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03-25-2010, 05:24 PM
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Location: LONG ISLAND
34 posts, read 66,530 times
Reputation: 24
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Has the housing market improved recently on long island ?
I am wondering if the long island housing prices have gone up again recently or is it still in a downward spiral ? Does anyone know if this summer housing prices will be better and housing market and real estate sales should be going up . thanks for your answers, johnny  |
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03-25-2010, 05:38 PM
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2,129 posts, read 2,438,593 times
Reputation: 350
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Since I purchased.... its been going down in my area 
I cannot predict what direction it will move, but I do see a little uptick in the inventory, which normal for this time of the year as people will list or re-list their houses. |
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03-26-2010, 12:20 AM
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Location: Huntington, NY
6,461 posts, read 6,709,364 times
Reputation: 2547
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Quote:
Originally Posted by JohnnyBilancia
I am wondering if the long island housing prices have gone up again recently or is it still in a downward spiral ? Does anyone know if this summer housing prices will be better and housing market and real estate sales should be going up . thanks for your answers, johnny |
Downward SPIRAL? No. Has it reached bottom? Not quite, I believe.
Will prices go up this summer? I think sellers will be lucky to have it stay stable; I don't expect an overall increase in prices for now... |
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03-26-2010, 05:11 AM
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Location: Long Island
316 posts, read 190,794 times
Reputation: 189
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I wonder if co-ops will improve. The value of my co-op dropped precipitously when the economy tanked, and is still down about 40% in value. I don't know if co-ops follow the general housing trend or lag behind.
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03-26-2010, 06:02 AM
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332 posts, read 394,757 times
Reputation: 65
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Anybody who is planning to buy a home this year knows very well that they have until 4/30 to go into contract in order to get their $8,000 tax credit. Understanding this, homes still for sale after that date will be seen as the "last girl at the dance" because "most buyers" would have bought already. Thus, this will put even more downward pressure on home prices.
I do not hear any possibility or talk of extending the tax credit past this April date.
Current North Shore Observation: distressed sales (those that couldnt sell last selling season but recently sold) have low-balled Comps so drastically, that newer homes are listing at 2x the SF price of the recent sales!!!! For anybody doing their homework, please check your recent comps - - if you dont, you could be overspending by tens of thousands of dollars.
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03-26-2010, 06:09 AM
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Location: LI
2,159 posts, read 1,550,249 times
Reputation: 562
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Quote:
Originally Posted by modmondays
Anybody who is planning to buy a home this year knows very well that they have until 4/30 to go into contract in order to get their $8,000 tax credit. Understanding this, homes still for sale after that date will be seen as the "last girl at the dance" because "most buyers" would have bought already. Thus, this will put even more downward pressure on home prices.
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Situation such as ours where we're selling our starter home, we hope to find someone before this deadline but at the same time we have to find a new place of our own ($6500 credit). We may or may not get that with the whole timing thing (we're not likely going into a new contract without a completely done sale first).
If/when we sell before April and an expired tax credit thereafter puts housing prices lower because of decreased demand, good for us as buyers, but is it $6500-good... that is guaranteed money...
Last edited by rh71; 03-26-2010 at 06:23 AM..
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03-26-2010, 06:37 AM
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417 posts, read 327,152 times
Reputation: 73
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Quote:
Originally Posted by modmondays
Anybody who is planning to buy a home this year knows very well that they have until 4/30 to go into contract in order to get their $8,000 tax credit. Understanding this, homes still for sale after that date will be seen as the "last girl at the dance" because "most buyers" would have bought already. Thus, this will put even more downward pressure on home prices.
I do not hear any possibility or talk of extending the tax credit past this April date.
Current North Shore Observation: distressed sales (those that couldnt sell last selling season but recently sold) have low-balled Comps so drastically, that newer homes are listing at 2x the SF price of the recent sales!!!! For anybody doing their homework, please check your recent comps - - if you dont, you could be overspending by tens of thousands of dollars.
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That's a great point.
Lots of clowns on this message board completely dismiss the $8k effect on LI, but $8k cash in hand is better than an $8k reduction in sales price to many buyers taking on a mortgage. I'm looking forward to the credit expiring to see what really happens to prices.
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03-26-2010, 06:44 AM
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7,657 posts, read 8,098,152 times
Reputation: 1156
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Quote:
Originally Posted by firefighter55
That's a great point.
Lots of clowns on this message board completely dismiss the $8k effect on LI, but $8k cash in hand is better than an $8k reduction in sales price to many buyers taking on a mortgage. I'm looking forward to the credit expiring to see what really happens to prices.
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Agreed.
I think it comes down to buying power and what banks are willing to lend and where.
Crooks |
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03-26-2010, 06:57 AM
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Location: Kings Park & Jamesport
2,195 posts, read 4,019,563 times
Reputation: 310
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April 2010 Money Magazine states Nassau /Suffolk homes prices rose 126.1% during the boom. The prices have dropped 16% so far. They predict that the prices will fall another 15.4% and will bottom out in the 3rd quarter of 2011.
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