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Hi. We are looking to buy and sell in western suffolk. How much of the real estate mess they are talking about is media hype and how much is it for real? What have your experiences been within the last couple of months or so??
It is very bad from a selling standpoint. There is just too much inventory of existing and some new homes on the market, literally hundreds of homes for sale within each town. We priced to sell from start about 2 months ago and after 3 weeks dropped 50k, got a few lookers but still no offers. If the ARM resets hit folks as predicted, its going to get even worse ! The fed rate cut may help a bit, but it's still a bit tough right now for many buyers to get mortgages and those that can are finding banks backing out of deals due to low appraisals, etc. It definitely should be a buyers market to a degree right now, but I don't think its really happening yet. Many buyers also appear to be waiting out the market between the financing issues and dropping home prices. I really need to sell and probably will be getting desperate in a month or two.
Lots of houses for sale in Western Nassau County. Many homes have gone through 3 or 4 realtors with no luck. Prices are coming down, considerably in some cases. Some "experts" are saying not to even think about buying a house until 2009 because prices should continue to fall.
We have a rental house that we would love to sell. But there is no need to sell it for a song either. So we will probably ahve to ride the wave and rent it again.
My neighbours house has been on the market for 14 months now with no offers.
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Hi. We are looking to buy and sell in western suffolk. How much of the real estate mess they are talking about is media hype and how much is it for real? What have your experiences been within the last couple of months or so??
It has clearly turned into a "Buyer's Market". If you are selling and buying a bigger house in the same area, this market may be to your advantage. Here's how:
Home prices are down about 10%. To make the numbers simple, if you are selling a home that last year was worth 500,000 and buying a home that last year was worth 1,000,000, you would only get 450,000 for the home you are selling (a 50,000 "loss"), but you would buy the 1,000,000 home for 900,000 ( a 100,000 "gain"), so you are ahead of the game.
There are effective strategies for dealing with every situation in every market.
The key to selling is price. In today's market you need to get ahead of the curve if you want to sell. Too many sellers are chasing the market down. What I mean by that is they price their homes too high to begin with and then, when no sale occurs, they begin to lower the price in small increments. The market continues to slide, they lower their price again, but never get it to the point where it is priced right.
This is the same thing that many would be buyers did a few years ago. I worked with one young couple who started out saying "Our maximum price is 250,000" when starter homes cost 275,000. Next, their maximum price was 300,000 when starter homes cost 350,000. This went on and on. Obviously, had they alligned themselves with the market to begin with, they would have gained a lot of equity. This same thing is going on with many sellers today, but in the reverse direction and they are going to end up losing a lot more then if they priced their homes correctly to begin with.
Probably. The problem is that the prices have not cracked yet. There is a lot of seller denial of reality going on. Once the prices come down, the market will find equilibium again.
Probably. The problem is that the prices have not cracked yet. There is a lot of seller denial of reality going on. Once the prices come down, the market will find equilibium again.
Im not sure...
I think its fear fueled by the media.
Nobody wants to flinch
Ive seen prices move 20% locally and still nothing in the more expensive towns and areas.
Weve seen a healthy amount of buyers in the starter market in Rocky Point...theyre just baffled and waiting for the market to find some guidance.
The sad truth is many are McMortgaged to the hilt so they cant go much lower...theyll just wait it out.(unless theyre in teaser rate mortgages then they are effed)
Hence the paralysis.
When rates bump up...the whole market will open up.
Theres still plenty of money and buyers waiting on the sidelines.
My advice...buy modest, avoid the ego zipcodes.
(Tom can help you out...East Northport/Kings Park's my pick in his area)
Originally Posted by TomMoser View Post
Probably. The problem is that the prices have not cracked yet. There is a lot of seller denial of reality going on. Once the prices come down, the market will find equilibium again.
It's like a Mexican standoff between the buyers and the sellers, and then another standoff just between the sellers to see who will drop their price first.
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