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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Are LI home prices going back up?
My area has taken a beating and my house has depreciated tremendously  No plans on moving too soon but thinking about it before DS goes to Kindergarten in a few years. I worry even 3 years from now we wont get what we paid for our house 
ETA: I live in Merrick. Several houses around me have sold for at least $100-150k less than what we paid for our home in 2006 (the height of the market). I worry how this affects my home value.
Message edited 7/22/2010 12:41:23 AM.
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Posted 7/22/10 12:38 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
BaroqueMama
Chase is one!
Member since 5/05 27530 total posts
Name:
me
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Re: Are LI home prices going back up?
I think it will be a long time before they get back to where they were.  so many people are in the same situation and it really sucks.
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| Posted 7/22/10 4:37 AM |
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JDubs
different, not less
Member since 7/09 13160 total posts
Name:
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Re: Are LI home prices going back up?
i think they will as long as they bring back that tax credit incentive....not sure though if it will happen though... in my experience, i think the tax incentive caused def the price of homes to go up (or the selling price anyway) because DH and I found ourselves in multiple bidding wars with other people, since there was a lot more competition and buyers trying to get in before the tax deadline (this was before april 30). as a result we only ended up getting our house we own now for only 5k less than the asking price.
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| Posted 7/22/10 7:31 AM |
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pickles16
Real Estate Professional
Member since 11/07 17227 total posts
Name:
Jen
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Re: Are LI home prices going back up?
I think they're stablilizing but not going up...I don't think they're going down anymore..but we've been looking for a while and we see them leveling off..I thnk it'll be a while before they go up to the level they were in the height of the market before the crash...
We may be neighbors..we're looking merrick
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| Posted 7/22/10 8:28 AM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Are LI home prices going back up?
I don't think you are going to see housing prices increase dramatically any time soon. Foreclosures are still up and increasing; putting pressure on housing prices. Unemployment continues to be high and the only place left for interest rates are up eventually. I think it will be a good 7 - 10 years before we see a healthy climb in housing prices.
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| Posted 7/22/10 8:54 AM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: Are LI home prices going back up?
I don't think its realistic for them to go up anytime soon.
Its interesting how many sellers that bought at the height of the market are now trying to sell for what they paid or more.
Redfin makes it easy to look at this data.
I just don't understand how sellers expect to make money on a house they bought at the wrong time for too much money & they've lived in it for 4-6 years & paid down the loan.
Why as a buyer would I even consider paying a 2005-2006 price?
The mentality that every home is a short term high return investment is nuts!
I think most sellers need to get back to reality, meaning the historical pattern of home values for the 50 years prior to 2004-2010
ETA: I think the majority of homes that are selling are priced well for todays market either because they are short sales or in some stage of foreclosure or they've been owned by the sellers for many years & they priced it realistically.
Message edited 7/22/2010 9:07:57 AM.
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| Posted 7/22/10 9:05 AM |
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Mom2010
LIF Toddler
Member since 3/10 384 total posts
Name:
Eclaire Lover
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Re: Are LI home prices going back up?
Posted by KellyFG
I don't think its realistic for them to go up anytime soon.
Its interesting how many sellers that bought at the height of the market are now trying to sell for what they paid or more.
Redfin makes it easy to look at this data.
I just don't understand how sellers expect to make money on a house they bought at the wrong time for too much money & they've lived in it for 4-6 years & paid down the loan.
Why as a buyer would I even consider paying a 2005-2006 price?
The mentality that every home is a short term high return investment is nuts!
I think most sellers need to get back to reality, meaning the historical pattern of home values for the 50 years prior to 2004-2010
ETA: I think the majority of homes that are selling are priced well for todays market either because they are short sales or in some stage of foreclosure or they've been owned by the sellers for many years & they priced it realistically.
I agree. I bought my house on the decline (at pretty much rock bottom pricing) and it's still depreciated in value considerably. The returns on our investment won't be able to be seen after 4-5 yars of living in the house; it's going to be AWHILE.
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| Posted 7/22/10 9:10 AM |
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Tine73
Member since 3/06 22093 total posts
Name:
*********
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Re: Are LI home prices going back up?
I think I am stuck where I am for awhile!! I'm in the same boat as you.
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| Posted 7/22/10 9:11 AM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: Are LI home prices going back up?
I really think with the tightening of lending and mortgage standards it would be impossible for prices to go back to where they were just a few years ago. I don't think people can REALLY afford them. Good luck to you.
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| Posted 7/22/10 9:16 AM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: Are LI home prices going back up?
