Market Conditions in Warwick>Question Details

Brenda, Home Buyer in Pearl River, NY

Are home prices REALLY flat in Warwick, NY? Why?

Asked by Brenda, Pearl River, NY Tue Jan 8, 2008

Inventory & DOM are high, but I've been assured interest rates are ushering plenty of buyers in the door. When are we seeing the effects of the credit crunch/recession/slow economy in Warwick real estate? Are these effects delayed or is this area somehow protected? If prices are flat, inventory & DOM is high and there is extremely low sales, this would indicate to me that a steep drop is imminent. Thoughts?

Also, anyone heard of builders offering lease to own?

Thanks for your thoughts!

Help the community by answering this question:

Answers

2
Great question. I am a lifelong resident of Warwick as well as a Warwick realtor. The homes prices are flat now and I feel it is due to the high (but slowly declining) inventory. There's so much for buyers to choose from and they want to see it all. Buyers are looking at so many houses these days and it take a months to do so. During their several month home search, something would happen with the economy, interest rates or some media statistic (which represents national figures, not local figures!!) would be announced that scared them from going forward. Now we see a slight rise in interest rates and slight decline in inventory. This results in a flurry of activity from buyers. They feel the best deals may be slipping away and recently we as realtors have seen a boost in showings, phone calls and interest from buyers. Woohoo - this is very good news!! We need these buyers to help the inventory sell and the amount of inventory to decline further all leading us to a more stabilized market that is good for both buyers and sellers.

Hope that helps. If there is anything else I can help with, even just answering questions, please do not hesitate to contact me 845.988.7778 or williambjkelly@gmail.com William
0 votes Thank Flag Link Sat Jan 29, 2011
Just moved to Warwick 4 months ago. Yes home prices are flat because there is a lot of inventory right now and just not that many buyers. There is a lot of new construction going up so buyers have their choice right now. We are actually selling our home that we just built 4 months ago. We would consider leasing our home with an option to buy. Call me if you are interested: (845)-405-2139
0 votes Thank Flag Link Thu Jan 10, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer