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BabyAvocado
Happy New Year
Member since 5/05 17334 total posts
Name:
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The bubble is deflating
Welcome to the Dead Zone - CNN
sorry if this was posted already...
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Posted 5/12/06 9:20 AM  |
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bethsiar
LIF Adult
Member since 9/05 1390 total posts
Name:
Beth
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Re: The bubble is deflating
Dang doesnt sound like Long Island is really affected. 
"But things are suddenly looking very chilly indeed in four coastal cities - Boston, Washington, Miami and San Diego"
skipped ny! Oh well.
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| Posted 5/12/06 9:29 AM |
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BabyAvocado
Happy New Year
Member since 5/05 17334 total posts
Name:
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Re: The bubble is deflating
I think it's just a matter of time before it really hits LI. Personally, I think it's already affecting LI.
If you look at the article that that article links to, New York is in the "danger zone".
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| Posted 5/12/06 9:36 AM |
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bethsiar
LIF Adult
Member since 9/05 1390 total posts
Name:
Beth
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Re: The bubble is deflating
believe me I know its affecting LI. We just took our co-op down by 10k. (but to be honest, where it should have been in the first place)
Im just dissapointed it didnt sound like it would make a big enough difference now when we're looking- unlike those other cities- although by the end of the summer, who knows? Fingers crossed for me, not for the sellers lol.
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| Posted 5/12/06 9:44 AM |
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BabyAvocado
Happy New Year
Member since 5/05 17334 total posts
Name:
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Re: The bubble is deflating
Very true...unfortunately for us, we might be selling AND buying at the same time so we get screwed either way! 
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| Posted 5/12/06 9:48 AM |
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Sandra
LIF Adult
Member since 5/05 1185 total posts
Name:
Sandra
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Re: The bubble is deflating
At my garage sale this weekend, an RE Agent stopped by and while talking, she said the LI market is so quiet, nothing is moving, and prices are starting to come down---I have even seen a few home in my area go up for sale.
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| Posted 5/12/06 10:16 AM |
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Sassyz75
Turning a new page
Member since 5/05 9731 total posts
Name:
Dina
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Re: The bubble is deflating
there is a beautiful house on my mom's street
it's been on the market since last summer
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| Posted 5/12/06 10:19 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: The bubble is deflating
If the house is priced right it will move. I think the prices have been so over inflated for so long nobody knows what the real price should be!
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| Posted 5/12/06 10:31 AM |
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MsMBV
:P
Member since 5/05 28602 total posts
Name:
Me
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Re: The bubble is deflating
2 houses in my immediate neighborhood just lowered their selling prices. When I first saw them I thought it was a good asking price too. Glad I talked DH out of getting that HELOC.
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| Posted 5/12/06 10:38 AM |
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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: The bubble is deflating
my Dads house is prices right- low actually- and he barley has anyone looking at it
we are just waiting to see what happens- we are saying in our apartment until Nov 2007
so I guess we will be looking at houses next year- I am glad we waited- I feel like we will actually get a good deal- I don't feel rushed to have to buy a house- I am taking this year to pay off all my CC bills- and save extra money for the house
my DH predicted exactly what is happening right now- so now I guess I will always have to listen everything he says....
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| Posted 5/12/06 10:41 AM |
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MsG
Should be working
Member since 5/05 2824 total posts
Name:
G
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Re: The bubble is deflating
There was a bidding war recently on a house a few blocks from me. I thought those days were over! But from what I heard, it was listed at a fair asking price, so maybe that had something to do with it.
But otherwise I've also noticed homes sitting, and sitting, and sitting.
I feel like when we bought our house last summer, we paid what we would have paid this summer..meaning, the value hasn't gone up in the past year. Well, maybe we paid a like 10k less than we would have this year, but nothing crazy like the years prior.
So glad we went with a 30 year fixed.
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| Posted 5/12/06 10:57 AM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: The bubble is deflating
Posted by Blu-ize
If the house is priced right it will move. I think the prices have been so over inflated for so long nobody knows what the real price should be!
def agree...
but at this point....who knows what exactly the prices "should" be anymore
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| Posted 5/12/06 11:01 AM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: The bubble is deflating
Posted by Redhead
Posted by Blu-ize
If the house is priced right it will move. I think the prices have been so over inflated for so long nobody knows what the real price should be!
def agree...
but at this point....who knows what exactly the prices "should" be anymore
In actuality, it's whatever people are willing to pay for it. I think people have become fed up with how insane things went the past 5 years and are refusing to allow the power to remain in the hands of the seller.
Houses are also sitting b/c you've got "sellers" that just want to see what their house will get...and if they get that exact number, they'll leave, otherwise they're staying put. So they def skew the numbers.
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| Posted 5/12/06 11:03 AM |
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BrunetteMom
LIF Adult
Member since 8/05 1480 total posts
Name:
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Re: The bubble is deflating
Posted by Redhead
Posted by Blu-ize
If the house is priced right it will move. I think the prices have been so over inflated for so long nobody knows what the real price should be!
def agree...
but at this point....who knows what exactly the prices "should" be anymore
Amen to that!!!
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| Posted 5/12/06 11:07 AM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: The bubble is deflating
Posted by Colleen9304
In actuality, it's whatever people are willing to pay for it. I think people have become fed up with how insane things went the past 5 years and are refusing to allow the power to remain in the hands of the seller.
Houses are also sitting b/c you've got "sellers" that just want to see what their house will get...and if they get that exact number, they'll leave, otherwise they're staying put. So they def skew the numbers.
i agree....i think people, LIKE MYSELF, have become fed up with the INSANE SICKENING prices of houses today...
But i am not so sure that the power is entirely in the hands of the buyer ....
I think right now is a crucial point for both...The war of who will break first has begun...
WHoever does will decide which way the market will continue to go
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| Posted 5/12/06 11:22 AM |
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dpli
Daylight savings :)
Member since 5/05 13973 total posts
Name:
D
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Re: The bubble is deflating
Does anyone know how they figure the "fair value estimate" they mention in the graphs of the dead markets, etc.?
I agree too, that the houses are worth whatever the buyers are willing to pay - supply and demand I guess, but what I am trying to understand is how they determined that NY is 43% overvalued (or whatever the % was)?
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| Posted 5/12/06 11:31 AM |
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Kate07
Feel better my little guy!
Member since 5/05 4476 total posts
Name:
Kate
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Re: The bubble is deflating
We rent a studio in a co-op building in Long Beach. Units rarely come up for sale in the building because of their size.
There are currently at least SEVEN that I know of for sale.
One stuido has been on the market for three weeks.
Was offered at $239k, just reduced to $219k. Another just went on at $199k.
One realtor told me things are definitely changing and she can'ty get over all the homes for sale and no buyers.
The bubble is definitely deflating.
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| Posted 5/12/06 8:55 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: The bubble is deflating
Posted by Kate07
We rent a studio in a co-op building in Long Beach. Units rarely come up for sale in the building because of their size.
There are currently at least SEVEN that I know of for sale.
One stuido has been on the market for three weeks.
Was offered at $239k, just reduced to $219k. Another just went on at $199k.
One realtor told me things are definitely changing and she can'ty get over all the homes for sale and no buyers.
The bubble is definitely deflating.
as of this morning, there are 33,472 houses for sale on LI!  and that's just what's on MLSLI.com
Message edited 5/12/2006 9:30:45 PM.
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| Posted 5/12/06 9:30 PM |
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