I hate this market (Rockville Centre, Wantagh: sale, foreclosures, lender)

[lesscrappy]

Yet another weekend of open houses turned out to be a total bust. It seems no matter what town I look at every house out there has some kind of major flaw and they don't want to come down in price no matter what. Everyone keeps telling me this is a buyers market but honestly it seems like nobodys market. All the inventory out there is terrible and anyone with a decent house would never put it on the market in this economic downfall. I've been looking in Rockville Centre and Wantagh and if the house isn't underneath the highways, its in the middle of a train track... I'm so sick of this long island market. This is my 2nd summer I'm looking for a house now and I have yet to find anything. Even the houses in the 800k-900k range are bad. Anyone else feeling my woes...

[I have a voice]

Originally Posted by lesscrappy

Yet another weekend of open houses turned out to be a total bust. It seems no matter what town I look at every house out there has some kind of major flaw and they don't want to come down in price no matter what. Everyone keeps telling me this is a buyers market but honestly it seems like nobodys market. All the inventory out there is terrible and anyone with a decent house would never put it on the market in this economic downfall. I've been looking in Rockville Centre and Wantagh and if the house isn't underneath the highways, its in the middle of a train track... I'm so sick of this long island market. This is my 2nd summer I'm looking for a house now and I have yet to find anything. Even the houses in the 800k-900k range are bad. Anyone else feeling my woes...

We haven't hit rock bottom yet that's why. Sellers are in for a rude awakening, especially when interest rates increase.

[TomMoser]

There is still a disconnect between buyers and sellers. In my opinion, many sellers AND many buyers have unrealistic expectations right now. There are many sellers who are living in the past (those good old days of three years ago). There are many buyers who believe that they should be able to steal a house right now due to what the see in the media. I'm not saying that this is the case with you, just a general observation.

Going to open houses is not the best way to search for homes. Usually, they are new to the market and the seller still has high hopes for his high price.

[dman72]

People still remember that the house down the street sold for $500k 2 years ago, and they can't understand why their house won't move for 490K. They can't face reality. Your house is overlisted by at least $20k!!

[lesscrappy]

Definitely with you on the unrealistic expectations. But for the most part if I found a house that I liked I would probably pay asking price. It just seems like there's nothing out there...Open houses are just one thing I'm doing. I practically live on mls and hotpads.

[totallyfrazzled]

Originally Posted by lesscrappy

Everyone keeps telling me this is a buyers market but honestly it seems like nobodys market.

I so completely agree with you! Honestly I don't think Long Island has been a TRUE "buyer's market" since the 1950s and 1960s. Maybe that's because most people interpret "buyer's market" to mean "most buyers will be able to get a bargain", just like "seller's market" translates into "most sellers will make a whopping profit" (just like during the bubble, when people who bought for 70K in the 1970s here were able to get 500K in the 1990s). Sellers who bought during the 60s and 70s here will STILL be able to make a killing on resale (just not as much of a killing as was made during the boom years). Sellers who bought during the boom years or were stupid enough to get ARMs with almost nothing down in recent years... well..

IMO, Long Island OVERALL will never become what most people think of as a buyer's market (bargains to be snapped up, or tons of owners under pressure to sell). There are going to be individual bargains or even parts of certain towns that are currently undervalued or unappreciated, like stocks flying under the radar that are good investments for the savvy buyer. But whenever I hear someone talk about LI being a "buyer's market now", I laugh. More sellers may be less greedy, or making less profit on their sale than the ones during the boom when it truly WAS a "seller's market" (bidding wars common, etc), but the absence of that craziness does not IMHO make this a buyer's market. Pretty much a nobody's market, in other words a much more level playing field.

Anyway, why SHOULD one side have an advantage anyway? Doesn't it make more sense to have NEITHER a "buyer's" nor a "seller's" market? In such a market, neither party is likely to feel as, um... well, you know.

[modmondays]

Originally Posted by lesscrappy

Yet another weekend of open houses turned out to be a total bust. It seems no matter what town I look at every house out there has some kind of major flaw and they don't want to come down in price no matter what. Everyone keeps telling me this is a buyers market but honestly it seems like nobodys market. All the inventory out there is terrible and anyone with a decent house would never put it on the market in this economic downfall. I've been looking in Rockville Centre and Wantagh and if the house isn't underneath the highways, its in the middle of a train track... I'm so sick of this long island market. This is my 2nd summer I'm looking for a house now and I have yet to find anything. Even the houses in the 800k-900k range are bad. Anyone else feeling my woes...

We saw 6 houses this weekend and only one was decent. It is getting depressing. . .especially when you see unrealistic and stubborn sellers listing between 800k and 950k and nothing has been done to the house in seemingly 20 years. So many without A/C, so many with old, tired, tile work, so many with kitchens renovated in 1971 - - if at all.

Have to laugh - - we looked at a home in Great Neck listed for $825 by a couple who have been living there forever. Nothing, and I mean NOTHING has been improved in the house since this couple was in the 40's (they are in their 80's now)....not even a cable TV connection - - still rabbit ears on their TV's........... If they still have rabbit ears, what are they chances they have improved ANYTHING in the house since they've been there?

My wife feels that it is now THE SELLERS insulting the buyers with their list prices - - what a complete waste of time.

[L-88]

Patience people. If no one is buying the prices will have to fall. No one can really predict when is the best time to buy. It's more of a sixth sense kind of thing...you will see a place you like (it will come along at some point), and you will make your offer.

[tictime2121]

Oh boy I feel your pain even if my pain is in a lower buyer bracket....there is s**t out there...it feels like 99% of what is available are either short sells or foreclosures.

I'm just getting tired of looking

JMO

[NYC2RDU]

Originally Posted by TomMoser

There is still a disconnect between buyers and sellers. In my opinion, many sellers AND many buyers have unrealistic expectations right now. There are many sellers who are living in the past (those good old days of three years ago). There are many buyers who believe that they should be able to steal a house right now due to what the see in the media. I'm not saying that this is the case with you, just a general observation.

Going to open houses is not the best way to search for homes. Usually, they are new to the market and the seller still has high hopes for his high price.

Perhaps the stalemate is fueled more by sellers who either bought high and can't sell short without owing money to the lender -or- sellers who maxed out their equity thinking their home values would grow forever and now face a harsher reality.

Sadly I know of several such situations in the Long Island market.