amt of spec, and a limited product supply. I'd say if you find a house in your range and can lock in a good rate, etc...it wouldn't hurt to go for it, especially if you're not looking to move in the next 2-3 years.