To wait or not to wait

that is the question

with the slow in the market and decreases (yes i know some tis the season)

But it leaves you seriously wondering where the market will go...

should we try waiting and seeing or take the winter slow down and run

Re: To wait or not to wait

I feel like people have been waiting for this bubble to burst for YEARS and I just don't see it happening, on LI anyway.

If you see something you love this winter, I'd jump on it.

We were torn about this as well not too long ago. Even though we bought off of LI, I am so glad we bought when we did because for some reason the prices here have really gone up in the few months since we've bought. We could not afford our house now, based on what I see around me.

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well there has definitely been a stall..no more increases...and i have seen decreases already

So the bubble i think may be close to bursting..

But it is hard to tell with the winter coming up..which would mean one would have to wait for spring..

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I don't think the bubble will burst, but the market has stalled. I don't expect to see a huge decrease in prices, but they're not going up lately either.

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We are wondering the same thing...we've been looking, trying to decide between a condo and a house. But nice condo's are up there in price too...i think that prices have come down a bit because houses are not moving as fast as they were maybe a year ago. Even listings we have seen that are still on the market have come down in price.

It's true that you never know what will happen in the spring. There will probably be more inventory!

Good Luck! It is really frustrating isn't it?

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I have seen some drop over the last 6 months...Funny cause 4 months ago everyone on here told me I was nuts that the prices would not stall or go down and yet they are. Now for me , a decrease of even 20K is huge in todays market. If I had the option or I should say ready cash I would buy now. I think the prices based on what my family , who are ALL in real estate say , will continue to drop in small amounts and then stall. Once it stalls, and the market is not as open, prices indefinatly have to go back up.

We decided to wait, we just arent up to the responsibilties of a house yet, but Jenn if your thinking of getting the most for your money, now might the time.

I would take the advice of brokers and agents and see what the consensus is.

Message edited 10/31/2005 9:38:31 PM.

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I think that the market is stalling. The houses that are coming down in price were already over priced anyways.

The market has been ridiculous the past couple of years so RE agents and sellers have started with higher asking prices.

Most houses are negotiable or if they are correctly priced they fly off the market. Years ago houses weren't negotiable, you either matched what the seller asked or maybe went a tiny bit lower.

These days people settle on thousands of dollars less (this has been my experience and those around me). I hope the market levels off, it's ridiculous what people ask for their house and think they will get. I honestly don't mind spending a certain amount on a house, but everything does have it's correct price!

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Posted by Colleen9304

Houses that are priced well or are in "hot" areas, are still flying off themarket.

Remember, it's only an asking price

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I agree with what you said last...if you find something you love...go for it.

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I agree that the prices of some homes are dropping, but I wouldnt say I see the market decreasing a lot. I only see the houses that cannot sell at the prices that they were made, being lowered. I dont see new houses coming to the market at lower prices. I would say that the market really hasnt decreased yet, but the mortgage rates are going up.

There will be a slow down in the real estate market for the winter but that happened last year too and then as soon as spring rolls around, I can see the prices of the houses going right back up and hopefully the mortgage rates decreasing
Scott

Re: To wait or not to wait

DH and I started to look for townhomes in May and a lot of the same places we were looking at in August/September had lowered their asking price by $3,000 to 20,000. We went into contract in late September on a home that had, just that week, reduced its asking price by 20,000 for the new asking price.
I have still looked on MLS and Realtor.com and all the homes that were still left over as of Sept. 1 are still on the market for the same price.

I will say, in May there were 75 homes on the market in our price range, now there are 20. So things this summer were selling, at about asking price, but since September things have stalled. It amy be the winter season and the rain that kept buyers away.

The left over stuff are there for a reason, none of them are attractive looking.

ETA: Everything in the 390-410 range where we live is now off of the market. Wow, there were 2 left and they are not there today. There is one asking 413 (for less property/rooms than we got at a lower price) and then the next up wants 425. (And there is nothing availiable from 690,000 to 900,000.

Message edited 11/2/2005 9:42:36 AM.

Re: To wait or not to wait

There is a house across the street from the house we bought and it has been for sale for at least 5 months. They are asking $499,999 and they wont go down in price. Well 5 months later the house is still for sale. It is a huge house, double dormered cape with I think 5 bedrooms. The house is all white and it has no curb appeal. It needs some flowers, and bushes in the front bad. I really think that would help with the sale, but I dont see them getting the price they are asking for it. Maybe $450k is a more reasonable offer.....
Scott

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Same with us, the property across the street is only a 3 bedroom 2.5 bath (7 room townhome) and they want 490 and there is no way they will get that right now. Perhaps 465-475 but it is also not a good season. I think they will prob. take it off of the market.

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But the condos by us are still hot right now

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