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Old 08-12-2009, 11:48 AM
 
Location: Suffolk County
803 posts, read 1,473,248 times
Reputation: 235

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in Commack are on their way up. Does anyone believe this? I just can't see home prices being on the rise when people are losing their jobs and nonetheless, the prime season is coming to an end. I can't deny that when I go to open houses there aren't a lot of young couples looking at the same time as we are b/c there are a lot of other people looking to buy in this area. That's kind of scary for us b/c we were hoping to purchase a home in the area and I'm little worried that this is going to drive up prices. Can any of the realtors on this site confirm what this realtor has told me? The realtor who disclosed this information to me is actually a realtor who lives across the street from my friend in Commack. Thanks in advance.
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Old 08-12-2009, 12:01 PM
 
2,356 posts, read 3,694,935 times
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When was the last time any realtor advised you that it was not a good time to buy ?

Drive up prices.... sure if you see a lot of activity on "a" house, its likely that more people are interested in "that" house.... regardless of market in 1999 or 2002 or 2010.... there are so many people there for a reason, it could be aggressively priced or not many houses in that area or whatever.... I used to go to open houses just for the heck of it too, when I was not serious, but wanted to see whats out there.
NY is also offering a Mortgage Credit Certificate for first time buyers in addition to the $8K that you get.... I think this just passed yesterday, so maybe a few more people have jumped the fence....

I'll show you some MLS listings where you can go and I can promise you that you can sit there alone for 30 mins and no one else will show up.... maybe that will calm you down.
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Old 08-12-2009, 12:02 PM
 
1,917 posts, read 3,033,734 times
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Quote:
Originally Posted by LIgirl74 View Post
in Commack are on their way up. Does anyone believe this? I just can't see home prices being on the rise when people are losing their jobs and nonetheless, the prime season is coming to an end. I can't deny that when I go to open houses there aren't a lot of young couples looking at the same time as we are b/c there are a lot of other people looking to buy in this area. That's kind of scary for us b/c we were hoping to purchase a home in the area and I'm little worried that this is going to drive up prices. Can any of the realtors on this site confirm what this realtor has told me? The realtor who disclosed this information to me is actually a realtor who lives across the street from my friend in Commack. Thanks in advance.


In my opinion, the most important phrase you should learn when buying (Or selling) a home is : SHOW ME COMPS.
Prices going up? SHOW ME COMPS.
Prices going down? SHOW ME COMPS.
House is worth X amount? SHOW ME COMPS.
Etc.

Commack specifically is not operating in some 4th dimension that is impervious to current RE trends, so I would take what the RE agent told you with a grain of salt. But, you can ask for comps.
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Old 08-12-2009, 12:14 PM
 
3,536 posts, read 4,469,285 times
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Always take what a RE says with a grain of salt. We had one guy tell us we're not in a recession. I wanted to smack him upside the head to wake him up, but my better half didn't want that.

Scottzilla, what is a COMP?
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Old 08-12-2009, 12:15 PM
 
Location: Suffolk County
803 posts, read 1,473,248 times
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Oh no, I do know about comps. as I was selling my own condo and finally got a decent offer and accepted. So I am very familiar with what comps are in general.

It seems that everything I go to look at which is priced at $399k in Commack, by the time my realtor calls for us to take a look, they already have a 1st accepted offer on it. So, that's why I am getting a little discouraged right now. Between all the 1st accepted offers and us being a 2nd accepted offer on a house we just loved, and then being told by this realtor friend of my friends, I got a little scared. Just wanted some opinions on this. Also, it kind of bothers me that NYS is offering another credit to 1st time homebuyers. What about people like myself who want to upgrade and are taking a loss on their home or actually lost all the equity in my home but are moving forward anyway? I think they should offer some kind of credit to buyers who are moving up as well. I just don't think that's fair. It's not like I am coming out of my condo with anything b/c we are selling for less than what we paid. Sorry, I don't mean to soudn childish about it.

Zulu, I do know that there are many homes prices out there overpriced and will sit for a long time and when they finally drop their price, they will get a buyer.
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Old 08-12-2009, 12:19 PM
 
3,536 posts, read 4,469,285 times
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It is possible to already have a 1st accepted offer, however don't be scared off by it. Some RE's do that as a scare tactic so that you will offer more.

