U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York
 [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: 
View Poll Results: do you think home prices will fall in the NY area?
Yes, within 6-12 months price drop range 25k-50K 12 27.27%
Yes, within 12-24 months price drop range 50k-100K 14 31.82%
No, prices will continue to rise 5-10% per year 2 4.55%
No, prices of homes will not rise or fall but rather stabilize over the next few years 16 36.36%
Voters: 44. You may not vote on this poll

Closed Thread Start New Thread
 
Old 11-22-2006, 09:12 AM
 
202 posts, read 324,499 times
Reputation: 32

Advertisements

does anyone else out there have an opinion on this? I would love to hear from honest realtors out there on how they feel. thanks

 
Old 11-22-2006, 09:59 AM
 
442 posts, read 1,213,519 times
Reputation: 207
Quote:
Originally Posted by kitty71 View Post
I guess I have a hard time believing prices will DROP, I'm guessing they will stabilize... not that I know anything, LOL.
When the market becomes so overpriced that nobody can afford to buy a home, then prices have no choice but to come down.

There are real estate markets in the US where the average home price is TEN TIMES the average household income...common sense dictates that can't sustain itself forever...who is going to buy those homes?

In more reasonable markets average sale prices are 2 times household income...those markets will be fine.
 
Old 11-25-2006, 12:04 PM
 
202 posts, read 324,499 times
Reputation: 32
Quote:
Originally Posted by hairmetal4ever View Post
When the market becomes so overpriced that nobody can afford to buy a home, then prices have no choice but to come down.

There are real estate markets in the US where the average home price is TEN TIMES the average household income...common sense dictates that can't sustain itself forever...who is going to buy those homes?

In more reasonable markets average sale prices are 2 times household income...those markets will be fine.

have a look at this... report shows average home prices seven SEVEN 7 times the average home price in westchester county. Are we due for some change? As the wiseman once said.... be patient my son, don't overpay for that house and you too shall be rewarded
 
Old 11-28-2006, 08:37 PM
 
80 posts, read 253,906 times
Reputation: 23
Check out this site for very interesting county by county real estate stats for NYS:

http://www.nysar.com/files/stats.html (broken link)
 
Old 11-29-2006, 09:27 AM
 
4,255 posts, read 328,349 times
Reputation: 2072
Here on Long Island theya re coming down. This is unfortuante for us as we are trying to sell and move at the end of the school year.

A buyer in our development just backed out because they didnt feel comfortable paying over $500,000 for the house in this market. The house next door to us has been on the market since July.

You do the math.
dorothy
 
Old 11-29-2006, 09:56 AM
 
202 posts, read 324,499 times
Reputation: 32
Quote:
Originally Posted by okaydorothy View Post
Here on Long Island theya re coming down. This is unfortuante for us as we are trying to sell and move at the end of the school year.

A buyer in our development just backed out because they didnt feel comfortable paying over $500,000 for the house in this market. The house next door to us has been on the market since July.

You do the math.
dorothy

ITS TIME TO LOWER YOUR ASKING PRICE AND THAN TAKE A SERIOUSE LOOK AT NEGOTIATING... THAt is if you really want to sell. this is the reality of a buyers market and its just getting started.
 
Old 11-30-2006, 06:45 AM
 
8 posts, read 40,685 times
Reputation: 16
I am in real estate in the Hudson Valley area.I just went to a very interesting economic seminar on the real estate market. About every 5 years the market has its peek high and peak lows.High-1976, Low 1980, High-1986, Low-1990,High-1996 then it dipped down and due to 911 shot up until 2006. This was an unusual 10 year run. We are in a corrective market right now, and in my opinion, according to history, we are on our way down. We will be in a down turn for 3-5 years and then should go back up. In our area, some people are dropping pricing to get out, they have started to panic so it is a buyers market.The pricing though in the area you are talking about is not going to drop dramatically though, because of Stewart Airport, and local to NYC. I would also tell you that if you come a little further North to the Hudson Valley you will do better on pricing. Good luck.
 
