Home Prices on LI? (New York, York: short sale, house prices, unemployment)
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I think the real issue is that most houses aren't priced to sell! Those that are move fast though..
In many neighborhoods, it's not possible to know what the "Right" price is. Sure, if 3 other homes are for sale at a certain price it is easy to list your's 20K lower but sometimes, there aren't any comps that are within 6 months. This makes it difficult to determine what the "Right" price is.
In many neighborhoods, it's not possible to know what the "Right" price is. Sure, if 3 other homes are for sale at a certain price it is easy to list your's 20K lower but sometimes, there aren't any comps that are within 6 months. This makes it difficult to determine what the "Right" price is.
Yes, determining the right price can be difficult today. Sometimes there are not any good comps. This is where an experienced real estate agent can come in handy. A good agent, even if there are no recent "sold" comps, has probably been inside several dozen homes in the last couple of weeks and will have a good sense of the market, despite the lack of sold homes.
I see comments made by posters like "people are making offers" and the like.... implying what ?? why don't they make the same comments when the housing market is hot ? .... because they don't have to.... right now they have to in order to try to move the buyers !!
Thank you Tom, for your comment.
Yes, people are making offers, I have three offers pending right now! The reason I mentioned it is because people were saying "nobody is buying". Of course making offers doesn't always lead to contracts/closing, especially right now...
As to your comment "why don't they make the same comments when the housing market is hot?" I wasn't on this forum when the market was hot, so I have no clue what others were or were not saying!
Who are "THEY" anyway?
Yes, people are making offers, I have three offers pending right now! The reason I mentioned it is because people were saying "nobody is buying". Of course making offers doesn't always lead to contracts/closing, especially right now...
As to your comment "why don't they make the same comments when the housing market is hot?" I wasn't on this forum when the market was hot, so I have no clue what others were or were not saying!
Who are "THEY" anyway?
Thanks for listening
Understood and thanks for the clarification. you can read this and similar posts and its really easy to spot "THEM"...
Just closed on my new house earlier this year. As expected, prices are still dropping. However, some things in life can not wait.
I think we will see significant price drop after the summer. However, it will not benefit most buyers. Since, the increase in borrowing cost will further deteriorate affordability. For example, every 1% increase in rate = 10% decrease in price, if all else equal on a 30 years loan.
There are two advantages in the current climate. 1) banks are still lending. (dragging their feet for most applicants) 2) availability (buyers have so many to pick from)
Also, I noticed rent vs own ratio is so low. It is comparable to 1998-2002’s. I think investors are buying in the recent months to prevent the ratio from breaking even.
IMHO, if you have done your research and “prepared” to commit at least few years of your life. Right now might be a good time to buy.
Just closed on my new house earlier this year. As expected, prices are still dropping. However, some things in life can not wait.
I think we will see significant price drop after the summer. However, it will not benefit most buyers. Since, the increase in borrowing cost will further deteriorate affordability. For example, every 1% increase in rate = 10% decrease in price, if all else equal on a 30 years loan.
There are two advantages in the current climate. 1) banks are still lending. (dragging their feet for most applicants) 2) availability (buyers have so many to pick from)
Also, I noticed rent vs own ratio is so low. It is comparable to 1998-2002’s. I think investors are buying in the recent months to prevent the ratio from breaking even.
IMHO, if you have done your research and “prepared” to commit at least few years of your life. Right now might be a good time to buy.
Congratulations !!
I think 6-6.5 % is still a great rate if one can get in....
As far as I am concerned I'll be booted out of the market once it gets to 6.5%.... might be even this week .... It was really interesting though.... Last year I was thinking to myself.... I just can't afford a house here on LI, I would not even look at MLS that much... this year I think I got a little closer.... close enough to look at the houses.... but now it seems like the affordability factor is taking the turn again.... and its not because of increasing home prices !!
If only the interest rates stay under 6%.... I might still be able to get into the market this year.
Congratulations !!
I think 6-6.5 % is still a great rate if one can get in....
As far as I am concerned I'll be booted out of the market once it gets to 6.5%.... might be even this week .... It was really interesting though.... Last year I was thinking to myself.... I just can't afford a house here on LI, I would not even look at MLS that much... this year I think I got a little closer.... close enough to look at the houses.... but now it seems like the affordability factor is taking the turn again.... and its not because of increasing home prices !!
If only the interest rates stay under 6%.... I might still be able to get into the market this year.
Rising rates will lead to prices coming down. Wait until the winter. You'll either see listings pulled or prices come down. It's a fairly simple forumla....interest rates up, prices down..or sellers just can't sell.
How do foreclosures, short sale, "emergency sale", sold to family member, etc... factor into comps? I noticed a house in a neighborhood where all the houses are pretty much the same style, size, etc.. it sold for 120k less than what two other houses are for sale on the same street. I don't know the reason for the much lower price, but I assume it is one of the circumstances listed above. Does a RE Agent brush that house off as an anomaly. And say it shouldn't be looked at when figuring out the market value of a house in a certain area.
6.5% is not that bad. It is still below historical norm. No other markets will the lender lend so much for so little.
I think it is more important to focus on why buying a house. If the reasons are justified, affordability is a matter of financing. If one can commit, with reasonableness, there will be ways.
I was very lucky to work with an experienced broker. She understands our needs. Lessons learned, professionals will always help make/save money, others are not.
So, if you are ready and committed. Don’t give up, sometimes the perfect house is only one showing away.
I just heard that the hosue next door to mine will be closed soon. It was a foreclosure and boarded up since Oct 2007. The people who bought it in 2005 paid $349,000 ; never paid one dime on it and it took the bank 2 years to foreclose on it. It was a wonderful house ; knew the old owners well, had a new kitchen, finished basement, two new baths.
The price that was accepted was ; $210,000.
Now of course that will impact my house and my descision to sell.
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.... It was really interesting though.... Last year I was thinking to myself.... I just can't afford a house here on LI, I would not even look at MLS that much... this year I think I got a little closer.... close enough to look at the houses.... but now it seems like the affordability factor is taking the turn again.... and its not because of increasing home prices !! 