I dont think home values are going to go back up especially witht he new legislation regarding lending/mortgage.
That coupled with unemployment is an equation for more decline. We had our loan reworked so we "may" see a profit in a few years or break even.
People like my parents who bought 20 years ago will see a profit but those who bought 2004 through even now now have seen a decline.
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| Posted 7/22/10 9:28 AM |
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laurabora
LIF Adult
Member since 4/07 2712 total posts
Name:
Laura
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Re: Are LI home prices going back up?
I think they are leveling out...but homes seem to be in short supply where we are looking so many are getting close to their asking prices, which are still pretty darn high.
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| Posted 7/22/10 9:45 AM |
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Andrewz00
Look! I changed it!
Member since 4/10 1789 total posts
Name:
Andrew
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Re: Are LI home prices going back up?
they will go back up... real estate always does.... and a normal timespan for this is 3-5 years..... now thats now saying they will go back to 2006 levels in that time... but they will starting an upswing and slowly creep up over the next few years.
thats why we took advantage and bought now and didnt wait any longer... we had been watching the market for several months and in several states and decided on staying in NY.... as soon as things seemed to level off a bit, we bought.... i no longer check prices of comps!! the next waiting game was the interest rates on the mortgage! i waited 5 days too long to lock in a rate!! still 4.75% but i could have had 4.49% !! i guess it would have really just been bragging rights tho... right?
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| Posted 7/22/10 9:48 AM |
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-Lisa-
---------------
Member since 5/05 6530 total posts
Name:
Lisa
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Re: Are LI home prices going back up?
it varies, town to town. Most areas are now stable, some have even seen an increase in value, but thats an increase over the last 12 months, not since the decline began. Values are still down when compared to 2006.
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| Posted 7/22/10 10:06 AM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: Are LI home prices going back up?
Posted by KellyFG
I think most sellers need to get back to reality, meaning the historical pattern of home values for the 50 years prior to 2004-2010
ETA: I think the majority of homes that are selling are priced well for todays market either because they are short sales or in some stage of foreclosure or they've been owned by the sellers for many years & they priced it realistically.
ITA with this
I feel the prices of homes esp. in this area were grossly inflated in 04-08 and are finally leveling out.
My dad bought his house in the mid 90's in a very popular area and paid only 175k - homes in his neighborhood are now going for anywhere form 400k-800k
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| Posted 7/22/10 10:47 AM |
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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: Are LI home prices going back up?
Posted by KellyFG
I don't think its realistic for them to go up anytime soon.
Its interesting how many sellers that bought at the height of the market are now trying to sell for what they paid or more.
Redfin makes it easy to look at this data.
I just don't understand how sellers expect to make money on a house they bought at the wrong time for too much money & they've lived in it for 4-6 years & paid down the loan.
Why as a buyer would I even consider paying a 2005-2006 price?
The mentality that every home is a short term high return investment is nuts!
I think most sellers need to get back to reality, meaning the historical pattern of home values for the 50 years prior to 2004-2010
ETA: I think the majority of homes that are selling are priced well for todays market either because they are short sales or in some stage of foreclosure or they've been owned by the sellers for many years & they priced it realistically.
I am sure this may be the case for some sellers but we did not buy our house with the intention of turning around and selling it a few years later for a profit. We bought our home hoping it would be our forever home. And it may still be depending on if we choose to have another child and if we outgrow our home.
That being said, I dont think I or anyone else who bought our homes during the height of the market should be put down for being upset our home values dropped so much. I know the market is cyclical. But it also stinks to see something you put so much money and such an investment into depreciate so much.
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| Posted 7/22/10 12:07 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: Are LI home prices going back up?
Posted by jellybean1420
Posted by KellyFG
I don't think its realistic for them to go up anytime soon.
Its interesting how many sellers that bought at the height of the market are now trying to sell for what they paid or more.
Redfin makes it easy to look at this data.
I just don't understand how sellers expect to make money on a house they bought at the wrong time for too much money & they've lived in it for 4-6 years & paid down the loan.
Why as a buyer would I even consider paying a 2005-2006 price?
The mentality that every home is a short term high return investment is nuts!
I think most sellers need to get back to reality, meaning the historical pattern of home values for the 50 years prior to 2004-2010
ETA: I think the majority of homes that are selling are priced well for todays market either because they are short sales or in some stage of foreclosure or they've been owned by the sellers for many years & they priced it realistically.
I am sure this may be the case for some sellers but we did not buy our house with the intention of turning around and selling it a few years later for a profit. We bought our home hoping it would be our forever home. And it may still be depending on if we choose to have another child and if we outgrow our home.
