Nassau/Suffolk, N.Y.: Otherwise known as Long Island, this market is No. 2 in the country on real estate consultant John Burns' list of locations facing a potential housing bubble. (Modesto, Calif., has the top spot.) Similarly, Fortune predicts a loss of about 6% in housing values over the next two years.
Mrs. dleeny
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Re: Nassau/Suffolk - Predicts loss of 6% in housing values over next two years!
hmm, perhaps it is a blessing in disguise then that we didn't buy a house when the market was at peak!
103005FallBride
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Re: Nassau/Suffolk - Predicts loss of 6% in housing values over next two years!
Posted by dleeny
hmm, perhaps it is a blessing in disguise then that we didn't buy a house when the market was at peak!
...and a blessing for us that we can't afford one...or a downpayment..
SomethingBlu
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Re: Nassau/Suffolk - Predicts loss of 6% in housing values over next two years!
Posted by 103005FallBride
Posted by dleeny
hmm, perhaps it is a blessing in disguise then that we didn't buy a house when the market was at peak!
...and a blessing for us that we can't afford one...or a downpayment..
Hey, you guys know where your dollar is still worth something and you could actually afford a home? Guess! It starts with an 'A' and ends with an 'tlanta'! 4% increases baby!!
Love you girls!!
Meaghan729
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Re: Nassau/Suffolk - Predicts loss of 6% in housing values over next two years!
too bad mortgage rates are going uppity!
Beth1210
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Re: Nassau/Suffolk - Predicts loss of 6% in housing values over next two years!
I have never seen so many for sale signs as I did this weekend
at least 4 houses on my block are for sale- 3 around the corner
my in laws house
it seemed like it was the new thing to have on your lawn
MayBride06
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Re: Nassau/Suffolk - Predicts loss of 6% in housing values over next two years!
Posted by Meaghan729
too bad mortgage rates are going uppity!
yup, which means housing prices will drop. Personally I would rather purchase a less expensive home at a higher interest rate and refinance later if necessary.
Beth1210
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Re: Nassau/Suffolk - Predicts loss of 6% in housing values over next two years!
Posted by MayBride06
Posted by Meaghan729
too bad mortgage rates are going uppity!
yup, which means housing prices will drop. Personally I would rather purchase a less expensive home at a higher interest rate and refinance later if necessary.
same with us- and m y DH is the mortgage business and that is what he recommends- b/c you can always re-fi but if the price of the house drops- you own a house that has negative equity
FallBride05
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Re: Nassau/Suffolk - Predicts loss of 6% in housing values over next two years!
Posted by Beth1210
I have never seen so many for sale signs as I did this weekend
at least 4 houses on my block are for sale- 3 around the corner
my in laws house
it seemed like it was the new thing to have on your lawn
I think that's also what happens this time of year. It seems every day there's another house on my block on the market. We started house hunting this time last year too, and there was certainly alot of listings to pick from.
JandJ1224
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Re: Nassau/Suffolk - Predicts loss of 6% in housing values over next two years!
Nassau/Suffolk, N.Y.: Otherwise known as Long Island, this market is No. 2 in the country on real estate consultant John Burns' list of locations facing a potential housing bubble. (Modesto, Calif., has the top spot.) Similarly, Fortune predicts a loss of about 6% in housing values over the next two years.
This seems like good news but really we are only talking $6,000 on $100,000 so instead of a $500,000 house now your talking 470,000 still so high and unaffordable
103005FallBride
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Re: Nassau/Suffolk - Predicts loss of 6% in housing values over next two years!
Posted by JandJ1224
This seems like good news but really we are only talking $6,000 on $100,000 so instead of a $500,000 house now your talking 470,000 still so high and unaffordable
So true..., but every little bit helps.
Meaghan729
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Re: Nassau/Suffolk - Predicts loss of 6% in housing values over next two years!
Posted by Beth1210
Posted by MayBride06
Posted by Meaghan729
too bad mortgage rates are going uppity!
yup, which means housing prices will drop. Personally I would rather purchase a less expensive home at a higher interest rate and refinance later if necessary.
same with us- and m y DH is the mortgage business and that is what he recommends- b/c you can always re-fi but if the price of the house drops- you own a house that has negative equity
I agree
Meaghan729
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Re: Nassau/Suffolk - Predicts loss of 6% in housing values over next two years!
Posted by FallBride05
Posted by Beth1210
I have never seen so many for sale signs as I did this weekend
at least 4 houses on my block are for sale- 3 around the corner
my in laws house
it seemed like it was the new thing to have on your lawn
I think that's also what happens this time of year. It seems every day there's another house on my block on the market. We started house hunting this time last year too, and there was certainly alot of listings to pick from.
yes, this is usually the busy time of year, but as an article in newsday pointed out today, 'the number of homes for sale is still 74 percent above last year's levels for the three counties'
74% more inventory than the same time last year is a whole lot more!
SomethingBlu
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Re: Nassau/Suffolk - Predicts loss of 6% in housing values over next two years!
Nassau/Suffolk, N.Y.: Otherwise known as Long Island, this market is No. 2 in the country on real estate consultant John Burns' list of locations facing a potential housing bubble. (Modesto, Calif., has the top spot.) Similarly, Fortune predicts a loss of about 6% in housing values over the next two years.
This seems like good news but really we are only talking $6,000 on $100,000 so instead of a $500,000 house now your talking 470,000 still so high and unaffordable
My thoughts exactly. I really hope this continues to decline for my LI girls who refuse to leave (you know who you are! ) and the Fed's report today stating that interest rates will NOT continue to rise is also good news. Low interest rates AND home prices...now you're talking.
Good luck to all those in the house hunt!!
cjik
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Re: Nassau/Suffolk - Predicts loss of 6% in housing values over next two years!
This is encouraging! Though, I don't think prices are ever going to recede as dramatically as we would like, at least not on LI, so I'm not holding my breath for any big savings!
The one nice thing I'm seeing and reading is that houses are not selling as quickly as they were a year or two ago. The number of available housing units is also increasing, so it seems a good time to look and we as buyers, may actually have a little more bargaining power than we would have a year ago.
Since it looks as if interest rates are likely to go up faster than prices will come down, DH and I have started looking. Nothing we are seeing comes close to the homes we grew up in (which were fairly modest). Moving to another part of the country just isn't appealing to us though for a number of reasons, and NJ and Westchester aren't much better than LI, so we're looking here.
