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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Its a buyers market
Or at least what this article says....
CNN ARTICLE
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Posted 7/25/06 4:05 PM  |
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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: Its a buyers market
yea...it is
too bad they hadn't let the sellers know  
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| Posted 7/25/06 6:10 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Its a buyers market
Posted by Redhead
yea...it is
too bad they hadn't let the sellers know
I think the sellers know, they're just in denial - hence their houses are sitting
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| Posted 7/25/06 6:35 PM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Its a buyers market
Posted by SweetestOfPeas
Posted by Redhead
yea...it is
too bad they hadn't let the sellers know
I think the sellers know, they're just in denial - hence their houses are sitting
well can someone serve them up a LARGER DOSE of reality
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| Posted 7/25/06 6:48 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Its a buyers market
Posted by Redhead
Posted by SweetestOfPeas
Posted by Redhead
yea...it is
too bad they hadn't let the sellers know
I think the sellers know, they're just in denial - hence their houses are sitting
well can someone serve them up a LARGER DOSE of reality
but seriously... what scares me as a potential buyer is that I don't want to buy and then have my house be worth less 
can the economics on LI support the housing here going up any higher? that's the Q of the day!
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| Posted 7/25/06 6:54 PM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Its a buyers market
Posted by SweetestOfPeas
but seriously... what scares me as a potential buyer is that I don't want to buy and then have my house be worth less
can the economics on LI support the housing here going up any higher? that's the Q of the day!
i think it really depends on the price range you are looking at
IMO in cerain areas and in certain price ranges your house most definitely can and will lose value
But i do think in the lower market...the houses prices you will continue to see HUGE jumps
people aren't going to be able to buy the MILLION dollar houses...
As we are seeing they avg blue collar buyer will be going into (the previous "bad areas") and buying them up....FORCING a turn over in the area...making the house prices sky rocket in the future...
We have been seeing this process going on for some time now...and i believe it will continue to do so...
eventually there will be VERY LITTLE "bad areas" of LI
i think we will be safe
Message edited 7/25/2006 7:02:07 PM.
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| Posted 7/25/06 7:00 PM |
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Jessica
I'm a mommy :)
Member since 1/06 7322 total posts
Name:
~Jess~
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Re: Its a buyers market
I think it depends on the town
My parents had the house appraised 2 years ago and it was 675k
This month it was appraised again for $750k
EDITED BC IT WAS 2 YEARS AGO APPAISED FOR THE FIRST TIME, NOT 1
Message edited 7/25/2006 8:12:18 PM.
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| Posted 7/25/06 7:02 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Its a buyers market
Posted by Redhead
Posted by SweetestOfPeas
but seriously... what scares me as a potential buyer is that I don't want to buy and then have my house be worth less
can the economics on LI support the housing here going up any higher? that's the Q of the day!
i think it really depends on the price range you are looking at
IMO in cerain areas and in certain price ranges your house most definitely can and will lose value
But i do think in the lower market...the houses prices you will continue to see HUGE jumps
people aren't going to be able to buy the MILLION dollar houses...
As we are seeing they avg blue collar buyer will be going into (the previous "bad areas") and buying them up....FORCING a turn over in the area...making the house prices sky rocket in the future...
We have been seeing this process going on for some time now...and i believe it will continue to do so...
eventually there will be VERY LITTLE "bad areas" of LI
i think we will be safe
I guess time will tell..
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| Posted 7/25/06 7:21 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Its a buyers market
Posted by Jessica
I think it depends on the town
My parents had the house appraised last year and it was 675k
This month it was appraised again for $750k
what area is their house?
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| Posted 7/25/06 7:21 PM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Its a buyers market
well time IMO is telling already
look at the house price range that you are seeing the BIG reductions
And that will continue as the interest rates continue to increase
what we will not see are HUGE decreases int he low end price range houses...
we are always going to continue to see the houses in the once less desireable areas....jump
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| Posted 7/25/06 7:24 PM |
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Jessica
I'm a mommy :)
Member since 1/06 7322 total posts
Name:
~Jess~
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Re: Its a buyers market
Posted by SweetestOfPeas
Posted by Jessica
I think it depends on the town
My parents had the house appraised last year and it was 675k
This month it was appraised again for $750k
what area is their house?
edited my post it was originally appraised 2 years ago not 1.
Its westbury BUT CARLE PLACE SCHOOLS. backyard facing jericho turnpike. literally 30 seconds to Old Westbury Gardens...
The houses on my black are going for mid to high 600k..I go to the open houses...
THe owners before my parents added a huge extention so we have 4/5 bedrooms 4 bathrooms, cathedral ceilings.finished basement, etc.....
But you never know, my parents might put it in the market and get 50k less
Message edited 7/25/2006 8:19:45 PM.
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| Posted 7/25/06 8:15 PM |
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Jessica
I'm a mommy :)
Member since 1/06 7322 total posts
Name:
~Jess~
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Re: Its a buyers market
Message edited 7/25/2006 8:16:22 PM.
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| Posted 7/25/06 8:15 PM |
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MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name:
Christian
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Re: Its a buyers market
Prices will always go up, but its part of the cycle for them to adjust for inflation for a period. Eventually even those that go down will recover and then some. It will just take many years.
