Home Buying in Liberty>Question Details

Jason Kean, Home Buyer in Liberty, NY

Is Liberty NY in a declining real estate market?

Asked by Jason Kean, Liberty, NY Mon Jun 23, 2008

Help the community by answering this question:

Answers

5
http://www.fanniemae.com/newsreleases/2008/4370.jhtml?p=Medi…

If you are referring to "declining market status", requiring more funds down, it's been eliminated. If, however, you're asking if the market in that area is experiencing decline, you might call a real estate agent and get recent solds in the area that you are considering, as well as solds from six-nine months ago.
Good luck!
Web Reference: http://optionsrealty.com
1 vote Thank Flag Link Mon Jun 23, 2008
Yes. LIberty is going down just like everyone else.
0 votes Thank Flag Link Tue Feb 24, 2009
well, if you look at CITY-DATA.com it may help. Nationally, prices are declining and financial institutions predict the prices will continue to decline. I have heard 10%-11%. WHAT YOU HAVE ARE GOOD BUYING INCENTIVES.
1) More then 10% of the residents are living below the poverty level
2) There are no decent jobs
3) The medium income "reported" is in the $34,000 range.
4) Most homeowners commute distances to make an affordable salary.
So the answer is yes. If you need a house then buy it. If you are looking for a vacation home wait, since prices will continue to tumble and tumble.
5) Its a buyer market. You have cash, you win.
Regardless of what any realty tells you, they are on the bread line also and looking for new careers, training or underselling homeowners. The whole buying and selling real estate industry hasn't finished spinning itself into the ground. Imagine a $50,000 house with property now sells for 285,000. The prospective customer is an entire family of 10. The grandma and granda pa, mom and dad, sis and her husband, brother and his live in girlfriend and two newborn babes.....The truth !!!!!
0 votes Thank Flag Link Tue Feb 24, 2009
I get what youre saying but the $50,000. with Property now sells for $285,000. ? Don't get that at all. The House I have been in for 14 years in 2006 was $389,000. NOW $225,000. ! ( And I still owe $265,!) I am forced to leave due to Divorce and am finding houses are low compared to what they were, obviously as in my case. btw, #3 you wrote medium income, mine is $26,000. !!! I am 60 this month, disabled with a motorized chair and CANT GET MEDICAID< MEDICARE
Flag Fri Apr 4, 2014
Dave,
I assume he was asking for declining market status, I gave him a list of declining market status zip codes. I'm sorry you find that useless, but you didn't ask the question.
0 votes Thank Flag Link Mon Jun 23, 2008
United Guaranty corp's list by zip code:

https://www.ugcorp.com/rates/DecliningMarketsList20080604.pdf
0 votes Thank Flag Link Mon Jun 23, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer