what year would you say the RE market

1-was at its highest? was it '05 & '06 ?

2-what is your opinion for the rest of this year and next year? houses will drop, level out, go up ( ithink they will drop slightly or stay where they are at)

3-do you think the market was better or worse in '07 than in '08 ( for buyers)

Re: what year would you say the RE market

I can only comment on your 3rd question.

IMO, '08 was much better for buyers than '07. For example, in '07, DH and i were finding 3 bedroom houses for $350 - $400 in south shore suffolk. anything in Nassau we liked was over $400 easy.

In '08 we found the houses dropped for well under $350 in Nassau County in some areas. (didn't buy because for us, they were not in the areas we wanted to be in and/or they needed way too much work plus the property taxes were outrageous, but the prices were there. we could not afford Nassau in '07.

This summer, we got a 4 bedroom house in Greenlawn in move-in condition for $360 with, IMO a better neighborhood (more property, quieter, more trees, etc.) and a higher ranked school district than what we were able to afford in '07 in Suffolk and Nassau.

Message edited 8/10/2008 3:28:06 PM.

Re: what year would you say the RE market

I think the market was at it's highest in '05...only because we bought our house in Sept. 2005 and have watched the value of housing around us drop since.

I think the market is still going to drop a little...but I don't think we are going to see so much of the drastic falls we have been seeing.

I think it's truly a buyers market right now, especially with all the economy fears. If you are approved for a mortgage and have the down payment, you are golden to a seller.

Re: what year would you say the RE market

1 - IMO, the market definitely hit it's peak in 2006. that's when DH and I started looking (in January) and it was out of control!!!! there were bidding wars on fixer uppers for $400K in Holbrook.

2 - I think the LI market will continue to go down in the immediate future. summer is almost over and there are 42K homes for sale on multiple listings, so that doesn't even factor in FSBO's

3 - I def think it's better now than in '07. just an example... there was not even 1 page of homes in Holbrook under $400K last year. now you can go several pages until you hit that price range.

eta: case in point to #3, I just looked on MLSLI.com and there is nothing for over $400K until the bottom of page 7! (10 houses per page)

Message edited 8/10/2008 4:37:57 PM.

Re: what year would you say the RE market

I think the height was summer 05 - that was when we started looking and by winter I was already seeing a slight drop in prices.

I have no real estate expertise, but people I have spoken with predict a slight drop until next year.

I think now is definitely better than last year. Like a PP said, if you have a quality downpayment and qualify for a mortgage, this is a great time to be a buyer.

Re: what year would you say the RE market

We bought our first house in 05 and had to offer above asking. there were bidding wars everywhere and the rates were not so hot either.

We sold right before the plung but I personally had to pay a good (high) price for my second house in 07.

In 08 my value has dropped 30K in one year. If we could have waited to buy this year - we would have been in great shape.

Re: what year would you say the RE market

I think in 05 was the high peak.

IMO I think the market will continue to decline for the next year or two.

Re: what year would you say the RE market

i agree w/the '05 at the highest---i feel like it may get lower once the summer ends

Re: what year would you say the RE market

It really depends where. In Queens, the RE market picked up drastically in mid-2006...2007 brought some ridiculous prices...now they're SLOWLY starting to descend...very slowly though.

Re: what year would you say the RE market

i should of posted that i am looking for anwers in the long island re market

Re: what year would you say the RE market

Re: what year would you say the RE market

for LI, overall, i would say 2005.

We started looking in 2005 - prices started to come down during summer 2006 where we were looking.

I bought at the end of 2006 - two houses have sold in my neighborhood for about what I paid, and they are smaller and less updated. and one of them sold in less than a week a few months ago!

Re: what year would you say the RE market

Posted by SweetestOfPeas


2 - I think the LI market will continue to go down in the immediate future. summer is almost over and there are 42K homes for sale on multiple listings, so that doesn't even factor in FSBO's

The government is supposed to allow people that would originally be foreclosing to refinance to keep their homes (banks having to take a loss, i believe). this will allow people to keep their houses, therefore inventory will drop. when inventory drops, typically prices go up.
we shall see what happens with the government. . . .

http://www.foreclosuredataonline.com/blog/foreclosure/government-takes-steps-to-help-foreclosure-victims/

Re: what year would you say the RE market

This is just from the perspective of my town and watching what houses sold for.

*the highest (for my town/area) was late 05-early 06

*2007 had the lowest sold prices in my neighborhood (probably 03/04 prices). 2008 has seen an increase (up to 04/05 prices)...however, i think in 2007 people were desperately holding onto hope that they would get a high price, so the process for a buyer probably stunk.

*I have seen predictions that the bottom will be Q3 2009 - Q1 2010, but I have seen slight increases since 2007 and I am hoping that it continues, since I want to sell in 2010.

Re: what year would you say the RE market

1. I would say it peaked 2nd FY qtr of '06.

2. Signs of leveling off through the end of '09/

3. For buyers, better and worse. Housing market has stabilized a little, buyers and sellers seem to be a little more on the same page, but interest rates have gone up a bit. Overall, still a great time to be a buyer.

Re: what year would you say the RE market

1) I would say they were at their highest in '05 (probably b/c that's when we bought!

2) I think they will level off for now, but I have a feeling the economy will get better once our new president is in office....regardless of who wins, I think any change will be good at this point and will affect the economy postively, that's just my feeling (or hope!)

3) I think 07 was a worse year for buyers, my sister bought in summer 07 and prices in her neighborhood (Levittown) have definitely dropped since then, 08 is much more of a buyers market.