What areas are showing an increase in home values

A few of you on here stated on another post that you have found despite the fact that most areas on LI have decreased in value and are still flat, there are some areas that are starting in increase.

Just curious, can you state what areas those are.

For me, I havent noticed of an area that is starting to have an increase in home vlaues as of yet.

Re: What areas are showing an increase in home values

Re: What areas are showing an increase in home values

I'm one of the people who feels that at best home prices are stagnant.

I don't have time to conduct extensive research but would recommend you take a look at some fo the more recent Existing Home Sales reports here:

http://www.realtor.org/research/research/ehsdata

New Home Sales are also important:
http://www.nahb.org/generic.aspx?sectionID=819&genericContentID=97096&channelID=311

For more regional info check out trulia

http://www.trulia.com/home_prices/New_York/Nassau_County-heat_map/

and zillow:
http://www.zillow.com/

Many professionals (I'm not one of them) in RE put zillow down because the values are enetered by home owners but to answer your question, look for recent sales on zillow not listed prices or user entered values.

I'll try to set aside some time to conduct my own research and report back w/ my opinions - if you're interested

Message edited 4/26/2011 9:35:14 AM.

Re: What areas are showing an increase in home values

Idk if this is technically correct or not, but I kinda feel like Wantagh (Wantagh SD) has been at the very least holding steady with some of the houses selling at an increase over neighboring areas. Could just be me though

Re: What areas are showing an increase in home values

I am based in Bellmore and do a lot of work in Wantagh, as well as Bellmore, Merrick, Seaford, and surrounding areas. It's hard to run stats and judge pricing trends. For example, if you average year-to-date 2011 v. same period for 2010, it can be skewed by one sale of a very expensive house. But I do agree that prices have been holding somewhat steady.

Most professionals (real estate and mortgage) that I work with agree that the market has probably hit bottom and home values will probably hold steady for the next year or so and then start to gradually rise. There are still a lot of "distressed properties" (i.e., short sales and foreclosures) on the market now, and those will have to be dealt with before values really start to rise. They are what keep values down (even in an area like LI which, thankfully, hasn't been as affected as other areas of the country) -- appraisers take into account all properties, including distressed properties, when valuing a home. So even if a buyer is willing to pay more, banks aren't going to lend them the money to finance a home purchase if the home doesn't appraise.

But I think sellers should realize that, while values will eventually go up, they are not going to reach the levels we saw at the top of the housing bubble in 2005, for example. That was an artificial market. So if someone needs to sell, they shouldn't think that they are going to be able to get $100K more for their home if they wait it out a year or so. Not going to happen, imo.

Also, with interest rates still pretty low, but starting to rise, there are a LOT of buyers out there looking to buy now. So while there are a lot of homes on the market, there's also a lot of buyers. And as demand goes up, prices start to rise...

Re: What areas are showing an increase in home values

My friends co-workers just bought a home in Garden City, the house sold slightly over asking price only because of a bidding war between the buyers..I'd say if certain house prices have increases, it could be due to the demand for that specific home and not the area itself (not completely anyway).

Re: What areas are showing an increase in home values

Re: What areas are showing an increase in home values

Foir the RE agents and mortgage specialists, I'm curoius,

what are your personal #s like?
- yoy change in units sold?
- do sales continue to follow seasonal variations?
- percentage wise are you seeing a change in bidding wars? For example, are you finding that 1,2,3 yrs ago you might have had 20% of your properties sold after a bidding war but now you might see that more like 50%.

Re: What areas are showing an increase in home values

Thanks for all the responses.