Here is an example. A house just went on the market, we went to look at it and already they had a first accepted offer along with multiple offers. There was very little time between going on the market and when we went to look at it. Is it possible? Yes. Realistically, I don't think they had an accepted offer. They probably at best had an offer.
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Old 08-12-2009, 12:25 PM
 
Location: Suffolk County
803 posts, read 1,473,248 times
Reputation: 235
Quote:
Originally Posted by thebobs View Post
It is possible to already have a 1st accepted offer, however don't be scared off by it. Some RE's do that as a scare tactic so that you will offer more.

Here is an example. A house just went on the market, we went to look at it and already they had a first accepted offer along with multiple offers. There was very little time between going on the market and when we went to look at it. Is it possible? Yes. Realistically, I don't think they had an accepted offer. They probably at best had an offer.
Gotchya. It's crazy b/c the house we had put an offer in on, I wanted to put it in the night before but we ended up putting it in the next morning and were told that they already had an accepted offer and the people were putting down 20% and were not on a time constraint to move out like we are b/c we have a closing on our condo sale but the realtor said if we came back with such and such amount, maybe the sellers would consider it. So, we knew our original offer was low as we wanted to start at that so we put in the offer we thought was appropriate (not what the selling realtor agent said we should; lower than the amount she mentioned), and the realtor came back and said it was a good offer and we were 2nd accepted and then told our realtor that hte other people are putting down 10%. It's like she contradicted herself from the first time she told us they were putting down 20%. So, who knows what to trust! It's frustrating! I do know Commack is desirable and I can see a lot of interest, etc. Then I went to another open house this past Saturday, we tried to get in during the week but the key was out or something like that so we couldn't and as soon as I walked in and explained to the realtor who I was, she said "oh, when I spoke with your realtor during hte week, we didn't have an offer but we already have a 1st accepted". I was like..okay... Our realtor called about another house last night and they said they have a 1st accepted...It's nuts. That's why I was getting worried but I do know about the tactics they use and it stinks b/c you never know what to believe.
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Old 08-12-2009, 12:28 PM
 
3,536 posts, read 4,469,285 times
Reputation: 2401
Quote:
Originally Posted by LIgirl74 View Post
That's why I was getting worried but I do know about the tactics they use and it stinks b/c you never know what to believe.
True and they could say they have a first accepted offer that is 10% above asking price just to get you to go higher.

Stick to your guns and know your range of how high you want to go. Be willing and ready to walk away because you might get an owner who still is living in the past and thinks their home is still the same high value as it was 3, 4 years ago.
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Old 08-12-2009, 12:44 PM
 
Location: Town of Huntington, NY
7,759 posts, read 10,929,831 times
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Unfortunately there are RE agents out there who do what you're experiencing - fortunately not all. But it makes it difficult for the rest of us, because as a result, our credibility is very low, at best and we have to try that much harder to make buyers (and sellers) believe that we're "not like that"...

Now that I got that out of the way , I can tell you that yes, Commack is currently very much in demand; I'm trying to get a listing right now, that I believe will sell fairly quickly (not in your price range). Add to that the current rush because of the $8K stimulus package plus the still low interest rates, and you have plenty of competition in your price range -- enough to get "1st accepteds" quickly. Of course they don't all go through. If I have a buyer who's interested in a house that has a 1st accepted, I always try to show it anyway; stuff happens. Just let your agent know, you're not deterred by that. But stick to your guns when it comes to a price that is right for you. Don't let anyone talk you into paying more than you believe/know you can afford! They're not paying the mortgage - you are!

With regard to "higher prices", if a house is priced aggressively, it can (and at times does) get bid up beyond the original asking price. But as has been pointed out in other threads/posts, a lot depends on how close to market price the original asking price was set. This would look like prices are "going up" when in reality, it just reflects the "real" market price, as seen by buyers. Confused?? Just keep looking and trying!
Good luck!
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Old 08-12-2009, 12:48 PM
 
2,939 posts, read 5,713,557 times
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At the 400K price point in Commack the good homes do move fast.

That being said, I don't see a general upward trend in prices. I am a real estate agent, so as other posters have pointed out, you can take what I am saying with a grain of salt.
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