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So, as if this hasnt been discussed enough, where do we all think home prices are going on long island as of today 6/8/09? I've been on the sidelines for 6 months waiting to jump in....Jump in now?
In my honest opinion I would wait till after the summer. I feel whatever the prices are going to be this winter will be the bottom. This is only if interest rates remain 5-51/2%. If they go higher the market will drop a little more.
I wiil get in the market now.
The interes rates will go up.- means 10 % less affordability for every point in the rate.
The dollar will go south big time .
If you are a fist time buyer - you have a limited time - to get that $8000 credit /down payment assistance .
And as far as the prices - in good areas - the prices did not go down - as a lot of people expected and hoped for. Not every homeowner in USA - has problems with the mortgage and not every homeowner has to sell.
In bad areas - there is different story.
All those reports that you hear from so called "economists " - are very desinformative.
Every real estate market is so different.
In the same town - you can see that the prices vary from one block to the other.
You realy need to do your homework.
It's better for home prices to be lower and mortgage rates to be higher because you can't change what you paid for the house but you can change your mortgage interest rate, so don't gulp down that kool aid provided by people who have a house they want to sell.
It's better for home prices to be lower and mortgage rates to be higher because you can't change what you paid for the house but you can change your mortgage interest rate, so don't gulp down that kool aid provided by people who have a house they want to sell.
Home prices are still falling.. and even in the so called best areas. There was a recent post about a person dropping 300k on a great neck home. I see it dropping in Jericho. I have friends who live in places like Scarsdale and Rye in Westchester, which are considered the most upscale areas in the country, and prices are dropping there also. The difference is probably the rate of drop. This idea of best places not being affected is simply false.
Housing market cycles are slower than stocks, so while you cannot catch the absolute bottom of prices, prices are not going jump back to boom levels in 6 months. So waiting is better.
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