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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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First home price drop in 11 years
Link to Article
and mortgage rates havent gone up all that much - I was quoted 6.125% for a 30 year fixed two weeks ago.
Finally some good news for the buyers! 
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Posted 9/26/06 2:22 PM  |
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MrsRbk
<3 <3 <3 <3
Member since 1/06 19197 total posts
Name:
Michelle
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Re: First home price drop in 11 years
my neighbor is having such a hard time selling his house, he's dropped the price $200,000 since it's been on the market.
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| Posted 9/26/06 2:32 PM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: First home price drop in 11 years
YIPPY SKIPPY!!
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| Posted 9/26/06 2:34 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: First home price drop in 11 years
Posted by MrsRbk
my neighbor is having such a hard time selling his house, he's dropped the price $200,000 since it's been on the market.
woah nelly!
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| Posted 9/26/06 2:36 PM |
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MrsA
.............................
Member since 1/06 2012 total posts
Name:
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Re: First home price drop in 11 years
Yup prices are coming down but homes are still $$!
I just spoke w/ a relative who is selling her house in Floral Park, Queens. She got offers as high as 575k (shes doing a FSBO) for her 3BR ranch! Im surprised she got offers that high, the house needs updating too.
But she said last year similar houses were sold for about $600k on her block.
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| Posted 9/26/06 2:48 PM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: First home price drop in 11 years
it depends, but generally prices are dropping a little, but I'll take a little. Thats why its so hard for me to feel sympathetic with some folks who are dead set againist lowering the price or accepting cheaper offers. They've already made a lot of money off their property.
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| Posted 9/26/06 3:00 PM |
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MrsRbk
<3 <3 <3 <3
Member since 1/06 19197 total posts
Name:
Michelle
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Re: First home price drop in 11 years
Posted by Meaghan729
Posted by MrsRbk
my neighbor is having such a hard time selling his house, he's dropped the price $200,000 since it's been on the market.
woah nelly!
I know! Actually, my math is off, it's dropped just over $300,000 But then again, he's house is still alot as it was originally listed for 1,000,049 and his taxes are 10k more than ours and we live right next door!
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| Posted 9/26/06 3:03 PM |
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nixy
LIF Adult
Member since 9/06 1575 total posts
Name:
K
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Re: First home price drop in 11 years
Message edited 10/11/2006 9:11:56 AM.
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| Posted 9/26/06 3:12 PM |
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MrsRbk
<3 <3 <3 <3
Member since 1/06 19197 total posts
Name:
Michelle
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Re: First home price drop in 11 years
Posted by nixy
he listed it for 1,000,049?
seriously..what it the 49 for!?!?
 That's what DH and I said when we saw the listing
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| Posted 9/26/06 3:16 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: First home price drop in 11 years
Posted by kerrycec03
it depends, but generally prices are dropping a little, but I'll take a little. Thats why its so hard for me to feel sympathetic with some folks who are dead set againist lowering the price or accepting cheaper offers. They've already made a lot of money off their property.
I agree a bazillion percent!
especially for people who have had the house for 30 years - yes you may not be able to sell it for what your neighbor got for it last year - but you are still making a very nice profit!
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| Posted 9/26/06 3:40 PM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: First home price drop in 11 years
absolutely but its not just folks who have had a house for 30 years. Some younger folks on here and elsewhere don't want to lower than price and won't take an offers really. You cannot expect to 100% of what you are asking in todays market. Every real estate even tells us that. Most offer 5-10% less and a lot of folks find it insulting. You've made money, how can you not see that.
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| Posted 9/26/06 3:52 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: First home price drop in 11 years
Posted by Meaghan729
Posted by kerrycec03
it depends, but generally prices are dropping a little, but I'll take a little. Thats why its so hard for me to feel sympathetic with some folks who are dead set againist lowering the price or accepting cheaper offers. They've already made a lot of money off their property.
I agree a bazillion percent!
especially for people who have had the house for 30 years - yes you may not be able to sell it for what your neighbor got for it last year - but you are still making a very nice profit!
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| Posted 9/26/06 3:52 PM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: First home price drop in 11 years
QUOTE]
I hope sellers read this and realize that they cannot expect 100% of what they are asking. I know there are certain situations, but we are buyers!! Finally we have the power (That's what the media tells us!)
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| Posted 9/26/06 4:13 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: First home price drop in 11 years
Posted by kerrycec03
QUOTE]
I hope sellers read this and realize that they cannot expect 100% of what they are asking. I know there are certain situations, but we are buyers!! Finally we have the power (That's what the media tells us!)
there are SO MANY houses for sale in the area that DH and I were looking at. many of them have been sitting for MONTHS! the ones that are priced fairly sell.
Message edited 9/26/2006 6:00:46 PM.
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| Posted 9/26/06 6:00 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: First home price drop in 11 years
I read in the post or the daily news today- I know- consider the source
that the higher end of the market is getting hit hard
Jake was right- he has been predicting this - and If thay dj pill guy hadn't been kicked off this site I would have demanded an apology for some of the things he said to me!
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| Posted 9/26/06 6:23 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: First home price drop in 11 years
Posted by Beth1210
I read in the post or the daily news today- I know- consider the source
that the higher end of the market is getting hit hard
Jake was right- he has been predicting this - and If thay dj pill guy hadn't been kicked off this site I would have demanded an apology for some of the things he said to me!
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| Posted 9/26/06 6:30 PM |
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GuessWhosBack
LIF Zygote
Member since 9/06 23 total posts
Name:
Eli
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Re: First home price drop in 11 years
Posted by Beth1210
<SNIP>
and If thay dj pill guy hadn't been kicked off this site I would have demanded an apology for some of the things he said to me!
Well here is your chance to demand one.
I have been lurking on here for the past five months, but I refrained from creating another account (even though I easily could have). Seen a ton of pretty wild threads that I happily stayed out of.
But since I was just called out, I'll have a little fun and answer this one.
Beth: I know we have discussed this in great detail in the past. But while you continue to preach your DH's way when it comes to mortgage and housing stuff (which IMO is nothing but opinion).
I will continue to do what I have always done and post some facts.
"First home price drop in 11 years" is a NATIONAL statistic. I read the article the day it came out. I am sure everyone here can realize that Long Island is nothing CLOSE to the rest of the country when it comes to housing.
So instead of posting my opinion on the subject, i'll post some fact.
Queens housing (where you are living now) on average is up over 10% from a year ago.
Nassau housing is about equal now, to what it was a year ago. However, Nassau average house pricing is up over 12% compared to what it was 5 months ago. Median pricing is up about 3-4% over that same span.
Suffolk average and median housing pricing is up from a year ago (about 5%), while pricing is up close to 10-15% from 5 months ago.
I posted the charts below since I figured you wouldn't believe me.
I'll agree that the super expensive housing will take more of a hit than your "middle class" housing.
I'll also say that supply is still at an all-time high and the actual number of houses that sold may have gone down. But I have always believed that more than half of the sellers that have their house on the market are merely "testing the market". They have no real intention on selling unless they get their magical inflated number which in most cases they won't get.
Hell if you click the related article "10 most overvalued markets", Long Island didn't even make the list. It was mostly FL and CA cities which attribute to the national statistics of housing being down overall.
So demand an apology all you want.  But I stand by what I say now (and what I said earlier this year).
Oh and hello LIF. 
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| Posted 9/26/06 8:21 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: First home price drop in 11 years
wow- you opend an account for me- great
I don't know where you got your facts from- but I really don't buy them- I a personally seen prices drop and so have many other people
I am so over this- I really have absolutley no interest in starting any further deabte with you
I don't believe any charts from real estate agents- it's in there best interest to make everyone think the market isn't dropping
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| Posted 9/26/06 8:28 PM |
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GuessWhosBack
LIF Zygote
Member since 9/06 23 total posts
Name:
Eli
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Re: First home price drop in 11 years
The charts were from mlsli.com... just so you know.
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| Posted 9/26/06 8:33 PM |
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dandg
LIF Zygote
Member since 1/06 46 total posts
Name:
Gerard
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Re: First home price drop in 11 years
Dude, you are as much a clown now as you were then...Lets look at real ife situations, not your statistics you find on the internet....I know of about 10 - 15 people on long island that are trying to sell their homes, with not one taker, in the last 5 - 8 months! At least one of these people have dropped their price as much as 10-15% b/c buyers are no longer willing to pay these ridiculous prices for mediocre homes. This is REAL LIFE, TODAY! So you can put all the statistics you want on here, the bottom line is, home prices on long island are dropping, and they are going to continue to drop for the next year or so!
Message edited 9/26/2006 8:40:41 PM.
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| Posted 9/26/06 8:39 PM |
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GuessWhosBack
LIF Zygote
Member since 9/06 23 total posts
Name:
Eli
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Re: First home price drop in 11 years
Posted by Meaghan729
and mortgage rates havent gone up all that much - I was quoted 6.125% for a 30 year fixed two weeks ago.
Haven't gone up all that much?
Interest rates are currently at a nine month low!
Great time to lock in if you ask me. National average at 5.76%!
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| Posted 9/26/06 8:41 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: First home price drop in 11 years
Posted by GuessWhosBack
Posted by Meaghan729
and mortgage rates havent gone up all that much - I was quoted 6.125% for a 30 year fixed two weeks ago.
Haven't gone up all that much?
Interest rates are currently at a nine month low!
Great time to lock in if you ask me. National average at 5.76%!
compared to what they were last year? they are higher. so stick that in your pipe and smoke it.
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| Posted 9/26/06 8:42 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: First home price drop in 11 years
and for your MLS charts -
those are average closing prices.
how long does it take to close on LI? three months average? so those are contracts that were signed in May?
Message edited 9/26/2006 8:45:11 PM.
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| Posted 9/26/06 8:44 PM |
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GuessWhosBack
LIF Zygote
Member since 9/06 23 total posts
Name:
Eli
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Re: First home price drop in 11 years
Posted by Meaghan729
compared to what they were last year? they are higher. so stick that in your pipe and smoke it.
Did I say a year? Or did I say nine months? LOL
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| Posted 9/26/06 8:45 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: First home price drop in 11 years
OMG! this is too much
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| Posted 9/26/06 8:46 PM |
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