Susan Browner, Home Buyer in New Jersey

I just got a great Villa in Boyton Beach in Feb.But i aloso own a home on Long island in Port Jefferson

Asked by Susan Browner, New Jersey Thu Apr 17, 2008

Station. Im paying for a home loan to pay for the place i got in Flordia.
It was a great deal.way under price.
But now what do I do about my house here.Should I try to sell or wait it out till next year?
Do you think next year, will b e a better market?
Do I just go for it. Im not happy about paying this loan each month now!
Im paying for two homes & not thrilled about it

Help the community by answering this question:

Answers

6
Susan,
The current market does not indicate that homes will escalate in price between now and next year. My suggestion is to sell your home if your interest is in liquidity. If you choose to rent the home, and then choose to wait for the market to rebound, you could be waiting 5 years to be in this position of being a landlord. If you sell and take the money and put it into a secure investment, you will gain interest. Your home in PJ in this market "may" continue to depreciate. We are now dealing with a very healthy number of buyers and good marketing will get you a "real" market value. I can be of help to you if you would like.
1 vote Thank Flag Link Fri Apr 18, 2008
Hello Susan,
For me the best answer is your stress level. There is no point in holding on to something if it no longer serves a purpose in your life. Prices will rise and decline, however, if holding on to something causes pain, let someone else enjoy it.
I have seen a slight increase in values in the Pt. Jefferson Station area.
Rates are threatening to increase, therefore, if your decision is based on timing, you might want to go for it now.
0 votes Thank Flag Link Sat Jan 12, 2013
Susan we have seen the markets on Long Island start to stabilize. There are no factors in place to create an increase in selling prices on the horizon. For example, pricing is partly a factor of supply and demand. When we had lower levels of available homes for sale a few years back, the prices were increasing. The markets now have an oversupply of available homes and that increased selection to the buyers is going to keep prices from jumping up. If they cant get a good deal on house #1, they can move onto house #2.
Each year there are always concerns that years in the past were better. People do not know what the future holds so they are cautious. Placing the house on the market now, pricing it properly and making sure the house is in selling condition will certainly bring the buyers to your home. There is far more information available to home buyers now than ever before. If they feel that your house is priced to high, they are going to move onto the many other homes that are offered in the segment they are looking within. The longer you own the home, the longer you are paying taxes, insurance, utilties, repairs and the mortage payment. These are the factors you have to review when you make the decision to sell. You should also speak to a professional agent and have them review the comparable sales of your home, time on market, and how many other homes like yours is available. These discussions will lead you to the correct decision!
0 votes Thank Flag Link Mon Nov 15, 2010
Susan:
My advise would be to sell your Port Jefferson Sta as we do have buyers in the area. Homes that are priced competitively are still selling. The Port Jeff Sta area doe have a fair number of distress homes so I do not see the marekt values rebounding for several years at best. Again my suggestion would be to sell the home & stop chasing a downward trending price in the area.

Give me a call my office is located in Port Jefferson Sta & I would be more than happy to schedule a free consultation.
0 votes Thank Flag Link Wed Nov 10, 2010
Susan, Clearly, you want--and may need--to divest yourself of the Port Jefferson Station property. Now or later? There's no quanrantee that the market a year from now will be substantially better than it is today--and it could the same and even worse. In the meawhile, you'll have the burden of carrying two mortgages and managing the properties. My advice? Get a CMA, . If the numbers work, put the home on the market w/an aggressive pricing/marketing strategy. Call me at 631.338.7392 if you'd like assistance from our Port Jefferson office.
GerryV
0 votes Thank Flag Link Mon Apr 21, 2008
Is Port Jefferson Station your primary home or are you renting it out? Where is it you wish to live?

There are no crystal balls, but I personally believe the prices are correcting and will not go up for a while. In Florida, you must be a resident to get Homestead Exemption from your taxes, otherwise you will be paying a great deal more!

Also, if you are not living in the Florida house, you will face issues with your homeowner's insurance and the state will take over with their own tax which is very costly.

If you would like a realistic idea of what Port Jeff property can hope to get in the current market, I will be happy to provide an analysis for you. With that information, you might be better able to make an informed decision. Contact me offline at Gail@GailGladstone.com.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Thu Apr 17, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer