Halley S., Home Buyer in New York, NY

There is a lot of talk of a softening real estate market. How would you describe the real estate market in Lighthouse Point?

Asked by Halley S., New York, NY Mon Apr 23, 2007

How long do homes typically sit on the market in this city?

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Answers

5
I would say it has stabalized here for now. There is not a lot of inventory but there are still some good deals out there to be had. Prices have definately been creeping up in LHP since last year!
0 votes Thank Flag Link Wed Apr 25, 2012
Dear Halley,

The market is great...and properties are really starting to move here in Lighthouse Point.

Lighthouse Point is wonderful, and there are some amazing deals on the water or off the water that you can pick up right now for an incredible price. It's a great time to purchase in Lighthouse Point if you have done so.

Sincerely yours,
Jen Sommers
Not Your Typical Realtor!
Jennifer Susanne Sommers
Keller Williams Realty—East Boca Raton
2424 N Federal Highway, Suite 318
Boca Raton, Florida 33431
Email Jen@AgentBoca.com
561.8192958
0 votes Thank Flag Link Mon Nov 7, 2011
Interest rates on long-term and adjustable rate mortgages fell again this week, with the average rate on a 15-year fixed-rate mortgage at another record low, according to Freddie Mac’s weekly rate report.
A 30-year fixed-rate mortgage fell to an average of 4.72 percent in the week ending June 10, while the average rate on a 15-year fix fell to 4.17 percent. That is the lowest a 15-year fix has been since Freddie Mac began tracking 15-year mortgages nearly two decades ago.
A one-year adjustable-rate mortgage fell to an average of 3.91 percent.
“Following a relatively weak unemployment report, bond yields fell this week and mortgage rates followed,” says Freddie Mac (NYSE: FRE) chief economist Frank Nothaft.
Mortgage rates in New Mexico remain low as well. A 15-year fixed loan is 4.12 percent, while a 30-year fixed loan is 4.75 percent, according to MortgageLoan.com.
Despite historically low rates, homebuyer interest has waned since the homebuyer tax credit expired at the end of April. The Mortgage Bankers Association this week reported mortgage applications last week fell to the lowest level since April, while the number of sales fell for the fifth consecutive week.
0 votes Thank Flag Link Thu Jun 10, 2010
The market has "softened" from the frenzy of a few years ago, but homes are still selling. The problem is that there is so much inventory now for buyers to choose from, it can be overwhelming. Many sellers have a hard time realizing their homes are not worth what they may have been a few years ago. Supply and demand have caused prices to drop considerably. The "flippers" are stuck with homes they hoped to make a quick buck on, and those who bought more house than they could afford have caused many "short sales" and "foreclosure" situatiuons. Homes that are presented properly, and priced competitively do sell quicker than those who lack curb appeal and may be overpriced. Buyers today have many choices and there is no urgency to buy on impulse as was the case only a few years ago. The internet offers a wealth of knowledge and resource tools, and today's buyers use it to their advantage. Sellers, more than ever, need realtors to help market their properties, and help them determine true market value. There is a certian type of buyer that knows the value of being a Lighthouse Point resident, and wants to be on or near the water, and enjoys the family friendly community here, and they will buy here regardless of market conditions. They will just be sure they pay fair market value as anyone should.
0 votes Thank Flag Link Sun Apr 13, 2008
Prices and activity have fallen off with the rest of the market this past year. In 2007 twenty homes have closed in the $1.0 million to $6.0 million price range. Approximately half of these homes were priced under $2.0 million dollars. Homes prices here have corrected 10-15% on average. From the National Association of Realtors home prices nationally have fallen off 23% in the past year.
0 votes Thank Flag Link Mon Apr 23, 2007
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