Does anyone know if the market is getting better?

What is the verdict with the housing market? Is it still a lousy time to sell? I've been seeing a lot more "for sale" signs lately. Is that a good sign? or bad because houses are still sitting? It's just weird because many new "for sale" signs are going up!! I just hope things are finally improving. We are hoping to sell when we can to move closer to my parents and get a larger home.

What's your feeling?

Re: Does anyone know if the market is getting better?

People have different perspectives on the market. If you price your home right, it's in a great location and it's the type of home you'll get a lot of buyers, then you won't have a problem. You may take a loss on it because you paid more for what it's worth but you'll also being paying less for a larger home.

Re: Does anyone know if the market is getting better?

The way I see it people ARE buying but they are paying less. So you will sell at a loss (most likely since I know you bought right before the market went down as I did ) BUT you will pay less for whatever home you get

Re: Does anyone know if the market is getting better?

If you aren't in a dire need to move, then I say wait. The value of our house went down and we have no plans to move ever. Do I think it will get better in 5 years? Yes.

Re: Does anyone know if the market is getting better?

I think every situation is different. The thing to remember is that if you wait for your house to sell for a higher price, you'll also likely be paying a higher price for the new home.

Re: Does anyone know if the market is getting better?

Thanks girls! You are helpful. I know it's a weird question to answer because no one really knows. I just get confused when I see so many people selling.

I can wait maybe a few years (I'd rather not) but I might be better off that way.

Re: Does anyone know if the market is getting better?

Our realtor says and this is our area (Orange county NY) that they are predicting another 5-7 years before the market comes back

Re: Does anyone know if the market is getting better?

Well, I sure hope so! I NEED to move for my husband's job, and my home is already priced below what we paid for it. (Did I mention we did > $35k in renovations on top of what we paid for it?) We're realistic and know we are going to take a loss. If we had a choice, we'd wait it out for several more years. We love our house and where we live, but we need to relocate OOS.

Re: Does anyone know if the market is getting better?

Posted by Jackie24

Our realtor says and this is our area (Orange county NY) that they are predicting another 5-7 years before the market comes back

Re: Does anyone know if the market is getting better?

Posted by Jackie24

Our realtor says and this is our area (Orange county NY) that they are predicting another 5-7 years before the market comes back

Re: Does anyone know if the market is getting better?

Posted by staceyums81

Posted by Jackie24

Our realtor says and this is our area (Orange county NY) that they are predicting another 5-7 years before the market comes back

The last realtor I spoke with had the same to say about LI. About 5 years before anything gets better

Re: Does anyone know if the market is getting better?

most experts in the real estate industry are predicting 3 to 5 years

now is still a great time to buy b/c the interest rates are so low

if rates go up 1% then prices would need to come down $25k in order for you to have the same purchasing power

In NY we have a huge "shadow inventory"- these are distressed properties that have not hit the market yet

this will have a huge impact on how quickly the market recovers

since NY is a judical state- it can take over 2 years to foreclosed on a property

in many other states the time frame is much quicker

overall it's important to remember real estate is LOCAL

one town might not have experienced a price drop at all- while towns like mastic, Shirley, brentwood, parts of Babylon, Freeport have seen huge price drops

what you will see in the next few years are towns that you never expected to have foreclosure issues- have them

the leading group right now for forclosure is $1M+ borrowers

another fact I just learned- 90% of Americans pay their mortgage on time

30% of Americans OWN their home out right

so while a lot of news is doom and gloom- it's also not as bad as the media would have you think

every situation is different I would suggest you speak to more then one real estate professional when making decisions to sell or buy in today's market

not all realtors and mortgage bankers are equal

Re: Does anyone know if the market is getting better?

If you are looking to sell and buy I would probably list it, priced to sell and take advantage of the low interest rates. I'm not an expert in anyway but if you sell a house for a lower price you will buy at a lower price and the interest rates are really low right now.