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SweetestOfPeas
J'taime Paris!
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Realtors: Home sales now a 'buyer's market'
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I'll believe that for LI when I see more of a reduction in prices. until then - 
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Posted 7/25/06 12:03 PM  |
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Prudential Douglas Elliman Real Estate
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Kelly9904
Mommy to 2 amazing little boys
Member since 5/05 9306 total posts
Name:
Kelly
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Re: Realtors: Home sales now a 'buyer's market'
I have seen house prices fall in the areas we are looking. Some houses have dropped 50K +.
We have had a few realtors (ones who showed our house to their clients) tell us we sold at hte perfect time because sellers are being forced to drop prices and be more negotiable than in the past.
Not sure its completely a "buyers market" but I have seen a shift.
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| Posted 7/25/06 12:59 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
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Re: Realtors: Home sales now a 'buyer's market'
Posted by Kelly9904
I have seen house prices fall in the areas we are looking. Some houses have dropped 50K +.
We have had a few realtors (ones who showed our house to their clients) tell us we sold at hte perfect time because sellers are being forced to drop prices and be more negotiable than in the past.
Not sure its completely a "buyers market" but I have seen a shift.
I've definitely seen a shift in the market. but IMO it's currently in between a seller's and buyer's market on LI.
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| Posted 7/25/06 1:19 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
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Beth
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Re: Realtors: Home sales now a 'buyer's market'
My Dad has dropped his house $50K since April
From $600K to $550K- so much for people saying prices aren't dropping
2 summers ago he would have sold it for $700K in a month
it's been on the market since April- maybe 10 people have come to look at it- and it's a nice house
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| Posted 7/25/06 4:26 PM |
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lululu
LIF Adult
Member since 7/05 9510 total posts
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Re: Realtors: Home sales now a 'buyer's market'
Posted by Beth1210
My Dad has dropped his house $50K since April
From $600K to $550K- so much for people saying prices aren't dropping
2 summers ago he would have sold it for $700K in a month
it's been on the market since April- maybe 10 people have come to look at it- and it's a nice house
something seems wrong there - that would be over a 20% drop in the past two years. I dont mean to question your numbers because it's entirely possible, but i too had a house on the market so i know that sellers are suffering right now. But I dropped my condo less than 5% and i had a TON of interest. Are you sure he had it priced right to begin with? Any article you read will tell you that prices are still up (albeit very slightly) this year over last, and prices in 2005 were up significantly from 2004....
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| Posted 7/25/06 4:37 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
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Re: Realtors: Home sales now a 'buyer's market'
Posted by lululu
Posted by Beth1210
My Dad has dropped his house $50K since April
From $600K to $550K- so much for people saying prices aren't dropping
2 summers ago he would have sold it for $700K in a month
it's been on the market since April- maybe 10 people have come to look at it- and it's a nice house
something seems wrong there - that would be over a 20% drop in the past two years. I dont mean to question your numbers because it's entirely possible, but i too had a house on the market so i know that sellers are suffering right now. But I dropped my condo less than 5% and i had a TON of interest. Are you sure he had it priced right to begin with? Any article you read will tell you that prices are still up (albeit very slightly) this year over last, and prices in 2005 were up significantly from 2004....
Prices for homes are up for the national average, IMO, they are not up for this area. I’ve been looking for a loooooong time.
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| Posted 7/25/06 4:45 PM |
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lululu
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Member since 7/05 9510 total posts
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Re: Realtors: Home sales now a 'buyer's market'
But down 20% from TWO years ago? that is VERY extreme.
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| Posted 7/25/06 4:46 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
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Meaghan
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Re: Realtors: Home sales now a 'buyer's market'
Posted by lululu
Posted by Beth1210
My Dad has dropped his house $50K since April
From $600K to $550K- so much for people saying prices aren't dropping
2 summers ago he would have sold it for $700K in a month
it's been on the market since April- maybe 10 people have come to look at it- and it's a nice house
something seems wrong there - that would be over a 20% drop in the past two years. I dont mean to question your numbers because it's entirely possible, but i too had a house on the market so i know that sellers are suffering right now. But I dropped my condo less than 5% and i had a TON of interest. Are you sure he had it priced right to begin with? Any article you read will tell you that prices are still up (albeit very slightly) this year over last, and prices in 2005 were up significantly from 2004....