Old 11-30-2006, 08:16 AM
 
202 posts, read 324,499 times
Reputation: 32
Quote:
Originally Posted by wendyt View Post
I am in real estate in the Hudson Valley area.I just went to a very interesting economic seminar on the real estate market. About every 5 years the market has its peek high and peak lows.High-1976, Low 1980, High-1986, Low-1990,High-1996 then it dipped down and due to 911 shot up until 2006. This was an unusual 10 year run. We are in a corrective market right now, and in my opinion, according to history, we are on our way down. We will be in a down turn for 3-5 years and then should go back up. In our area, some people are dropping pricing to get out, they have started to panic so it is a buyers market.The pricing though in the area you are talking about is not going to drop dramatically though, because of Stewart Airport, and local to NYC. I would also tell you that if you come a little further North to the Hudson Valley you will do better on pricing. Good luck.

I would like to thank you for joining this forum/thread I have been waiting to hear from a real estate professional on this issue since the thread was started.

are you suggesting that westchester and other areas close to manhattan are imperviouse to a market downturn? or are you saying that these areas home prices will go down but not as much as areas that are further than NYC...If that is the case what do you see as a price drop in westchester over the next year... next two....next three? Thanks again
 
Old 11-30-2006, 12:36 PM
 
104 posts, read 417,364 times
Reputation: 82
Quote:
Originally Posted by house-hunter View Post
I would like to thank you for joining this forum/thread I have been waiting to hear from a real estate professional on this issue since the thread was started.

are you suggesting that westchester and other areas close to manhattan are imperviouse to a market downturn? or are you saying that these areas home prices will go down but not as much as areas that are further than NYC...If that is the case what do you see as a price drop in westchester over the next year... next two....next three? Thanks again
Don't want to speak for her, but typically the big-ticket spots like the heart of boston, NYC, Chicago, etc. are more resistant to down turns than suburbs I THINK. I think if you're looking to buy a home now as a private residence, it's unlikely you're going to be much better off in 6 months than you are now. With an investment property, you want to really put more time into these things, and I know it's a big expense, but if you wait forever, you'll never get a house...case in point: you've been looking for a house for 5 years and now the prices throughout the country are wildly higher than they were then.

It is, simply, IMPOSSIBLE to predict the housing market. Nobody can with much success. Not a single accurate model predicts it and economists are off-target on their estimations almost all of the time (see: real estate, GDP, inflation, dollar, etc. they are pathetic at estimating these things). If you need a house, if you want a house, if you can afford one, buy one, otherwise you'll always be trying to play the market and never be in it.
 
Old 11-30-2006, 12:54 PM
 
202 posts, read 324,499 times
Reputation: 32
Quote:
Originally Posted by JWilliams View Post
Don't want to speak for her, but typically the big-ticket spots like the heart of boston, NYC, Chicago, etc. are more resistant to down turns than suburbs I THINK. I think if you're looking to buy a home now as a private residence, it's unlikely you're going to be much better off in 6 months than you are now. With an investment property, you want to really put more time into these things, and I know it's a big expense, but if you wait forever, you'll never get a house...case in point: you've been looking for a house for 5 years and now the prices throughout the country are wildly higher than they were then.

It is, simply, IMPOSSIBLE to predict the housing market. Nobody can with much success. Not a single accurate model predicts it and economists are off-target on their estimations almost all of the time (see: real estate, GDP, inflation, dollar, etc. they are pathetic at estimating these things). If you need a house, if you want a house, if you can afford one, buy one, otherwise you'll always be trying to play the market and never be in it.

you raise some good points, however, we have seen the real estate market rise for the past 10 years... right? How can it sustain itself further? Houses out there are still way overvalued.

Although I am looking for some reduction in prices... I don't want to catch the market at the lowest? It would be nice but that is not my goal. My goal is to get into a home that makes scence and I willnot have to stay in it for 30 years to get a return on investment. instead I look to get into a home that I can build upon with my architectural expierience and move in say 15 years and do it again. Right now if you buy most homes on the market and renovate it. you will be lucky to break even after 15 years. I don't plan on waiting 3-5 years to buy but I doi plan on waiting until the price is right for what I want to do. its no wonder that for the most part the homes in this area are old and delapitated.

I say, this market can not sustain itself for long. remember that average home prices are $725,000 where the average salary in that same area is $100,000, almost 7 1/2 times. If you can't pay for that home, don't buy it. If you do I will be there to snatch it when you have to sell it
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.


Closed Thread



Over $89,000 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

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