That being said, I dont think I or anyone else who bought our homes during the height of the market should be put down for being upset our home values dropped so much. I know the market is cyclical. But it also stinks to see something you put so much money and such an investment into depreciate so much.
I don't think that's what anyone was saying here - of course it stinks when the value of your house goes down but I think she was just stating the reality about today's market. Unfortunately for the sellers if you bought during the height of the market, it's most likely you will lose some money on the sale - On the other hand, you could get a bigger home for the same amount you are paying now, so you could look at things that way...
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| Posted 7/22/10 12:37 PM |
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KittyGags
LIF Adult
Member since 7/09 5614 total posts
Name:
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Re: Are LI home prices going back up?
Home sales on the Island take a step toward normalcy
Originally published: July 21, 2010 9:31 PM
Updated: July 22, 2010 12:45 PM
By ELLEN YAN [email protected]
Photo credit: AP | More houses, especially in the Hamptons summer playgrounds are wearing sold signs and the prices seem to have stabilized. (April 5, 2010)
The latest homes-sales data for Long Island shows the region might be one step closer to what many might consider nirvana nowadays: normalcy.
In the Hamptons, 479 closings in the second quarter represented a 107 percent jump from a year ago as prices stabilized on most of the Island compared with the real estate roller coaster of the past several years, said a report commissioned by Prudential Douglas Elliman Real Estate.
What led sales in the summer playgrounds were homes under a million dollars and ones that would have gone for much more during the boom. The off-peak Hamptons prices took the allure out of the North Fork, hot a year ago as a less costly alternative.
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The Hamptons' $900,000 median closing price was a 0.9 percent dip from the first quarter but a 17 percent jump from a year ago as more deals closed on the high end, where sales had been stagnating, said Jonathan Miller, head of Miller Samuel, the Manhattan appraisal firm that compiled the report.
"We're seeing a more normal distribution of low- to high-end of sales, something we haven't seen like in a year and a half," he said. "It's not that we're seeing a lot of sales activity. We're seeing a more normal level sales activity. . . . It also illustrates how dire the market was a year ago. You're coming from such an unusually low place."
On the Island the median closing price outside the North Fork and Hamptons was $360,000, unchanged from a year ago and a 3 percent increase from the first quarter, Miller Samuel calculated.
But while prices and closings generally retreated from the unpredictable downswings of the past few years, the Island inventory of homes for sale outside the Hamptons and North Fork went up 0.6 percent from a year ago and 13 percent from the first quarter, the report said.
The jump comes despite listings removed from the market by buyers seeking the home buyers tax credit. The credit required contracts to be signed by April 30 and helped boost closings 49 percent from a year ago and 55 percent from the first quarter, according to the data.
But again, Miller sees that as a sort of normalcy, because homeowners got hope. Sellers who had pulled homes off the market began relisting when they saw the tax credit expand the pool of buyers, he said.
The discounts off listing prices weren't as big because buyers who wanted the tax credit had less time to bargain, Miller said. "What we've seen since the beginning of the year is a general change in sentiment,'' he said. "Buyers are more likely to bypass properties . . . that are overpriced."
It's the same in the Hamptons, where Prudential's manager, Paul Brennan, said more than half of the luxury homes for sale were bought in the boom.
Owners still look for a profit, he said, but buyers think the worst is yet to come: "We're not consummating deals, but there are lots of offers."
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| Posted 7/22/10 2:09 PM |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: Are LI home prices going back up?
Posted by shamrock124
I don't think you are going to see housing prices increase dramatically any time soon. Foreclosures are still up and increasing; putting pressure on housing prices. Unemployment continues to be high and the only place left for interest rates are up eventually. I think it will be a good 7 - 10 years before we see a healthy climb in housing prices.
I agree with this.
On top of that the failure rate for loan mods is still over 50% within a year (last data I saw was actually around 60%) which means that data is being skewed to look like foreclosures are stabilizing when they're actually just being delayed. And not to get too technical but as long as the govt keeps changing the rules of the game on the securitization market, a large source of financing for borrowers is missing which makes it harder for people to get loans to buy homes to help get things back in balance.
I feel for you though and hope that things start turning around soon 
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| Posted 7/22/10 3:41 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Are LI home prices going back up?
NY is also one of the states that takes the longest to foreclose
over 500 days....
so someone misses their first payment July 1 2010 could have till July 1 2012 to live in the house before they lose it
that is not helping
then sometimes another 6 months to get it listed.....
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| Posted 7/22/10 3:46 PM |
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