Will the housing market in Long Island ever fall to rates 5+ years ago? It’s slowly decreasing now, but where do you think the bottom line will fall?
If you are talking about interest rates then it you are talking about a whole new ball game. The interest rates are set by economic factors (check the 10 yr teasury note yield, this a great indicator of mortgage rate trends). Prices in Long Island are leveling off in most areas. There are defintely areas that will see little to no decrease due to the desirability of the area such as the Hamptoms and higher end neighborhoods. If you are looking to purchase a new home then I would wait on the sidelines unless you see a great deal. Just remember new homes set the high-end of the market in your neighborhood. I would analyze current homes for sale and sold properties preferably new construction to get a feel of what’s going on in the market. If there is a glutton of unsold new construction and re-sale homes on the market I would try and negotiate a much lower price than asking unless it is already a steal. In my opinion now is the time to buy because you have many options to chose from. I feel we are approaching the bottom of the market.
August 23rd, 2009 at 1:11 pm
I wouldn’t wait for it to happen. Interest rates are going up, so get it while you can.
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August 23rd, 2009 at 1:27 pm
Im not sure how the Real Estate market is in NY, but like any other state, properties are decreasing little by little. I was born and raised in NY, and I know LI is a really nice place. It all depends on the neighborhood and where exactly the property is located. Have you tried to ask a Realtor if the houses have been decreasing/increasing?
Interest rates go up and down, although 5 years ago, you could have probably get a fixed interest rate of 4 or 5.. Now its 6.5 or more, depending on your credit…
Hope I helped = )
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Loan Processor
August 23rd, 2009 at 2:02 pm
Yes, the markets cooling down from 2 years ago, rapidly!
Give it another 2 to 3 years.
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Live in brookhaven township
August 23rd, 2009 at 2:42 pm
If you are talking about interest rates then it you are talking about a whole new ball game. The interest rates are set by economic factors (check the 10 yr teasury note yield, this a great indicator of mortgage rate trends). Prices in Long Island are leveling off in most areas. There are defintely areas that will see little to no decrease due to the desirability of the area such as the Hamptoms and higher end neighborhoods. If you are looking to purchase a new home then I would wait on the sidelines unless you see a great deal. Just remember new homes set the high-end of the market in your neighborhood. I would analyze current homes for sale and sold properties preferably new construction to get a feel of what’s going on in the market. If there is a glutton of unsold new construction and re-sale homes on the market I would try and negotiate a much lower price than asking unless it is already a steal. In my opinion now is the time to buy because you have many options to chose from. I feel we are approaching the bottom of the market.
References :
Experience – NY Real Estate Appraiser