Please register to participate in our discussions with 2 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.
I know I'm asking everyone to peer into your crystal balls, but do you think the housing market on Long Island is about to crash?
Current news being what it is, I'm concerned.
On one side we've got low housing stocks and population probably looking to move out from the city.
Flip side is people are being laid off, rates are going up, and there is a raging pandemic that could practically shut down home sales till after September or longer.
We had our offer accepted and were about to go into contract, but the lawyers have taken about 1 day too long.
I'm thinking of renegotiating the price. Maybe offer 20% less, and if it works out get a counter at 10%.
If it doesn't work out, trust my gut and walk away.
Or maybe I should dive in head first with my original offer and go to contract.
No matter what, it's going to be hard to get new buyers to see the house, just like it's going to be hard for us to go view houses.
I'd love to hear everyone's thoughts, feelings, and conspiracy theories!
In this environment, fear is driving actions. If I were a seller, I'd not materially reduce my price if I had an agreed upon offer.
I'm sure there are scenarios where sellers don't care, but this pandemic is not the time to make rash decisions. Sure, the market could go down, but LI inventory will likely remain low as it was already at 20 year lows. Basic supply and demand dictates prices will be driven by the inventory. I don't foresee a bunch of homes coming on the market anytime soon with moratoriums on foreclosures for likely a year or longer on Fannies and Freddies (not to mention Banks are not going to open themselves up to litigation by foreclosing on folks when governments are putting in programs for financial hardship). In short, for folks thinking a bunch of cheap homes are coming onto the middle market, sub $600k, it's highly unlikely.
In 08 it was an actual financial crisis, 2020 is a health crisis. 08 people had no money, 2020 people are holding onto their money. Once this is over, the economy will surge up.
In 08 it was an actual financial crisis, 2020 is a health crisis. 08 people had no money, 2020 people are holding onto their money. Once this is over, the economy will surge up.
what do you think is going to happen with mostly every company closed and the potential layoffs .....
this is going to be financially devastating ....
already major corporations are fling the paper work required for mass layoffs ....
my son is a partner in one of the country's largest labor law companies ... he said he has been working 15-18 hours a day heading a team they have nationally to deal with the record number of corporations preparing the corporations paper work as required now by law when loads of people are going to be cut
we are likely good for another 3 weeks in the city , at least ..... many people are down a lot of money in their savings and poorer feeling people dont spend freely .... this financial devastation from loss of business may take a year or years to unwind.
the next unemployment report may show a jump in millions
So YES LI real estate is currently without liquidity which means at present it is not buy-able.
At a later date, Save your cash, bring cash to the table.. Pennies on the dollar. It could be 50c on the dollar or lower. So no don't buy anything now.
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.
Please register to participate in our discussions with 2 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.
