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Here is an exert from an article by,
Year in review: Real estate
by David WinzelbergPublished: December 26, 2008
by David WinzelbergPublished: December 26, 2008
Housing market woes
A continued downward slide in prices and sales put the brakes on the once-flourishing housing market.
Just how slow is the residential real estate market?
In the first 11 months of this year, 15,832 homes were sold in Nassau and Suffolk,according to statistics from the Multiple Listing Service of Long Island, about 18.5 percent less than the 15,832 sold in the first 11 months of 2007.
Sales volume in the same period plummeted, sinking from about $10.3 billion last year to $7.9 billion so far in 2008.
Prices also continue to tumble. In Suffolk the median price for homes sold last month was $315,000, down from $370,000 a year ago. In Nassau the median home price was down to $385,000 in November, from $439,000 in 2007.
Cautious about the precipitous drop in prices, buyers have become spectators in a market characterized by big supply and little demand. An increase in foreclosures this year hasn’t helped to shrink a bloated inventory.
The housing slump has also caused an exodus of real estate agents and the closing of a bunch of real estate offices. Declining home sales are being blamed for lowest number of agents and offices here in the last 40 months, according to MLSLI statistics.
Just how slow is the residential real estate market?
In the first 11 months of this year, 15,832 homes were sold in Nassau and Suffolk,according to statistics from the Multiple Listing Service of Long Island, about 18.5 percent less than the 15,832 sold in the first 11 months of 2007.
Sales volume in the same period plummeted, sinking from about $10.3 billion last year to $7.9 billion so far in 2008.
Prices also continue to tumble. In Suffolk the median price for homes sold last month was $315,000, down from $370,000 a year ago. In Nassau the median home price was down to $385,000 in November, from $439,000 in 2007.
Cautious about the precipitous drop in prices, buyers have become spectators in a market characterized by big supply and little demand. An increase in foreclosures this year hasn’t helped to shrink a bloated inventory.
The housing slump has also caused an exodus of real estate agents and the closing of a bunch of real estate offices. Declining home sales are being blamed for lowest number of agents and offices here in the last 40 months, according to MLSLI statistics.
I have to agree that all of this is true. But, Lets take a closer look at residential real estate.
Buyers have the opportunity to buy homes that are "A" affordable and "B" with better financing
in the last 10 years or so. Mortgage rates are at record breaking lows at 4%
this is unheard of but how long will the banks be on the ropes? If buyers work with an agent they can find short sales people that can't afford 2005's property hike were home owners had a house worth $200,000 and it was on the market for $400,000 and SOLD? This is called a sellers market.
We are now in a buyers market and buyers really have the advantage. So for anyone out there considering on selling your home do it NOW! That market is dropping fast. We are not in a economical crisis commercial properties are, multimillion dollar companies are, stocks and bonds are. Banks have tons of foreclosures that they are sitting on. That are paid for. Freddy Mac and Fanny Mae paid for it. Visit my web page http://shawnschildgen.tripod.com/ I have all sorts of tools for you to work with there and more.
Contact me: Sschildgen@coachrealtors.com let me hear your opinion.
Looking forward to hearing from you,
Shawn Schildgen
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