Long Island Housing Market With Rising Interest Rates

[mathjak107]

Originally Posted by Roosevelt porch monkeys

In theory, the rates and prices go hand in hand, and that is true for 99% of the country..

rates and values never are joined at the hip as a blanket statement anywhere . never forget the housing bubble was on 7% mortgages and run up was in many areas country wide

[manekeniko]

People here seem to have forgotten all about the 2009 housing crash, which whacked 20%-40% of LI home values. Many parts of Suffolk still haven't recovered.

To gauge LI home values, keep an eye on the NYC economy and the job market in particular. LI has few quality jobs anymore, and wealth on LI flows eastward from NYC. You could snap up some great deals if NYC isn't doing well. But then again, you and your neighbors may not have a job.

[mathjak107]

most of long island saw the median price fall 20%-23% in 2009 . we sold 2 of our manhattan co-ops in 2009 for just 10% less than the peak .

[mathjak107]

And rates rising play a very tiny part in housing prices until they get way high. In fact if they did when rates were at their lows housing should have been breaking new highs every where ,which of course they weren’t. The highs are mostly now ,years after rates started rising.

[Bk2LI]

Very interesting, thank you I appreciate everyone’s input.