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| Posted 7/25/06 9:12 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: Its a buyers market
FYI- what a house apprasies for is not necessary what the house is worth
appraiers usually inflate what the house is worth- esp on the re-fi so the borrowers can get a better interest rate ( the loan to value rate is lower)
Jake said he can get my Dad's house to apparise today for $700K- and he had it on the market for $600K and no takers
it's a game
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| Posted 7/25/06 9:28 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Its a buyers market
Posted by Jessica
Posted by SweetestOfPeas
Posted by Jessica
I think it depends on the town
My parents had the house appraised last year and it was 675k
This month it was appraised again for $750k
what area is their house?
edited my post it was originally appraised 2 years ago not 1.
Its westbury BUT CARLE PLACE SCHOOLS. backyard facing jericho turnpike. literally 30 seconds to Old Westbury Gardens...
The houses on my black are going for mid to high 600k..I go to the open houses...
THe owners before my parents added a huge extention so we have 4/5 bedrooms 4 bathrooms, cathedral ceilings.finished basement, etc.....
But you never know, my parents might put it in the market and get 50k less
yea, that's a nice area and really great schools. I can see it selling for that much.
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| Posted 7/25/06 9:36 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Its a buyers market
Posted by Redhead
yea...it is
too bad they hadn't let the sellers know
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| Posted 7/25/06 10:10 PM |
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ODonnell
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Member since 9/05 5983 total posts
Name:
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Re: Its a buyers market
Okay, it may be a buyers market, but tonight I drove past the last of 6 houses that were for sale in my neighborhood and it is now "under contract". Every house that was on the market on nearby streets since last Summer is now sold.
Basically, the best rule is that if you are looking for a short-term first-rung-on-the-ladder house that would have made you a quick profit so you could buy a bigger home, now is probably not the best time to buy.
If you are looking for a home that you want to pay all 20 or 30 years of the mortgage on and then buy your retirement home, there is no way you will have negative equity by the time you go to sell it.
Message edited 7/25/2006 10:22:17 PM.
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| Posted 7/25/06 10:21 PM |
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MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name:
Christian
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Re: Its a buyers market
I just read an article that reiterated the downturn in the market, that we are at the beginning of a recession. The downturn cycle is predicted to last 2 - 3 years.
Adding an interesting graph: Image Attachment(s):
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| Posted 7/26/06 10:58 AM |
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CkGm
They get so big, so fast :(
Member since 5/05 13848 total posts
Name:
Christine
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Re: Its a buyers market
Our market isn't like that at all- two months ago when we were looking in my zip code there were 4 or 5 pages of properties. Now there is only two and some crappy stuff at that. I am so glad we got the house we did.
Houses are sitting longer but I think the majority of people who were going to sell already did. Now you are just left with the have to sell people.
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| Posted 7/26/06 12:21 PM |
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Cookiegobbler
My little love bugs!!
Member since 9/05 5759 total posts
Name:
Nicole
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Re: Its a buyers market
Its funny because, DH and I saw in Sunday's papers that homes in Nassau are up again... the average is now $500,000. So I think it really depends on where you are looking.
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| Posted 7/26/06 4:57 PM |
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Cookiegobbler
My little love bugs!!
Member since 9/05 5759 total posts
Name:
Nicole
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Re: Its a buyers market
I mean you can see right here that it really isnt Long Island... although houses may be "down" from last year... they are still going up, just not as much as last year... if you look at this article, its saying the median price is $298,000... show me where in LI you can get a decent house for that price.
"Northeast sales slid 3.5 percent from the prior month and were 9.8 percent below a year ago. The median price in the Northeast was $298,000, up 7.2 percent from June 2005."
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| Posted 7/26/06 4:59 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Its a buyers market
Posted by Cookiegobbler
I mean you can see right here that it really isnt Long Island... although houses may be "down" from last year... they are still going up, just not as much as last year... if you look at this article, its saying the median price is $298,000... show me where in LI you can get a decent house for that price.
"Northeast sales slid 3.5 percent from the prior month and were 9.8 percent below a year ago. The median price in the Northeast was $298,000, up 7.2 percent from June 2005."
Think about the northeast - it includes Main, Vermont, NH, etc...all lower priced housing markets.
What it comes down to is that housing markets are very small and specific - the nassau market may be different than suffolk! I have been looking in towns and have seen a price decrease - in other towns prices are the same. I haven't seen any go up though.
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| Posted 7/26/06 5:12 PM |
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Dani00518
Gorgeous
Member since 5/05 2730 total posts
Name:
Danielle
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Re: Its a buyers market
Posted by Redhead
yea...it is
too bad they hadn't let the sellers know
I agree...maybe we should tell them
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| Posted 7/27/06 12:49 AM |
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Re: Its a buyers market
We are selling our home now and we knew it was a buyers market. I think some sellers have to be realistic as to when their house will sell. I know it could take up to 6 months because my area is FLOODED with homes for sale and peopel have a huge selection to choose from. Their is nothing we can do but be patient.
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| Posted 7/28/06 8:19 AM |
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