U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > Long Island
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
 
Old 11-27-2008, 03:09 PM
 
216 posts, read 313,583 times
Reputation: 43
Default Home Prices in Suffolk County- The Hamptons Area

This is a buyers market. For individuals who sold their house last year they lucked out. Do you think the market for people who want to sell their home will come back to where it was last year or will home values go low and stay low?
Quick reply to this message

 
Old 11-27-2008, 08:08 PM
 
4,502 posts, read 7,798,386 times
Reputation: 3928
In my opinion, prices are going to bottom out some time next year and stay there indefinitely.

Prices can't go insanely high (as they've been for the past 10 years or so) simply because banks and mortgage companies can't hand out mortgages to anyone who walks in the door the way they used to. That was part of what drove housing prices so high along with low interest rates.

They're now going to have to actually check peoples' credit, do income verification, etc to ensure that people can actually afford to purchase/maintain a home.

A very large part of the economic disaster this country is in is because of the mortgages that were handed out like candy at Halloween to people who weren't making enough to afford a home (and all that goes with it). I don't think they're going to allow it to happen again.
Quick reply to this message
 
Old 11-27-2008, 10:35 PM
 
Location: Huntington, NY
7,632 posts, read 10,359,140 times
Reputation: 3412
Quote:
Originally Posted by bpoerio View Post
This is a buyers market. For individuals who sold their house last year they lucked out. Do you think the market for people who want to sell their home will come back to where it was last year or will home values go low and stay low?
IMO prices in the Hampton area haven't quite bottomed out - there are builders out there with unsold inventory. And with money tighter than in the recent past - including requirement of full documentation for mortgages - as well as the massive layoffs in the financial industry here in the metropolitan area, the second homes will be much more difficult to obtain/maintain.
Again, that's my personal and professional opinion
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > Long Island
Similar Threads

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top