It depends on how you look at it. The market usually follows a trend. We did have a sellers market . That was to the sellers advantage. Now it is a buyers market. You might make less than you want on the sell of your home today, but when you buy another home, , you will have the advantage. It is so hard to sell in this market ,thats why it is so important about to have a realtor that is educated about the market and and how to market and also have great negotiation skills.Their first priority should not be the commission check, but representing their client and getting the best deal for their client.

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September 21 2007

LongIslandBubble
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I find it quite entertaining actually.

Sometimes I sing....

I'm just sittin' here watchin' the prices go down and dowwwwwwwwwwwwwwwwn

I really love to watch'm fall

No longer ridin' on the merry-go-ra houuuuuuund

I just had to let em go.

I just had tooooooooooooooooooooo let em go

http://www.mlsli.com/uniDetails.CFM?MLNum=1989572&typeprop=1&start=1&rpp=20
42 Winthrop Dr, Woodbury, NY
-37.7% change from first recorded price
Asking Price $968k as of 08/20/2007
Asking Price $1.55M as of 08/09/2007

http://www.mlsli.com/uniDetails.CFM?MLNum=1984882&typeprop=1&start=1&rpp=20
242 S Bayview Dr, Oakdale, NY
-35.8% change from first recorded price
Asking Price $575k as of 09/11/2007
Asking Price $896k as of 07/27/2007

http://www.mlsli.com/uniDetails.CFM?MLNum=1994018&typeprop=1&start=1&rpp=20
15 Dekoven St, Rockville Centre, NY
-20.8% change from first recorded price
Asking Price $309k as of 09/18/2007
Asking Price $340k as of 09/13/2007
Asking Price $370k as of 09/12/2007
Asking Price $390k as of 08/23/2007

http://www.mlsli.com/uniDetails.CFM?MLNum=1962209&typeprop=1&start=1&rpp=20
43 Cross St, Smithtown, NY
-22.1% change from first recorded price
Asking Price $420k as of 09/02/2007
Asking Price $489k as of 08/20/2007
Asking Price $539k as of 07/09/2007

http://www.mlsli.com/uniDetails.CFM?MLNum=1984918&typeprop=1&start=1&rpp=20
99 Oakside Dr, Smithtown, NY
-23.5% change from first recorded price
Asking Price $899k as of 09/05/2007
Asking Price $925k as of 08/31/2007
Asking Price $999k as of 08/18/2007
Asking Price $1.18M as of 07/31/2007

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September 21 2007

Aldreth
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lol

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September 21 2007

Walty804
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i say this market sucks for sellers and good for qaulified buyers who can buy well under current market value to absorb the continuing price falls before it picks back up.

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September 21 2007

Alan May
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it's like watching a train wreck.. I just can't manage to look away.

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September 21 2007

Randy_H
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Belinda brings up an interesting point.

For current owners. Let's say long-term owners to keep it simple. Everyone loves to focus on bubble buyers, people with resetting ARMs, people who never should have bought what they paid. But how about the folks who've been living there for 15, 20, 25 years?

When I have offered on these houses the owners _still_ insist on demanding wishing prices. They are priced at "comps", which are based on that last ratchet of prices that sits unsold. See, here prices were going up 35, 45, 50% per year for the past 3-4 years. So homes that listed earlier this year are priced at often 40% more than any real comp ever sold for, unless you count that 1 guy in the zip code who overpaid out the pants with a 0% down loan.

But here's the point she raised: Why do these sellers insist on holding out for their "wishing price"? If they have to cut their asking price by 30%, then that should, all things being equal, mean they can also find a house to buy at roughly 30% off also.

You can see how this leads people to hurl the "greedy" word around. What these sellers really want is to get their 30% fantasy markup on their sale, but then buy at a deep discount from the next guy. I guarantee none of these sellers will be so willing to throw their money away so easily as they were willing to take it.

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September 21 2007

LongIslandBubble
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"i say this market sucks for sellers and good for qaulified buyers who can buy well under current market value to absorb the continuing price falls before it picks back up. "

I'd say it's the other way around; and I think many people will realize this next year.

We have a good decade before it "picks up".

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September 21 2007

Angelique01
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LIB, just curious, if you wanted to move somewhere that you could live for a long time and get the most for your money, when do you think might be a good time to buy? Past March of next year?

Same question, but for apartment buildings.

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September 21 2007

Angelique01
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I mean, two separate questions. One for single-family home to live in. One question for inestment property.

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September 21 2007

Aldreth
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" it's like watching a train wreck.. I just can't manage to look away."

---yep

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September 21 2007

Angelique01
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Ah, I just saw the link.

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September 21 2007

LongIslandBubble
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"LIB, just curious, if you wanted to move somewhere that you could live for a long time and get the most for your money, when do you think might be a good time to buy? Past March of next year?"

"I mean, two separate questions. One for single-family home to live in. One question for inestment property. "

First, it depends on your area. I'll assume you are talking about one of the bubble areas along the coasts. Any forecast will be different depending on which bubble area you are in. I am tracking the long island NY area; I don't know enough to forecast other areas.

My forecast on LI would be for another 2 years at the very least....that stretch of time may increase (or decrease); depending on how quickly the prices fall. I think they will come down rather violently at some point once the carrot holder?s arms get too tired. It is very hard to nail it to a specific year; so I will see as time goes by.

As far as investment properties, I'd say they will be a stinker of an investment for at least a decade; but that could change over time; it depends on many factors (salaries, inflation, etc.) so that is the best I could tell you. We will be heading into a severe recession so without knowing what waits on the other side of it; it is very difficult to look that far ahead.

I'll truly know what the best time to buy is when that opportunity presents itself; I just know we still have a way to go. So all I could do is wait, watch and wonder.

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September 21 2007

2 Big 2 Fail
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Hey Bubblehead,

I hope you have good credit, because price drops mean absolutely nothing if you can't get a loan. And I hope you qualify for a jumbo loan because NY is jumbo loan territory!

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September 21 2007

Angelique01
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Thanks for your answer, LIB :-).

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September 21 2007

fat HOMER SIMPSONS ANGRY BITTER RENTER, "FlipofftheFlipper"
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The market just plain sucks. Buyers dont want to buy because they feel it's 30% overpriced.

Sellers don't want to sell because they still think they can sell at 2005 price.

Just sit it out and wait for the massive crash in late 2008.

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September 21 2007

Belinda Arroyo, "belinda_1"
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What is the main thing that is stopping buyers from buying?

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October 13 2008

urge
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What is the main thing that is stopping buyers from buying?

Price, price price. People's salaries haven't doubled but housing prices have. There is no easy lending anymore. So, basically people cannot afford inflated prices. Is it so hard to understand?

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October 13 2008

Bette Defarm
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Since you feel the need to ask again nearly a year later I suggest
reading the reasons listed here:

http://patrick.net/housing/crash.html

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October 13 2008

Bette Defarm
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*Found under the heading "It's Still A Terrible Time To Buy"*

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October 13 2008

Eric142
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Yep, price, price, price. I will not pay 50% or 100% more than rent just to own. It just isn't worth it. (Don't start on the tax deduction thing, if I try to take any large deduction I run smack into AMT, so it's worth zero to me.)

I'm planning on buying next summer, it may not THE bottom, but where I live I think it will be close enough. (Rent just about equal to buying...) If for some reason it isn't, I'll wait until it is.

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