Is this the reality of home sales ??? (Westbury, Old Westbury: real estate, mortgage)

[dman72]

Originally Posted by hotkarl

I see the trend to list houses within a price "range" is getting popular on the Island.
For example: 4br 2 bath cape, blah blah blah...$345k-$410K

That trend is incredibly annoying and the MLS should ban it. It's ridiculous. I'll take 50K below the low price, thanks.

[longislandmike]

Originally Posted by dman72

That trend is incredibly annoying and the MLS should ban it. It's ridiculous. I'll take 50K below the low price, thanks.

It illustrates that people want to sell, but are NOT selling, as much, as the market should be.

Ergo, the various devices "out there" now to accomadate Selling and Buying.

It all depends on the Banks.

Allegedly, there are places where there is LOTS of Buying/Selling, but it's probably NOT for the reasons that the Economy needs to thrive.

[hotkarl]

People are gonna be kicking themselves in the butt for not buying soon.
The housing prices are gonna start to climb again, and I think it will be sooner than later.

I keep hearing the same thing over and over, "we're waiting to see how low the market goes". I don't think it's going to get too much lower than it already is.
If it does, we are in big trouble because that would mean there are even bigger problems with the economy. I keep hearing about waiting for the bottom to drop out, well if you compare todays home prices with a few years ago, the bottom definitely has dropped out. I go on MLSLI all the time, it's like crack, ever since I sold/bought last year, I've been addicted. I'm kicking myself in the butt for not banking my money and waiting until now to buy, but I just couldn't bare to live with my folks
A man needs his privacy, ha.

The house I bought a year ago is going for around 30-50K lower than what I paid.
And I knew this was going to happen, but me being headstrong and stubborn, had to buy. I just couldn't handle not having my own domain, if you know what I mean.
Financially it would have been a homerun for me to bank the money and move my wife, kids, and myself into my parents house for a little while, but it would have been a nightmare. My whole life would have been on "pause".

[Chrisk327]

hey if you listen to this board we should be able to buy some nice 4br houses in GC for $150K next year. Sign me up.

The assessed value should have little or no bearing on an offer to buy. your value could be 100K high or low. Get some comps and go from there. without knowledge of actual condition of the insides, location etc, things aren't always what they seem

[glags11]

Originally Posted by hotkarl

People are gonna be kicking themselves in the butt for not buying soon.
The housing prices are gonna start to climb again, and I think it will be sooner than later.

I keep hearing the same thing over and over, "we're waiting to see how low the market goes". I don't think it's going to get too much lower than it already is.
If it does, we are in big trouble because that would mean there are even bigger problems with the economy. I keep hearing about waiting for the bottom to drop out, well if you compare todays home prices with a few years ago, the bottom definitely has dropped out. I go on MLSLI all the time, it's like crack, ever since I sold/bought last year, I've been addicted. I'm kicking myself in the butt for not banking my money and waiting until now to buy, but I just couldn't bare to live with my folks
A man needs his privacy, ha.

The house I bought a year ago is going for around 30-50K lower than what I paid.
And I knew this was going to happen, but me being headstrong and stubborn, had to buy. I just couldn't handle not having my own domain, if you know what I mean.
Financially it would have been a homerun for me to bank the money and move my wife, kids, and myself into my parents house for a little while, but it would have been a nightmare. My whole life would have been on "pause".

There is no way in heck that home prices are going to rise soon..Newsday just had an article (today) that said home sales on long island were off 30%. Combine that with the fact that job losses are climbing, and income is still not inline with home prices and boom!, you will see more of a decline! 10%-20% more drop here we come! DO NOT BUY YET!

[hotkarl]

Buy soon. Maybe not right now, but soon. Prices are not going to drop dramatically any more than they already have.
This is the bottom right now, give or take a percent or so.

And, I said prices would climb sooner than later, meaning not today, but within the next year or so they will start creeping back up. Obviously, the more desirable neighborhoods/school districts will rebound sooner.
Does anybody believe in 2 years you're gonna buy an estate in Muttontown, or Old Westbury for 400K? A house in RVC for 90K?
Really, there aint no way in heck the prices are gonna waaay lower than they are now. Just wont happen, not on the Island. The worst thing that could happen would be if the market reaches a complete stagnant period where nobody buys OR sells because of stubborness, but I don't even think that will happen.

