U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > Westchester County
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Closed Thread Start New Thread
 
Old 11-21-2007, 09:29 PM
 
83 posts, read 334,482 times
Reputation: 22

Advertisements

Just wanted to guagewhat people think about the home prices in westchester and northern westchester counties? anyone feel that 2008 will bring even cheaper prices? Just wondering...
Rate this post positively

 
Old 11-21-2007, 09:45 PM
 
2,424 posts, read 5,864,888 times
Reputation: 3005
Quote:
Originally Posted by house shopping View Post
Just wanted to guagewhat people think about the home prices in westchester and northern westchester counties? anyone feel that 2008 will bring even cheaper prices? Just wondering...
Don't expect a plunge, but prices should be lower. Why? Because the number of active listings and expired listings has been increasing steadily over the last several years, while demand is down. So it is all Economics 101.

But 2008 could be the time to make some low bids. Interest rates could be heading toward record lows, so you could get a great deal.
Rate this post positively
 
Old 11-21-2007, 10:43 PM
 
Location: Salt Lake City, Utah
7,731 posts, read 12,993,990 times
Reputation: 5979
Quote:
Originally Posted by rubygreta View Post
Don't expect a plunge, but prices should be lower. Why? Because the number of active listings and expired listings has been increasing steadily over the last several years, while demand is down. So it is all Economics 101.

But 2008 could be the time to make some low bids. Interest rates could be heading toward record lows, so you could get a great deal.
How low do you think the prices will be?
Rate this post positively
 
Old 11-22-2007, 11:40 AM
 
83 posts, read 334,482 times
Reputation: 22
Quote:
Originally Posted by rubygreta View Post
Don't expect a plunge, but prices should be lower. Why? Because the number of active listings and expired listings has been increasing steadily over the last several years, while demand is down. So it is all Economics 101.

But 2008 could be the time to make some low bids. Interest rates could be heading toward record lows, so you could get a great deal.
I'm wondering what you would consider a low offer percentage wise? 10%, 20% 30% more??? thanks for your insight..
Rate this post positively
 
Old 11-22-2007, 11:47 AM
 
83 posts, read 334,482 times
Reputation: 22
Quote:
Originally Posted by cottonwood2420 View Post
How low do you think the prices will be?
I personally feel the prices will plumet about 10% in 2008... prices have gone down 4-5% yearly for the past 2 years. I am actually hoping for a greater price drop than even 10% But will be happy with any price drop even 5% again. remember that 2008 is an election year(most know what that means for the real estate market) and not just an election year... it is compounded by global issues like possible market collapse, 9/11 and terrorism, global warming, energy crisis, and let us not forget WAR that we all have to pay for. Taxes are on the rise and the US dollar is at 60% value today than in 2003. I think its valued actually even less than that. Oh and one more thing our deficit is at its highest in history (in dept we trust). All scary stuff and all lead to 2008 being at the very least an interesting and historic one to come. we shall see!

by price drop... I don't mean that people drop thier already currently listed home price, few do in any substantial amount once they list. although this happens it does not happen enough or enough $$$ amount percentage wise. So- what I mean is that people newly listing thier homes are advised to list it lower and lower if they should have a prayer to sell, and most do. at last those who really actually want to sell thier home and not looking to see what the top $ for thier home is. So in this way you are seeing better and better homes offered at lower and lower listed price. I would start low balling now if anyone is out there looking and not in a particular hurry to get in.

Always remember that prices have increased for record highs over the last decade and home market is cyclical and it WILL correct itself. This is only the begining. You will continue to see drops and I belive that 2008 will not be the end but instead the last part of 2009 may see the bottom... and only than stagnation will begin. 6-7 years of home prices stabilizing (not increasing nor decreasing in value and price) befor we start seing home prices on the rise again. Look at history and you will see our last stagnation years from 1989 to 1996. there is no rush in my opinion to get into a home right now unless space is an absolute necessity and you are willing to wait out 30-40 years to see some sort of return on your investment. Remember that a home CAN be the biggest investment in your life but for others it can be the biggest loss too. Most have not realized this yet becasue they have not listed thier home in this market. and refuse to pay attention to todays news and still live in the past. ITS ALL ABOUT WHEN YOU GET IN AND WHEN YOU GET OUT...but, yes at the end of the day its your home to live in, in the mean time.

Just my .02

wondering what others have to say.

Last edited by house shopping; 11-22-2007 at 01:04 PM..
Rate this post positively
 
Old 11-22-2007, 11:19 PM
 
Location: Yorktown Heights NY
1,316 posts, read 4,973,198 times
Reputation: 435
Prices in most of Westchester haven't gone up that much compared to most of the country. The Journal News just did a chart listing price increases in Westchester, Putnam, Rockland towns. While prices went up a lot in a handful of towns, prices in most Westchester towns increased 20-50% in the last five years. Compare that to the city, where prices have increased 200-300% in most areas, and it is clear that most of Westchester is not in for more of a "correction". The chart can be found at:

Ranking housing markets in Westchester, Rockland and Putnam

As a rule, prices in the few towns that saw over 50% increases will probably see more price drops next year since there is more air in the bubble. But most of the area remains a bargain compared to the city, which is our biggest source of buyers.

