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Old 03-16-2009, 09:40 AM
 
701 posts, read 3,137,007 times
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Just wondering if it's my imagination... But we are currently looking to sell and buy... And over the last couple of weeks, it seems you can hear the crickets in the market. Almost seems that nobody is actually looking to buy, no matter the price point.

Anybody else getting the same sense right now?
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Old 03-16-2009, 11:17 AM
 
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there were two open houses (one of those down my street) in my area in Eastchester last weekend and both went with great response. i am not saying people who showed up for those were looking to buy, but they did show up in a pretty high number.
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Old 03-16-2009, 12:56 PM
 
Location: New York, Westchester
506 posts, read 2,170,030 times
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I listed a House in Eastchester a couple of months ago and was in contract in 3 weeks???????????? This is the best time to buy a home>>>>>>>>>>>> You have to know what your doing in this market......
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Old 03-16-2009, 01:05 PM
 
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I think most sellers have not lowered there prices accordingly and that is why not much is selling. When a house is priced rightit sells. People are lookig, just not buying to much.
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Old 03-16-2009, 01:16 PM
 
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I have been on the market for three months. My wife and I have seen more than 25 homes so far with five open houses. On at least five occasions, we had to wait outside for some other couple seeing the place.

That said, some houses were on the market for more than 10 months. Some have decreased their asking prices by around 25%. Some cut the price almost immediately after going to market. And several had deals that fell through due buyer not being able to secure finances.

Here are some observations:

1) TLCs would find no buyers no matter how low they go. No investors spending money at this moment.
2) Condos/townhouses will be difficult to move as there are numerous sellers in the same complexes competing with each other.
3) Don't get too excited until you close. This is true for both the seller and the buyer.

In general, it is really difficult for me (or for any buyer) to even make an offer. No one knows how low this will go. Nobody wants to set the market. Nobody wants to overpay. I guess I will wait longer.
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Old 03-16-2009, 03:14 PM
 
Location: Yorktown Heights NY
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A good way to get a sense of the market in the towns you are interested in is to use the WCBR site to search homes that have gone to contract. That will tell you how many are going to contract in a given time period and at which price points. This won't tell you how many houses are selling--as others said, a big issue is buyers not being able to get financing and deals falling through--but it will tell what the level of buyer interest is.
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Old 03-16-2009, 08:44 PM
 
Location: Danbury CT covering all of Fairfield County
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Our office up here just over the line in Danbury has been several of our listings go under deposit this month.
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Old 03-16-2009, 08:56 PM
 
Location: New York, Westchester
506 posts, read 2,170,030 times
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Default the biggest problem is

Everyone wants to buy a house on THAT EXACT DAY when the market is at it,s lowest ever....and then they ask the next ? i have 4.75 should i wait to lock????? Now is the best time to buy....will the market go down a little more probably....will the rates go down more MAYBE>>>>don't be GREEDY be HAPPY..... If you buy in the next 6 months you Can't go wrong.......low interest rates on top of low sale prices what more can you ask for..... If you are sitting on the fence it is time to try out the water.....This is a buyers Market..........P.s. I am closing on a retail property this week because of this market....it is a buyers market........GOOD LUCK>>
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Old 03-16-2009, 09:31 PM
 
326 posts, read 408,376 times
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Quote:
Originally Posted by westchester View Post
Everyone wants to buy a house on THAT EXACT DAY when the market is at it,s lowest ever....and then they ask the next ? i have 4.75 should i wait to lock????? Now is the best time to buy....will the market go down a little more probably....will the rates go down more MAYBE>>>>don't be GREEDY be HAPPY..... If you buy in the next 6 months you Can't go wrong.......low interest rates on top of low sale prices what more can you ask for..... If you are sitting on the fence it is time to try out the water.....This is a buyers Market..........P.s. I am closing on a retail property this week because of this market....it is a buyers market........GOOD LUCK>>
Congratulations. How low was your offer compared to asking price? Houses that I have seen that are livable still ask for near bubble prices. I cannot gather myself to make an offer.
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Old 03-17-2009, 05:30 AM
 
701 posts, read 3,137,007 times
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There are homes still asking for "bubble" prices, but more and more sellers have adjusted to reality.

For example, I looked at 2 homes in a fairly new development. They were just a few houses down from each other. They were virtually identical. One home was listed at 889k, and the other home was listed at 1.05 million.
I don't know what either house will eventually sell for, but clearly 1 will get much closer to the asking price than the other.

Most listings I see, are marked down about 10-20% off bubble prices.
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