I am looking in the area that Beth's dad is selling his house - there are other houses that were on the market for $469 and is now $399 and has been on the market for 6 mo +. And its a very nice area. The market for higher end homes ususally drops first, then the lower prices follow. That is probably why your condo you only had to drop 5%. Did you sell it or just have interest?
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| Posted 7/25/06 4:47 PM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
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guess
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Re: Realtors: Home sales now a 'buyer's market'
20% from two years ago doesn't compute - our economy would be in shambles if this were accurate.
I have seen a plateau in the 3 years since I started looking and houses that are priced right always seem to sell...but I wouldn't say there's a decline. .9% increase, is still an increase.
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| Posted 7/25/06 4:49 PM |
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lululu
LIF Adult
Member since 7/05 9510 total posts
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Re: Realtors: Home sales now a 'buyer's market'
I sold it. However - I wouldnt really consider $600k to be on the high end - not for LI......
As for comparing what a house originally listed at to what it is at now - that could very well be because it was listed way too high to begin with. but if you told me that the same exact house sold two years ago for 700k, and now they dont even have interest at 550k, i would find that hard to believe. Not saying it's impossible - just really unbelievable.
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| Posted 7/25/06 4:50 PM |
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lululu
LIF Adult
Member since 7/05 9510 total posts
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Re: Realtors: Home sales now a 'buyer's market'
Also - my condo sold for $400k, so it is in the same price range as the homes that you are looking at...
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| Posted 7/25/06 4:51 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
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Meaghan
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Re: Realtors: Home sales now a 'buyer's market'
Posted by Colleen9304
20% from two years ago doesn't compute - our economy would be in shambles if this were accurate.
I have seen a plateau in the 3 years since I started looking and houses that are priced right always seem to sell...but I wouldn't say there's a decline. .9% increase, is still an increase.
our economy WILL be in shambles if houses keep increasing as they were the last five years due to the mass exodus of college educated 20-30 year olds.
I have seen PLEANTY of houses over the past year decrease their asking prices 20%.
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| Posted 7/25/06 4:51 PM |
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lululu
LIF Adult
Member since 7/05 9510 total posts
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Re: Realtors: Home sales now a 'buyer's market'
The problem is comparing the original asking price to what it is listed at now. A lot of sellers thought that the market would have another 20% increase this year and priced accordingly. When they found out they were sorely mistaken, they needed to lower the price back down to something comparable to what they would have gotten last year. this is different than a 20% decline over the past two years. Beth said her dad could have gotten 700k two years ago for his home, and now there is no interest at 550. That was what i was having trouble finding realistic. If someone told me that they listed a house at 700 and now it has dropped to 550 - well not so unrealistic because the starting point may have been off to begin with. I'm not sure if i am expressing this correctly....
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| Posted 7/25/06 4:54 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
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Meaghan
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Re: Realtors: Home sales now a 'buyer's market'
Posted by lululu
Also - my condo sold for $400k, so it is in the same price range as the homes that you are looking at...
Condo market and housing market are different anyway...
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| Posted 7/25/06 4:55 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Realtors: Home sales now a 'buyer's market'
just want to add that some houses have dropped 20% and some only 5%
there are a lot of variables - location, condition, access to a hwy, and a million other things.
you can't generalize and say all houses are down __%
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| Posted 7/25/06 4:55 PM |
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lululu
LIF Adult
Member since 7/05 9510 total posts
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Re: Realtors: Home sales now a 'buyer's market'
I think that we are all talking about different things - I am sure plenty of homes have dropped their asking price 20% in the past 6 months - but i dont think that any particular home that sold for X amount last year won't even generate interest at 20% less than that price this year. For example - if i bought a house last year for 400k - I think that if i went to sell that same house for $320k this year - a lot of people would try to buy that house.
