Has the housing market improved recently on long island ? (Nassau: house, buying)

[zulu400]

Originally Posted by Kbinspections

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.

That sounds possible.

The 8k has helped some of the starter homes to sell, there is no question, the sub 400k or sub 450k houses. Check for sales over 450k for the past 3 years, I don't see a major movement in the numbers that sold.
Also the buyer really is not getting the full 8k back because if more buyers did come into the market because of that, it means the final sale price might be about 5k more than what it could have sold for, nevertheless 3k is 3k. The low interest rate has been helping a lot and taking advantage of both was awesome for buyers.
The 8k will expire soon and we have to see how the rates move, if it jumps, the govt will intervene again.

[JohnnyBilancia]

Thanks everyone . It sounds like things are not improved. So it will take till next year for prices to go higher. I hope not ? It is a buyer's market , not good for sellers. I had heard earlier this year that it was going to get better by the summer . Thanks , so you all agree next year is the better time to sell.

[Chrisk327]

I dunnno, by me, house prices are a bit higher than they were this time last year. Basically the winter/spring of last year seemed to be lower than the summer slightly.

Also inventory was realitively scarce all year. Anything that was decently priced, or in good condition moved off the market pretty quickly. Some taking a month or two, others a week.

[MikeyKid]

I don't understand why people are looking out for houses to go HIGHER... It almost seems to me that some folks think that there's going to be another run-up. Do some research beyond what GovCo and the NAR are feeding to you - the entire economy is an absolute mess. It only appears somewhat stable through artificial props from the government.

The downward pressure to values is enormous... You are not going to miss a run-up. Even when it hits "bottom", it's going to bounce around there for a long while as the tax bribe goes away, printing money slows, and eventually interest rates go up. The biggest kicker is that more and more distressed properties are on the way.

[Crookhaven]

Originally Posted by Chrisk327

I dunnno, by me, house prices are a bit higher than they were this time last year. Basically the winter/spring of last year seemed to be lower than the summer slightly.

Also inventory was realitively scarce all year. Anything that was decently priced, or in good condition moved off the market pretty quickly. Some taking a month or two, others a week.

Thats what Im seeing too Chris
Its brisk if youre priced right.

Sub 350-400/Taxes under 10 seems to be the sweet spot.

Crooks

[zulu400]

yeah I see the sub 400k houses moving faster.

[MikeyKid]

Interesting little article. Median prices actually went up from January -> February, but so did the inventory.

New-home sales hit a new low - latimes.com

The seasonally adjusted annual rate of 308,000 units in February was the lowest since the Commerce Department began keeping statistics in 1963.

[TomMoser]

Originally Posted by sweepea

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.

Co-ops tend to fall harder and faster in a declining market.

[FrmlyBklyn]

Originally Posted by Crookhaven

Thats what Im seeing too Chris
Its brisk if youre priced right.

Sub 350-400/Taxes under 10 seems to be the sweet spot.

Crooks

Same in New Jersey/CT; the reason is conventional fixed rate mortgages of $417,000 are easier to sell to Fannie Freddie and FHA - everything else is considered JUMBO, costs more to borrow, not as easy to sell into the marketplace (Fannie and Freddie aren't interested, no matter how sexy you dress it up, it's still a JUMBO). How many logical banks (note the keyword "logical") do you know are willing to lend $450,000 in a declining economic enviornment - NONE!

[ovi8]

Originally Posted by JohnnyBilancia

Thanks , so you all agree next year is the better time to sell.

You don't need to buy also?

Low rates + low-enough buying prices for your "next" home sounds ideal to me - selling now so you can buy your next isn't so bad.