NY Housing Article: Any thoughts? (New York, York: rent, appliances, house prices)

[TomMoser]

Originally Posted by scottzilla

So why do you take the listing?
Or, at least take the listing and don't show the house. You aren't helping your customers by showing them grossly overpriced properties, yes?

You are making an assumption. If a seller insists on grossly overpricing their home I will not take the listing. It is a waste of my time and my money. I cannot speak for other agents.

[Jrprofess]

Originally Posted by scottzilla

So why do you take the listing?
Or, at least take the listing and don't show the house. You aren't helping your customers by showing them grossly overpriced properties, yes?

Easy Zilla....Tom is one of the good ones. To those earlier posters noting flat inventories and an uptick in listing price, you are severely discounting the devastation that the current job market is having on the psyche of home buyers and the inherent downtick in buyers interested in making such a large purchase. This will continue to depress home prices. Rep points above to the poster who listed the actual selling prices year over year.

[thebobs]

Originally Posted by Egobop

I can't help but to wonder if there are other people like me out there. I actually bought my house to live in, not as an investment.

Actually I'm the same way. I'm looking for a house. Of course I want to get a good deal on it, but after I'm in it, I'm not looking to make it an investment. I'm going to live there for the rest of my life (barring any other events happening). If it goes below market value, I'm not going to sit there and pull my hair out and cry and beat my fists on the pavement screaming WHY ME!!!!

The housing market fluctuates over the years. It can go up or down. You can't control it.

The real true value of a house is the memories in it. All the fun times, the marks on the wall where you measured your kids, chasing your child around the house because he/she escaped the bathtub and is now running naked, the dog raiding the kitchen and making off with the steak before you've had a chance to put it on the grill, etc.....

[Egobop]

Originally Posted by thebobs

The real true value of a house is the memories in it. All the fun times, the marks on the wall where you measured your kids, chasing your child around the house because he/she escaped the bathtub and is now running naked, the dog raiding the kitchen and making off with the steak before you've had a chance to put it on the grill, etc.....

This is truly an excellent point. Thank you for putting this in the post. It actually made me think back at some things my children have done here over the years. Thanks.

[thebobs]

Originally Posted by Egobop

This is truly an excellent point. Thank you for putting this in the post. It actually made me think back at some things my children have done here over the years. Thanks.

You're welcome.

[MiddleIslander]

Originally Posted by jmax

Anyone watch the show Real Estate Intervention on HGTV? An agent takes a couple that is selling their house to see other houses in their area that have recently sold or are also on the market. After the showings he asks them what they think the asking price is for each house. They always say 10's of thousands more than what their house is listed at - and it is always 10's of thousands less that what they are asking for their own home- They are always shocked - its hilarious. The show last week - the seller kept saying - well this house or that house doesn't have new windows - we have new windows on our house - he must of said it 3 or 4 times during the show.

This show is awesome, I have it DVR'd. These are much different times compared the heydey of "Flip This House". It's a sign of the times that HGTV is now showing slight willingness to give viewers a dose of reality.

Now if they could only post actual sale prices on "What's My House Worth" and recorded-on dates on every episode.

[MikeyKid]

Originally Posted by Burb

HousingTracker.net | Median Home Asking Price & Inventory Data for Long Island, New York

I love these threads and especially love when people use "what people want to get for their house" as statistical data. Seriously, I can't even believe they track that... actually, they should call it the Realtor / Seller / Owner wishland feel better data page.

The only data that holds any meaning is the YoY stuff... and even then one could argue how horrible MLS is with so much garbage in and how data is classified (what's excluded, what's not, etc , etc). The ones who make the money off the whole broken system are the ones who manage / police the data. Nothing wrong with those numbers!

I have to agree with the posts about the really, really simple math. The answers don't need any fancy macro economics talking about LTV, interest rates, an object will tend to stay in motion unless acted upon by another force, blah, blah... It's as simple as can be - when median income can't afford median homes, there's a serious problem. Keep crunching the stats and numbers any way you want to try and make yourself feel better, but that's a fact. Prices have nowhere to go but down.

[ClarkStreetKid]

Originally Posted by Jrprofess

To those earlier posters noting flat inventories and an uptick in listing price, you are severely discounting the devastation that the current job market is having on the psyche of home buyers and the inherent downtick in buyers interested in making such a large purchase. This will continue to depress home prices.

Just joined those ranks last week Prof, our house is as good as paid for but I canceled a few big projects that I was going to have done. The guy I was going to have put window film on the house was telling me I wasn't his first cancellation this year and that he was already pulling out of a new house he was buying. Who says there is no such thing as trickle down economics.

The good side is that I've been getting calls from local startup companies who are getting excellent deals on commercial RE and looking to hire from the "can start tomorrow" talent pool (aka unemployed).

[MiddleIslander]

Sorry to hear, I'm sure everything will work out.

[ClarkStreetKid]

Thanks MI, but it's actually a good thing as I'm seeing some opportunities that I might have otherwise missed out on.

I think the employment picture is factoring into housing prices even if it's sometimes indirect. This time around it's not just the guy on the factory floor losing his job but the white collar professional guys (like me) also. In the past I've seen one or the other happen, but never both at the same time. So what we could be seeing is a pretty broad reduction in potential buyers with nobody feeling good about a large purchase. Like JRProf said.