Market Conditions in Mahopac>Question Details

CM1225, Home Buyer in 10541

What will the coming months bring in the Putnam County (specifically Mahopac) market?

Asked by CM1225, 10541 Mon Feb 11, 2008

Since our house deal fell through in Jan, we've been pretty disappointed with what we've been seeing on the market. It's made us regret walking away from the house we planned on buying... Friends and family say "It just wasn't meant to be, and you'll find something better! Prices are still falling!". We've seen virtually every house in our price range and are hoping that the coming weeks/months bring many new listings/re-listings, and even lower prices.

I know it's impossible to predict the future, but what do some of you Putnam area Real Estate experts feel about home prices in the coming months, specifically in Mahopac? Have we hit bottom yet? Will prices stabilize? Decrease further? Increase? I know it's only a matter of opinion, but I'd like to hear what some of you feel. Thanks!

Help the community by answering this question:


Hi Chris, I think 2008 will be a surprise for a lot of people for many reasons.

Rates a year ago were 1% higher than they are now, house prices have come down a lot but the one important thing to keep in mind is that the buyers are tired of waiting and looking. I know buyers who have been looking for 2 years for something and they are fed up and feel this is the time to buy and they are. Lots of newlyweds are buying, lots of young couples with kids need bigger homes. I track how many buyer calls I get per month and December was one of the busiest months for me only to be dwarfed by how busy I was in January of this year. So I see a turn around, slow but it is turning around.

The one thing to keep in mind is this - if everyone keeps waiting for the "market to get even softer" then if/when it does, when all these buyers come out at the same time (they have already started) what will happen then? You got it, multiple bids on the same house and then buyers will be angry when they lose out because they sat and waiting too long. I am seeing it already on my own listings and listings that my buyers are bidding on.

Can I predict the future? No but 2 years ago I was selling raised ranches in Mahopac for close to $600,000 and now they go for $470,000 for the same house, sometimes even less. So if YOU feel it is a good deal then you should bid on it, don't listen to others who are only guessing what will happen I do this for a living and I see it 1st hand.

Mahopac is an excellent choice and if you ever need any help feel free to shoot me an email at
1 vote Thank Flag Link Tue Feb 12, 2008
Thanks, Donna. I'm just surprised that we're not seeing more houses listed. The Spring market is not what we'd hoped it would be. I'm guessing that people who were considering selling are now holding on to their homes so they don't realize the losses of the down market. We were hoping to see a flood of new listings in our price range, but it's been a trickle at best. One thing we've seen is the prices of homes that were above our range are starting to fall into reach. We'll see.
0 votes Thank Flag Link Mon Apr 7, 2008
As a 25 year veteran of the local Real Estate market and the Owner/Broker of an office in Mahopac and in Peekskill, here's the scoop.

1) Homes that are priced well are moving. It's my opinion that our local Realtors have to be more realistic about what listings they take on and careful of the listing prices as well..

There are buyers out there and lots of them, but value is important.

Currently, I'm seeing more buyers who are ready to purchase than i've seen in a long time. What great is that there are actually homes that are great values.

In the recent weeks, I've been personally involved in negotiating on homes that have more than one buyer wanting them, so I believe things are starting (just starting) to turn a bit. It's too early to say how much, though...
0 votes Thank Flag Link Sun Apr 6, 2008
Hello. I'm sorry you lost the last deal on the house you wanted. After reading all of the other agents responces to you , I have to agree with them.
In a nutshell: no one really knows what the market will do however, most information indicates a further decrease of approx.10% in home prices by end of 08 into early 09.
I agree if you find a house you love now then go for it. Interest rates are down and it is a great time to buy the home you will live in and be happy in.
Good luck to you. Certainly contact me if I can be of any help.
Barbara Sawin
Houlihan Lawrence JV Office
0 votes Thank Flag Link Sun Feb 17, 2008
Good luck Chris, I am here to help.
Web Reference:
0 votes Thank Flag Link Tue Feb 12, 2008
Thanks, Mike. We are not waiting out the market. We are ready to buy, and as I mentioned, we walked away from a deal in Jan on which we would probably have been closing this week. It was a multiple bid situation, and our (full asking price) bid was accepted in Dec. Anyway, despite our reservations about the house (brought about by the inspection) it met our fairly specific needs, and we've been disappointed with what we've seen since the deal went south, and the prices in comparison. We even considered getting back in the mix on the home we walked away from, but it's in contract, so that may be the end of that deal.

We're just hoping there are a lot of houses about to hit the market because we're thinking we might have made a mistake in backing out. As I said, our needs are fairly specific and we're realizing it may be hard to meet them (again) in our price range. Hindsight is 20/20, as they say.

We've been working with an agent, but if anything changes, I'll let you know. Thanks again, from a fellow Mahopacian.
0 votes Thank Flag Link Tue Feb 12, 2008
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