Does anyone think that housing prices will continue to drop???

Just wanted to hear everyone's thoughts on this

Re: Does anyone think that housing prices will continue to drop???

hmmmm at first i thought definitely but now im thinking not so much bc of things im hearing about how ppl are beginning to put their houses on the market for normal selling prices aka priced to sell instead of the overinflated 600s and 700s and the fact that the state is trying to help with the rates and such im thinking that will help and ppl wont have to bring their house prices down....BUT who knows its definitely possible

Re: Does anyone think that housing prices will continue to drop???

I don't think it will go much lower. LI is not cheap and will never be. The price have already dropped a lot. I would not expect it to drop much more. Maybe another 5%

Usually when the rates go down the prices go up.

Re: Does anyone think that housing prices will continue to drop???

Re: Does anyone think that housing prices will continue to drop???

All I keep hearing is that the RE market willl not start to rebound until 2009 and it will get worse in 2008, before it starts to get better.

Of course, LI's prices will always be slightly inflated. It's too bad really. In comparison to say just 7 years ago, prices for homes are now 50% higher today.

With the extreme rise in home prices and the sky high taxes...pretty soon, the middle class will be chased right off the island.

Re: Does anyone think that housing prices will continue to drop???

I think home sale prices will continue to drop during 2008. I think things will level off & start to rebound in 2009.

Re: Does anyone think that housing prices will continue to drop???

I do and I expect them to fall even more during the winter.

Re: Does anyone think that housing prices will continue to drop???

Well according to a relative of mine who owns a real estate agency nothing is selling,sellers will not come down in price and buyers do not want to pay sellers price.So there is a standoff.He said if sellers listen to him and drop the price 50 thousand then it would sell and they intern could buy a new house for 50 thousand less.People who bought a house 8-10 years ago or more did not have to deal with these rediculous prices and just are asking way too much.Time will tell!

Re: Does anyone think that housing prices will continue to drop???

People who really need to sell for whatever reason, will eventually come down in price out of sheer neccessity. But for the other seller, who is just looking to get the most profit, but is in no rush to leave, will just sit tight and wait for the market to shift again...even if it does take until 2009.

Re: Does anyone think that housing prices will continue to drop???

I am guessing they will drop slightly over the next year or so, though not dramatically.

I do think fewer people will sell unless they really need to do so. Houses will stay on the market longer though, so there should still be ample stock out there.

Re: Does anyone think that housing prices will continue to drop???

Re: Does anyone think that housing prices will continue to drop???

continue to drop?

according to CNN, in the first quarter of 2007 housing prices in nassau and suffolk rose 0.8%, and in the second quarter they rose 0.2%.

now, certain neighborhoods may be decreasing, but that means others are increasing.

If prices do decline, i wouldnt think more than 10%. as long as interest rates stay low. if interest rates go up, prices will go down further.

if rates go down, prices may not drop that much....again, like people said above, it depends on how much the seller needs to sell - if you find someone who has to sell you have more leverage as a buyer!

Re: Does anyone think that housing prices will continue to drop???

also keep in mind that if you plan on staying in your home for the long term you shouldn't wait for the prices to drop. Over the long term real estate goes up and down and it's cyclical.

It's not just an investment, it's your home.

Re: Does anyone think that housing prices will continue to drop???

Re: Does anyone think that housing prices will continue to drop???

I don't think so, but that is just my opinion.

Re: Does anyone think that housing prices will continue to drop???

all i will say is that i cannot believe the # of houses on the market. we bought last year, and our agent was telling us that houses are sticking around b/c sellers wouldn't accept the market for what it was and drop the price. And, a lot of them (sellers) bought when the market was way up so to drop the price would mean they'd lose money.

For us, we weren't (and still aren't) concerned...we got a great deal on our house and don't plan to sell for a few years.

IMO, if you're ready to buy and plan on staying awhile, go for it.

Re: Does anyone think that housing prices will continue to drop???

I read an article from cnn money that said prices in nassau/suffolk were going to drop by about 12% by first quarter 2009. I don't think prices will start going up like they had in the past few years for a while. A lot depends on where interest rates go and how much you can buy for the same money.

Re: Does anyone think that housing prices will continue to drop???

I think it's very hard to predict. My DH is an economist, and even he has said that it's difficult to say.

I have been keeping track of prices in certain towns as DH and I are hoping to sell our house and move back to LI. I have seen lots of houses sitting for long periods of time, and I've seen houses coming down significantly in price. I think that the days of crazy prices are over, at least for now.

I know that when DH and I bought our current house in Putnam in '05, there was really NOTHING in towns we liked for what we paid for our current house. Now, we see things that are less expensive and granted in need of work, but there are deals to be had (considering LI and its history of high prices.)

Message edited 10/8/2007 4:35:21 PM.

Re: Does anyone think that housing prices will continue to drop???