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Ah, that clarification does help. It sounds like you'd be okay with a typical 1/4 acre Nassau County lot. I was assuming you were looking for a minimum of 1/3 acre or more (my bad!).
I heard on the radio today that mortgage rates are expected to go lower, which in turn will put upward pressure on houses prices. Depending on your situation and financial plans for the future, does it benefit you more to have a larger mortgage interest deduction and a somewhat lower mortgage principal, or vice versa?
IMHO it's impossible to generalize about the LI real estate market. As coachgns pointed out, normal (meaning not "distressed/forced") sellers in desirable areas are not dropping their prices dramatically nor are they likely to do so in the near future. If a house is priced fairly there are likely to be several competing offers (we can attest to that from personal experience over the past 6 months!) which in turn will decrease the likelihood of the buyer getting a so-called "bargain".
s.
Do you believe there will be "upward" pressure on local housing prices if mortgage rates do drop to 4-4.5% and local unemployment continues to remain at current levels - - or worse? This coupled with the emotional stress inherent in our poor local economy where many feel a lack of job security now (and at all levels)?
Mortgage Rates have been hovering at or below 5% for a number of months now (which are also "historical lows") and that hasn't exactly moved the local in-contract sales meter one bit over the past many months.
Neither did the increase in Conforming Loan amounts to $729k for LI.
And neither has the first-time buyer tax refund which has been in place since last year.
And neither has the first-time buyer tax refund which has been in place since last year.
We've seen more first time home buyers in the last couple of months - people are just taking longer to make a decision; after all, there's LOTS of inventory out there and the weather is just starting to get nice.
IMHO, this year's new tax credit will have a bigger impact: it does not need to be repaid (unless you sell within 3 years); it's cash in the buyers' pocket - heck, it can even be claimed on the 2008 tax return. The previous tax credit had to be repaid at a rate of $500/yr.
However, the $8,000 tax credit does expire Dec. 1st of this year...
We've seen more first time home buyers in the last couple of months - people are just taking longer to make a decision; after all, there's LOTS of inventory out there and the weather is just starting to get nice.
IMHO, this year's new tax credit will have a bigger impact: it does not need to be repaid (unless you sell within 3 years); it's cash in the buyers' pocket - heck, it can even be claimed on the 2008 tax return. The previous tax credit had to be repaid at a rate of $500/yr.
However, the $8,000 tax credit does expire Dec. 1st of this year...
Oh come on....... its not the sheer "amount of inventory" choices out there (most gar-bage) that is delaying their "make an offer" process, it is more likely the hesitation of your clients to purchase their largest asset (and a depreciating one at that) in a pretty harsh economic climate. I guess they probably wouldnt want to tell you that obviously.........
You are right - - the revised tax credit is better now -- but do you really think it is going to make a dent and push people over the edge? Its a sweetener, but I would doubt it will stimulate anything that much....and it was much better at the proposed $15k level that got shot down in Congress
Last edited by modmondays; 03-20-2009 at 09:12 PM..
Interesting how much you know about other people without ever having met them...
Ok...probably should have said "possibly" (another hightlight)
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and the weather is just starting to get nice.