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| Posted 7/25/06 4:58 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Realtors: Home sales now a 'buyer's market'
Posted by SweetestOfPeas
just want to add that some houses have dropped 20% and some only 5%
there are a lot of variables - location, condition, access to a hwy, and a million other things.
you can't generalize and say all houses are down __%
Very true!
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| Posted 7/25/06 4:58 PM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: Realtors: Home sales now a 'buyer's market'
Posted by Meaghan729
I have seen PLEANTY of houses over the past year decrease their asking prices 20%.
Can I ask where you're looking that you've seen that? I kept my search pretty localized to just a handful of towns and I didn't see this kind of decrease. I saw houses sit on the market for 8 months without dropping a cent. One house is STILL on the market -from November of 04- and they recently (within the past 3 months) dropped their price by 10%.
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| Posted 7/25/06 4:58 PM |
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lululu
LIF Adult
Member since 7/05 9510 total posts
Name:
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Re: Realtors: Home sales now a 'buyer's market'
Posted by Meaghan729
Posted by lululu
Also - my condo sold for $400k, so it is in the same price range as the homes that you are looking at...
Condo market and housing market are different anyway...
I haven't noticed them to be all that different in this environment - coming as a seller of a condo and a buyer of a house, i have been following both markets.....
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| Posted 7/25/06 4:59 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Realtors: Home sales now a 'buyer's market'
first- My Dad owned his own real estate office for 15 years- he knows what he is doing
second- 2 summers ago Steuaket was on fire and the same house as my Dad's around the corner sold for $699K
my Dad listed his house at $599K in april-
thinking it was slightly below market value and it should sell quick
and now it's down to $550K
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| Posted 7/25/06 5:02 PM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: Realtors: Home sales now a 'buyer's market'
Posted by lululu
For example - if i bought a house last year for 400k - I think that if i went to sell that same house for $320k this year - a lot of people would try to buy that house.
That's what I was thinking too. If a house was desirable at $400k last year and then went on the market a year later for 20% LESS, I would think people would be clammoring for that "deal".
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| Posted 7/25/06 5:02 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Realtors: Home sales now a 'buyer's market'
Posted by lululu
I think that we are all talking about different things - I am sure plenty of homes have dropped their asking price 20% in the past 6 months - but i dont think that any particular home that sold for X amount last year won't even generate interest at 20% less than that price this year. For example - if i bought a house last year for 400k - I think that if i went to sell that same house for $320k this year - a lot of people would try to buy that house.
30 year Mortgage rates are also up about 1% since last year, decreasing affordability.
The monthly payment on a $300K mortgage at 5.5% is $1719, and at 6.5% is $1915.
Using the good old 28% rule, you would have to make $6,839 per month to afford a payment of $1915, but only $6,139 to afford $1719.
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| Posted 7/25/06 5:03 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Realtors: Home sales now a 'buyer's market'
Posted by Colleen9304
Posted by Meaghan729
I have seen PLEANTY of houses over the past year decrease their asking prices 20%.
Can I ask where you're looking that you've seen that? I kept my search pretty localized to just a handful of towns and I didn't see this kind of decrease. I saw houses sit on the market for 8 months without dropping a cent. One house is STILL on the market -from November of 04- and they recently (within the past 3 months) dropped their price by 10%.
Parts of Suffolk.
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| Posted 7/25/06 5:03 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Realtors: Home sales now a 'buyer's market'
Dad's House
Here is the link to my Dad's house- quite a deal at $550K
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| Posted 7/25/06 5:04 PM |
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lululu
LIF Adult
Member since 7/05 9510 total posts
Name:
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Re: Realtors: Home sales now a 'buyer's market'
Posted by Beth1210
first- My Dad owned his own real estate office for 15 years- he knows what he is doing
second- 2 summers ago Steuaket was on fire and the same house as my Dad's around the corner sold for $699K
my Dad listed his house at $599K in april-
thinking it was slightly below market value and it should sell quick
and now it's down to $550K
well - that is all rather strange - but i dont think that your dad's experience is typical. I havent heard of anyone suffering this much under the current conditions.....
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| Posted 7/25/06 5:05 PM |
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