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View Poll Results: what price drop do you forsee in westchester over the next couple of years
price increase of over 20% yearly 2 3.57%
price increase of over 10% yearly 7 12.50%
price will stabilize not drop or rise 20 35.71%
price will drop over 5% yearly 13 23.21%
price will drop over 10% yearly 8 14.29%
price will drop over 15% yearly 6 10.71%
Voters: 56. You may not vote on this poll

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Old 11-24-2007, 10:57 AM
 
83 posts, read 326,036 times
Reputation: 22

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thought to place this home price poll for single family home prices in westchester to get an idea of the overall sentiment of the price drop in our troubled economy... I would love to see peoples entry to the polls and even see some real concrete factual info backing why you elected the way you did..

Here is what I think so I thought I would post this interesting info set

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 usually comes down with a crashing blow... I think they actually had to close that ride this year due to pieces coming off. Its like a 10 second ride to the top and back down. Need I say more?

Last edited by house shopping; 11-24-2007 at 11:06 AM..
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Old 11-26-2007, 05:42 PM
 
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anyone know what the volume of sales vs. inventory is for westchester these days?
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Old 11-27-2007, 10:29 PM
 
83 posts, read 326,036 times
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I wonder if the person who voted that price will not rise or fall but stabilize could come and give us the reasons they see the economy turning around. I would be very interested in understanding this persons thinking.
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Old 11-28-2007, 09:22 AM
 
Location: Bronx, NY
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If you follow the news you would know that the economy is entering a bit of a rough spot. The credit crunch and associated mortgage crisis is creating a bit of a downward spiral, that will result in lower prices. I see no way that we could see an increase in prices. At best we could hope for only a small decrease in prices in the area.
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Old 11-28-2007, 10:00 AM
 
83 posts, read 326,036 times
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Quote:
Originally Posted by mead View Post
If you follow the news you would know that the economy is entering a bit of a rough spot. The credit crunch and associated mortgage crisis is creating a bit of a downward spiral, that will result in lower prices. I see no way that we could see an increase in prices. At best we could hope for only a small decrease in prices in the area.

Hey I totally agree with you... I welcome a huge price correction and I do agree that we will be seeing this very very soon. I voted 10% decrease in price but I may have been too coservative. please share any news articles that you may have come across here.

I hope everyone understood what I meant by the rolercoaster analogy...
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Old 11-28-2007, 09:42 PM
 
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hey MEAD I see people are being hopeful that it will stabilize
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Old 11-30-2007, 01:04 PM
 
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Even though the economy is not as strong as it was, it won't kill home prices in a lot of Westchester towns. Lower prices come from people not being able to afford the market prices. We are living in a county where a lot of the household incomes come from major cities in the tri state area. So many people have high paying jobs that they will have the money to buy. Do you really think that towns like Rye, Purchase, Bronxville, Scarsdale, Armonk, Chappaqua, Irvington, Larchmont, Bedford, Pound Ridge, Katonah, Briarcliff Manor etc. will have any really issue with home prices? There are plenty of people with money that can afford to buy in these towns. Some towns will suffer, but I bet more won't. Look at real estate sales statistics from a year or two ago until now. I have seen that the sale prices are equal or slightly better but they are sitting on the market longer (at least in my area). People are holding out to sell until they get their price and they are still getting a good price.
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Old 11-30-2007, 01:22 PM
 
83 posts, read 326,036 times
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Quote:
Originally Posted by LisaZ View Post
Even though the economy is not as strong as it was, it won't kill home prices in a lot of Westchester towns. Lower prices come from people not being able to afford the market prices. We are living in a county where a lot of the household incomes come from major cities in the tri state area. So many people have high paying jobs that they will have the money to buy. Do you really think that towns like Rye, Purchase, Bronxville, Scarsdale, Armonk, Chappaqua, Irvington, Larchmont, Bedford, Pound Ridge, Katonah, Briarcliff Manor etc. will have any really issue with home prices? There are plenty of people with money that can afford to buy in these towns. Some towns will suffer, but I bet more won't. Look at real estate sales statistics from a year or two ago until now. I have seen that the sale prices are equal or slightly better but they are sitting on the market longer (at least in my area). People are holding out to sell until they get their price and they are still getting a good price.
Hey thank you for posting. You bring up some good points. However, places like you mention HAVE seen pretty steady price reductions. whats more they will continue to go down. SUBSTANTIAL? perhaps but that is all defined by the buyer not the seller. I think you would agree with that and see you did to some extent.

I'm sure that you realize that the home prices have balloned to historic highs since 1997, right? unnaturally and all based on the euphoria that I will buy a home for $1 today and sell it for $2 tomorrow.

People forgot that the market is cyclical and will correct itself. what we are whitmessing is only the beginging of the correction. it will take another two years to reach bottom and none of the towns you mention will be immune to this. i don't care how many people out there have it. they won't spend it on new homes. they will do so only after the bottom has bottomed out.

Hope that helps to clarify what I see is happening. but you don't have to agree. Funny but people only a couple of years ago (end of 05) thought that it will continue to spiral upwards. I wonder what they are thinking now?

This should show you a clear black and white picture of the rollercoaster ride ahead.
New York Real Estate Prices

Ican say without reservation that people are no longer buying homes on speculation. wouldn't you agree? I wonder are you a home owner in westchester?
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Old 12-03-2007, 03:04 PM
 
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why are people not leaving comments...? I'd love to hear why they voted the way they did... amazing that some actually feel it will stabilize. I know that the RE market is different for sertain areas but I doubt it will.
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Old 12-04-2007, 09:26 AM
 
353 posts, read 1,286,281 times
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Quote:
Originally Posted by house shopping View Post
why are people not leaving comments...? I'd love to hear why they voted the way they did... amazing that some actually feel it will stabilize. I know that the RE market is different for sertain areas but I doubt it will.
They are not leaving comments because you are a like pit bull ready to attack every time someone writes a comment. Do yourself a favor and buy a punching bag - this way you can attack it 24/7.
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