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metsgirlie
How did you get blue eyes?
Member since 11/05 3763 total posts
Name:
LC's Mommy
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Market to go down next year?
DH and I are going to start looking at condos/co-ops. A couple of people have told us that they read articles mostly in the Times that the market is going to go down next year. Has anyone else heard this? What do you think?
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Posted 2/22/06 1:57 PM  |
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Long Island Weddings
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~Colleen~
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Member since 5/05 9129 total posts
Name:
guess
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Re: Market to go down next year?
I think if people could predict the housing market that precisely, we'd all be a lot more wealthy 
That said...I've noticed a lull in the market - houses staying on longer, prices dropping a bit. However a house that is priced right, is still selling fairly quickly.
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| Posted 2/22/06 2:23 PM |
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Re: Market to go down next year?
I feel like people have been saying for AGES that the prices are going to drop. I think they will stay steady, but not drop significantly. But I am just speculating- I am strictly a lay person here. But DH, who is an economist, said it's really hard to predict.
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| Posted 2/22/06 2:25 PM |
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BrunetteMom
LIF Adult
Member since 8/05 1480 total posts
Name:
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Re: Market to go down next year?
Posted by MrsProfessor
I feel like people have been saying for AGES that the prices are going to drop. I think they will stay steady, but not drop significantly. But I am just speculating- I am strictly a lay person here. But DH, who is an economist, said it's really hard to predict.
I agree 100%
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| Posted 2/22/06 2:38 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: Market to go down next year?
My hubby owns a mortgage company- and in HIS opinion- prices are going to drop over the next 18 months to 2 years- but he is refering to homes over $650K- in the what some people consider "Luxury"
the prices are already dropping in Manhattan, and they are predicitng big drops in the hamptons
I have noticed where I live in Long Beach- Homes are NOT moving- a lot have been sitting on the market and I looked a few up and they are way over priced IMO
that being said- I have noticed a cooling off- people are jumping on things and willing to pay the prices they were 1 year or 2 years ago
we are waiting 18 months to 2 years to buy something- I haven't seen a thing I like under $1.5M- which is NOT happening
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| Posted 2/22/06 2:39 PM |
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MrsERod
Praying for Everyone.
Member since 5/05 26170 total posts
Name:
MrsERod™®
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Re: Market to go down next year?
Posted by Colleen9304
I think if people could predict the housing market that precisely, we'd all be a lot more wealthy
That said...I've noticed a lull in the market - houses staying on longer, prices dropping a bit. However a house that is priced right, is still selling fairly quickly.
i couldn't agree with you more!
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| Posted 2/22/06 2:57 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19457 total posts
Name:
L
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Re: Market to go down next year?
I have read a lot of articles in the past month or so that says the market is stagnating and or prices will deline over then next year and a half. The thing is, unless prices come down by more than 10% with the interest rates rising (over 1% more than this summer and porentially going up another 1% by next year) the potential savings of a lower home price is offset by a higher mortgage rate. I think if you can wait to get a home and luky-for-you find it in preforeclosure, you will get a steal. I say that b/c in a few months a lot of arm mortgages are going to go up. If the rates for those homeowners double there will be a lot more homes on the market with owners who cannot afford them.
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| Posted 2/22/06 3:35 PM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
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Re: Market to go down next year?
Posted by LSP2005
I have read a lot of articles in the past month or so that says the market is stagnating and or prices will deline over then next year and a half. The thing is, unless prices come down by more than 10% with the interest rates rising (over 1% more than this summer and porentially going up another 1% by next year) the potential savings of a lower home price is offset by a higher mortgage rate. I think if you can wait to get a home and luky-for-you find it in preforeclosure, you will get a steal. I say that b/c in a few months a lot of arm mortgages are going to go up. If the rates for those homeowners double there will be a lot more homes on the market with owners who cannot afford them.
I totally agree with the next year or so bringing a lot of "distress" sales. I have a patient that has been a mortgage broker(so has her husband) for 23 years. They have been VERY successful. She just told me that they sold their 4500sq ft luxury home to downsize & get rid of their mortgage because they feel that a slight adjustment in the economy could cause a severe recession & they don't want to be spread too thin. She says in her 23 years in the business people are more over extended now then they have ever been & with the # of people that will have negative equity if the market does adjust & rising ARM rates people will have no choice but to bail.
She said she has been contacted by several real estate wholesalers in the last few months. They buy houses right before foreclosure sometimes even paying the owners to get out. She said she hasn't dealt with these guys since the late 80's after the market crashed.
This is all the opinion of one person of course & the truth is interest rates are going up so even if you get a deal on a house your payment might be the same as if you bought last year.
I do find it very interesting though and I love hearing & reading all the different opinions.
Message edited 2/22/2006 4:04:16 PM.
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| Posted 2/22/06 4:02 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Market to go down next year?
Posted by metsgirlie
DH and I are going to start looking at condos/co-ops. A couple of people have told us that they read articles mostly in the Times that the market is going to go down next year. Has anyone else heard this? What do you think?
I'll believe it when I see it. All these stupid articles have been predicting prices to go down for the past two years.
The average price of a Nassau county house dropped 2k to 480k in Feb (from Jan). The average Suffolk house dropped 10k to 390k.
But these drops are duing the ultra slow real estate season... with more than double the amount of homes currently for sale.
With supply being ultra high... we only saw a very low drop in prices during the worst time of the year.
This to me means... once the hot season hits... prices may go up... but they won't be going down anymore.
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| Posted 2/22/06 4:07 PM |
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patchyfogg
LIF Infant
Member since 1/06 328 total posts
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Re: Market to go down next year?
NYC area (meaning suburbs) home prices defy economics. There is a finite amount of places to live, it's not like widgets of which they can just make more. Then, couple that with the notion that there are places where would not live or could not live, and that leaves even less choice.
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| Posted 2/22/06 4:34 PM |
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metsgirlie
How did you get blue eyes?
Member since 11/05 3763 total posts
Name:
LC's Mommy
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Re: Market to go down next year?
Posted by DjPiLL
Posted by metsgirlie
DH and I are going to start looking at condos/co-ops. A couple of people have told us that they read articles mostly in the Times that the market is going to go down next year. Has anyone else heard this? What do you think?
I'll believe it when I see it. All these stupid articles have been predicting prices to go down for the past two years.
The average price of a Nassau county house dropped 2k to 480k in Feb (from Jan). The average Suffolk house dropped 10k to 390k.
But these drops are duing the ultra slow real estate season... with more than double the amount of homes currently for sale.
With supply being ultra high... we only saw a very low drop in prices during the worst time of the year.
This to me means... once the hot season hits... prices may go up... but they won't be going down anymore.
Thank you all for your input.
Pill when is the hot season?
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| Posted 2/22/06 4:41 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Market to go down next year?
Posted by metsgirlie
Thank you all for your input.
Pill when is the hot season?
Usually April thru July. When you can go into contract... and close right before the school fall season starts.
Nobody likes to move during the winter.
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| Posted 2/22/06 5:44 PM |
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Tanaholic
My Big Boy!
Member since 10/05 2383 total posts
Name:
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Re: Market to go down next year?
We bought in 2003, we heard rumors around that time of the same thing. 3 years later and nothing has really gone down. In our neighborhood it has gone up.
I think people are always going to be saying this!
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| Posted 2/22/06 6:52 PM |
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