The biggest factor in Westchester prices is always the city market. The city market continues to increase and the recent news that Wall Street bonuses this year will be the highest ever makes it very likely that the city market will continue to increase. That means that more and more people will be priced out of the city. As always, a lot of them will come to Westchester--which will push prices up.
Rate this post positively
 
Old 11-22-2007, 11:23 PM
 
Location: Bronx, NY
2,806 posts, read 15,916,886 times
Reputation: 1109
Don't expect this situation to continue for much longer. The econmy is very likely to start slowing down this winter and as a result the bonuses will be much smaller than they have been in the previous couple of years.

Quote:
Originally Posted by dma1250 View Post
Prices in most of Westchester haven't gone up that much compared to most of the country. The Journal News just did a chart listing price increases in Westchester, Putnam, Rockland towns. While prices went up a lot in a handful of towns, prices in most Westchester towns increased 20-50% in the last five years. Compare that to the city, where prices have increased 200-300% in most areas, and it is clear that most of Westchester is not in for more of a "correction". The chart can be found at:

Ranking housing markets in Westchester, Rockland and Putnam

As a rule, prices in the few towns that saw over 50% increases will probably see more price drops next year since there is more air in the bubble. But most of the area remains a bargain compared to the city, which is our biggest source of buyers.

The biggest factor in Westchester prices is always the city market. The city market continues to increase and the recent news that Wall Street bonuses this year will be the highest ever makes it very likely that the city market will continue to increase. That means that more and more people will be priced out of the city. As always, a lot of them will come to Westchester--which will push prices up.
Rate this post positively
 
Old 11-23-2007, 09:37 AM
 
83 posts, read 334,482 times
Reputation: 22
Quote:
Originally Posted by mead View Post
Don't expect this situation to continue for much longer. The econmy is very likely to start slowing down this winter and as a result the bonuses will be much smaller than they have been in the previous couple of years.

I agree! but the economy has already started to slow... Look at the market the past several months and the holliday season will be a slow one which wont help. the city situation is a thing of the past. prices there will soon be heading to the dumpster. The grass will no longer be greener on the "other side". besides I don't know about you but since when can you compare city life with suburbia or even one suburb to another? if you love city life your not going to move. Were in for a roller coaster of a ride to come this is certain and were only in the first drop off and haven't begun the loop-d-loop ahead. I think the housing bubble has only started to fizzle and really has not burst yet. That will probably hapen the fourth quarter of 2008. just my best guess. but I've only been following this for about 7 years and have looked into past year economies... like 1986-1989 which were very interesting years to look at as far as housing markets go lots to learn.

Last edited by house shopping; 11-23-2007 at 10:14 AM..
Rate this post positively
 
Old 11-23-2007, 11:13 AM
 
83 posts, read 334,482 times
Reputation: 22
here this should show you a clear black and white picture of the rollercoaster ride ahead.
New York Real Estate Prices


Doesn't it look like six flags great adventures "King-da-kah"? for those who don't know the ride. here you go...
http://farm1.static.flickr.com/23/32...8bb653d878.jpg

Folks what goes up MUST come down... What goes up faster will come down with a crashing blow... I think they actually closed that ride this year due to pieces coming off. Its a 10 second ride to the topand back down. Need I say more?

Last edited by house shopping; 11-23-2007 at 11:31 AM..
Rate this post positively
 
Old 11-30-2007, 01:29 PM
 
353 posts, read 1,322,505 times
Reputation: 165
Quote:
Originally Posted by dma1250 View Post
Prices in most of Westchester haven't gone up that much compared to most of the country. The Journal News just did a chart listing price increases in Westchester, Putnam, Rockland towns. While prices went up a lot in a handful of towns, prices in most Westchester towns increased 20-50% in the last five years. Compare that to the city, where prices have increased 200-300% in most areas, and it is clear that most of Westchester is not in for more of a "correction". The chart can be found at:

Ranking housing markets in Westchester, Rockland and Putnam

As a rule, prices in the few towns that saw over 50% increases will probably see more price drops next year since there is more air in the bubble. But most of the area remains a bargain compared to the city, which is our biggest source of buyers.

The biggest factor in Westchester prices is always the city market. The city market continues to increase and the recent news that Wall Street bonuses this year will be the highest ever makes it very likely that the city market will continue to increase. That means that more and more people will be priced out of the city. As always, a lot of them will come to Westchester--which will push prices up.
I agree! The best advice is get a good real estate agent and ask for recent sales which also show the list price and days on the market for the TOWN you are interested in. I love the people who post charts for an entire county or state and think it applies to every single town uniformly. And I have to laugh at how many people read the paper and repeat whatever they read about the economy and how we are in for a "correction" without looking at specifics. In my neighboring towns, all average sale prices have increased over the last 2 years - the difference is the days on the market are longer. Don't go by hearsay - get the actual stats. Ask an agent for the sales/average sales on existing (not new construction) homes. Get it comparing this year to the last 2 years or so and you will get a better idea.
Rate this post positively
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 $104,000 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 > Westchester County
Similar Threads
View detailed profiles of:

All times are GMT -6. The time now is 08:12 AM.

© 2005-2022, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - 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, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top