Not buying will do more harm to the LI economy.

[modmondays]

Originally Posted by hotkarl

Buy soon. Maybe not right now, but soon. Prices are not going to drop dramatically any more than they already have.
This is the bottom right now, give or take a percent or so.

And, I said prices would climb sooner than later, meaning not today, but within the next year or so they will start creeping back up. Obviously, the more desirable neighborhoods/school districts will rebound sooner.
Does anybody believe in 2 years you're gonna buy an estate in Muttontown, or Old Westbury for 400K? A house in RVC for 90K?
Really, there aint no way in heck the prices are gonna waaay lower than they are now. Just wont happen, not on the Island. The worst thing that could happen would be if the market reaches a complete stagnant period where nobody buys OR sells because of stubborness, but I don't even think that will happen.

Not buying will do more harm to the LI economy.

Oh....really????

Following from today's newspapers (AP/Re-Max report):

Home sales in the suburban counties surrounding New York City — Suffolk, Nassau and Westchester counties — look like the stock market. Sales were off by 33 percent in February and the median price fell more than 13 percent to $370,000. The supply of unsold homes also grew by nearly 5 percent, the only area in the Northeast to show an increase.

Nearby in Passaic, N.J., home to many Manhattan commuters, February sales fell 23 percent, while prices dropped nearly 13 percent from a year ago to $311,000.

[djdairyp]

Originally Posted by modmondays

Oh....really????

Following from today's newspapers (AP/Re-Max report):

Home sales in the suburban counties surrounding New York City — Suffolk, Nassau and Westchester counties — look like the stock market. Sales were off by 33 percent in February and the median price fell more than 13 percent to $370,000. The supply of unsold homes also grew by nearly 5 percent, the only area in the Northeast to show an increase.

Nearby in Passaic, N.J., home to many Manhattan commuters, February sales fell 23 percent, while prices dropped nearly 13 percent from a year ago to $311,000.

Do you have a link to this, (not to check your source, just b/c I want to read it)

[modmondays]

Originally Posted by djdairyp

Do you have a link to this, (not to check your source, just b/c I want to read it)

Today's Newsday on-line or The Associated Press: Northeast posts 20 pct February home sales drop

I believe this report more than yesterday's total spin by the NAR

[djdairyp]

Originally Posted by hotkarl

Buy soon. Maybe not right now, but soon. Prices are not going to drop dramatically any more than they already have.
This is the bottom right now, give or take a percent or so.

And, I said prices would climb sooner than later, meaning not today, but within the next year or so they will start creeping back up. Obviously, the more desirable neighborhoods/school districts will rebound sooner.
Does anybody believe in 2 years you're gonna buy an estate in Muttontown, or Old Westbury for 400K? A house in RVC for 90K?
Really, there aint no way in heck the prices are gonna waaay lower than they are now. Just wont happen, not on the Island. The worst thing that could happen would be if the market reaches a complete stagnant period where nobody buys OR sells because of stubborness, but I don't even think that will happen.

Not buying will do more harm to the LI economy.

I don't think anyone thinks it will get that bad nor is anyone saying this. 90K for a house in RVC, that's absurd. And 400K in muttontown is ludicrous. However, a downward adjustment is a strong possibility. The combination of foreclosures, Alt-A / option arms that have'nt even begun to become issues, a general poor economy and job loss and the simple fact that house prices bubbled up at insane rates in the early part of the decade, could be indicators of further decline. Everything is a prediction and forecast, but general 'feelings' of a bottom is somewhat knee jerk.

Revert prices back to the year 1999, when average homes were selling for around 200-250k (my assumption based on sale price figures I have seen listed in average communities at that time, and most charts shown on zillow, sorry if you think zillow is crap). Take these pre-bubble values and appreciate them at the rate they should have (around 3.5% per year or so) ... and you get 300-350k, where they should be today. But the bubble inflated these to above the 400-450 k level, and they slid a little but not enough so they are out of whack. They should either come down or stay there for the next 7-8 years or so if things are to adjust to the norm. I think few think they should be cut in half, but the average home should slip another 20% before it is where it should be. Of course, this could all be nonsense because we would all be sitting pretty if we could predict this stuff.