The way I see it, there are three types of residential property owners in our area.
The first is the all year round resident- lets call them the ballast of the group, in that they keep prices balanced. Why, you ask? Because when they sell, its generally because they have to sell, and are more likely to adjust their price towards the down turn in the market.
The second type property owner is the second home owner, someone who uses the home for vacation enjoyment, usually during the summer months.
Finally, there is the investment owner. Investing for speculation has always been and will continue to be popular in the Hamptons. If your looking to diversify your portfolio, I strongly suggest it.
The point not to be missed here is that for the most part, owners two and three use discretionary income to purchase their properties. Very rarely are they put in a position where they have to sell a property. These owners are far less inclined to drastically lower their price. That coupled with buyers who are still willing to spend regardless of what the media reports is why we here in the Hamptons continue to sell homes at a faster pace then most other areas.
So, in closing, my advise to potential buyers is to find an agent they can trust and get to work. Good luck!
Actually there is quite a healthy inventory in Westhampton and the surrounding area at the moment. Now would be a good time for a serious buyer to zero in on a property and make his/her best deal. As Mitchell said, as Labor Day approaches thing can heat up.
What I mean is this: timing the real estate market is often as difficult and fruitless as trying to time the stock market. A long term buy and hold strategy is usually the best. If you're planning on staying put in that home for a while -- say, at least 5-7 years -- then it's probably a good idea. If you've got a shorter horizon, then you'll want to be more cautious. Hopefully a local Trulian can jump in and shed more light on your particular market.
bonds, equities, art, collectibles? The government has stated it intends to keep interest rates low
(presently 1%) until 2014. So buying any investment now with incredibly low interest is a no-
brainer. And purchasing an investment your entire family can enjoy is beyond euphoria! If your aspirations are to make that investment in the Hamptons, we can put 30 years experience to
work for you and yours.
Speak to your agent and discuss the concerns you have and that should help you make the correct decision.
If you are uncomfortable then it is the wrong time for you to buy anywhere.
as the appreciation normally associated with any investment. But as with any investment, get the best advise
from the professionals who have the most experience. Home buying, though cyclical, has always provided
Certified Buyer Representative
Senior Real Estate Specialist
Century 21 Princeton Properties