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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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another article mentioning LI real estate decline
same info we've been reading, just a different layout.
article
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Posted 7/16/06 8:41 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: another article mentioning LI real estate decline
LOVE how the article say "MAY" fall
The market has definitely cooled but it isn't dropping the way i hoped
and of course the intrest rates keep climbing
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| Posted 7/16/06 8:48 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: another article mentioning LI real estate decline
imo, prices are going to fall steeper in the winter....I think next summer is going to be the true test.
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| Posted 7/16/06 9:19 AM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: another article mentioning LI real estate decline
Posted by Meaghan729
imo, prices are going to fall steeper in the winter....I think next summer is going to be the true test.
that is what everyone said last year
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| Posted 7/16/06 10:23 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: another article mentioning LI real estate decline
ummm...ok? -i said IMO...and I didnt say that last year so i dont think you can say everyone said that last year!
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| Posted 7/16/06 10:31 AM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: another article mentioning LI real estate decline
Posted by Meaghan729
ummm...ok? -i said IMO...and I didnt say that last year so i dont think you can say everyone said that last year!
i was just saying that ...most people thought that this summer was going to be the BIG DROP....
yet no real price drops over last winter..
some this summer but not as to the BIG DROP that some people were predicting...
I understand it is YOUR opinion...
Just saying what most said last year...
Making the point that EVERY year this is probably going to be said...
ummmmmmmmmm ok?
Message edited 7/16/2006 11:57:41 AM.
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| Posted 7/16/06 11:57 AM |
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Kidsaplenty
Sister love
Member since 2/06 5971 total posts
Name:
Stephanie
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Re: another article mentioning LI real estate decline
Posted by Meaghan729
imo, prices are going to fall steeper in the winter....I think next summer is going to be the true test.
I've been keeping my eye on a few houses, and all of them have dropped their prices. We're going to look around in the winter. Then we'll decide 100% on staying or leaving.
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| Posted 7/16/06 12:02 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: another article mentioning LI real estate decline
every day there are between 50-100 (or more) houses added to the inventory on mlsli.com. that's over and above any houses that are removed because they sold.
yesterday DH & I drove around an area where we're looking and there a million for sale signs. lots of FSBO too.
it's true that houses are not coming down in price as much as us buyers would like. that is adding to the inventory. eventually, something has to give.
Message edited 7/16/2006 12:05:30 PM.
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| Posted 7/16/06 12:03 PM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: another article mentioning LI real estate decline
Posted by SweetestOfPeas
it's true that houses are not coming down in price as much as us sellers would like. that is adding to the inventory. eventually, something has to give.
PLEEEEEEZAH give sooon 
these interest rates are going up and up
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| Posted 7/16/06 12:05 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: another article mentioning LI real estate decline
Posted by Redhead
Posted by SweetestOfPeas
it's true that houses are not coming down in price as much as us sellers would like. that is adding to the inventory. eventually, something has to give.
PLEEEEEEZAH give sooon
these interest rates are going up and up
DH went to 2 open houses alone yesterday. at one of them the agent said that it was sold 3x and it fell through 3x. she also told him that 2 out of the 3 fell through when they got the mortgage #'s from the bank. in other words.. the intrest rates effected the monthly payments pretty drastically. people who bid on a house in many cases are stretched to the limits and even an extra $100 or so breaks the deal.
not sure why she told DH all that, but she did.
Message edited 7/16/2006 12:08:55 PM.
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| Posted 7/16/06 12:08 PM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: another article mentioning LI real estate decline
Posted by SweetestOfPeas
Posted by Redhead
Posted by SweetestOfPeas
it's true that houses are not coming down in price as much as us sellers would like. that is adding to the inventory. eventually, something has to give.
PLEEEEEEZAH give sooon
these interest rates are going up and up
DH went to 2 open houses alone yesterday. at one of them the agent said that it was sold 3x and it fell through 3x. she also told him that 2 out of the 3 fell through when they got the mortgage #'s from the bank. in other words.. the intrest rates effected the monthly payments pretty drastically. people who bid on a house in many cases are stretched to the limits and even an extra $100 or so breaks the deal.
not sure why she told DH all that, but she did.
I am FEARFUL to think what next summers interest rates will look like
sad to say i think that we are going to see a LOT of foreclosures as well
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| Posted 7/16/06 12:11 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: another article mentioning LI real estate decline
I definitely agree that foreclosures will happen  unless these people with adjustable rate mortgages re-finance. it's very sad really. in most cases (I assume), these homeowners are so leveraged financially and closing costs are $$$ in NY!
mortgage rates will be around 7% by the Fall or shortly after.. according to articles I have seen. prices HAVE to come down to compensate!!
Message edited 7/16/2006 12:23:23 PM.
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| Posted 7/16/06 12:23 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: another article mentioning LI real estate decline
I see what you mean - im just a grouch today, considering FH is trying to talk me into a 1-2 bedroom one bath teeny tiny house for $300 
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| Posted 7/16/06 1:39 PM |
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Freddie
LIF Adult
Member since 3/06 1162 total posts
Name:
Freddie
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Re: another article mentioning LI real estate decline
Posted by greeneyes361708
I've been keeping my eye on a few houses, and all of them have dropped their prices. We're going to look around in the winter. Then we'll decide 100% on staying or leaving.
IMO this is b/c they listed at prior years increases. I was shocked at what some houses in my neighborhood were listed at first. Now they have all come down, but still above last year's prices
believe it or not - people were predicting this in 2003 as well - when we started looking for our first place.
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| Posted 7/16/06 5:52 PM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: another article mentioning LI real estate decline
well of course i know people were predicting the the big FALL...
just not sure if this is now an urban legend
yes...i know they are coming down but i just remember last year people saying
WAIT TILL NEXT SUMMER....the "drop"
i am still waiting
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| Posted 7/16/06 6:07 PM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: another article mentioning LI real estate decline
Posted by Meaghan729
I see what you mean - im just a grouch today, considering FH is trying to talk me into a 1-2 bedroom one bath teeny tiny house for $300
i think i would go condo if you are looking at 1 or 2 bedroom
but OMG 300K
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| Posted 7/16/06 6:08 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: another article mentioning LI real estate decline
Posted by Redhead
Posted by Meaghan729
I see what you mean - im just a grouch today, considering FH is trying to talk me into a 1-2 bedroom one bath teeny tiny house for $300
i think i would go condo if you are looking at 1 or 2 bedroom
but OMG 300K
its a small house on a big piece of land - i swear if this house had a basement id be all over it. for $300...im deranged!
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| Posted 7/16/06 7:47 PM |
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