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 Mike@MikeTrinch.com
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...
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.
Houlihan Lawrence JV Office
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.