Home Buying in Great Neck>Question Details

Leo, Home Buyer in Great Neck, NY

we are looking for a single family house as our twins are near school age. However, the housing price seems

Asked by Leo, Great Neck, NY Sat May 30, 2009

drop every week. we are not bottom finishing. However, we don't want to catch a falling knife. what is opinions about great neck housing market? thank you

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The first time tax credit only applies if your income is below a certain amount (I believe~150K). AFter that no credit. The credit is only 8K, pennies when looking at the prospect of another 50-250K price drop. Many real estate brokers are falling behind on their own mortgages and will do anything for commission.
1 vote Thank Flag Link Tue Jun 2, 2009
Generally its best too wait until a bottom is made. Buying now is indeed like trying to catch a falling knife. Leo
Leo. Unlike the stock market, real estate tends to move sideways after making a bottom and doesnt bounce back up sharply like the stock market so its best to let the bottom get made first. Great Neck homes all require jumbo financing and banks can no longer sell these jumbo loans to the securitization market so they must hold these loans on their books. That mean you wont be getting financing below 5% or an interest only unless you put down 50% of price of the home where the seller is asking 5-10% below peak bubble valuation prices . Great Neck due to its proximity with Manhattan, tends to move with Manhattan which everybody knows is going lower every week for the next 26-78weeks and likely to be flat after that. Many homes in Great neck estates, Kensington, and Even Kingspoint are already serously delinqunent on their mortgage a precursor to more supply hitting the market and more price drops.
1 vote Thank Flag Link Mon Jun 1, 2009
If your twins are approaching school age, I would imagine that you are planning to stay in the house for a long time. No one can be sure of where home prices will go, but as Pat Ercker said in your first response, we have found a lot of activity all over Long Island when homes are priced right, so it appears as though values are stabilizing for now. As far as financing goes, that will depend on your price range, amount of down payment, and what I call the CIA of mortgages, Credit, Income and Assets. We do have some local lenders who offer portfolio jumbo loans at rates that are quite competitive. Please feel free to contact me if you would like some guidance through the mortgage maze.

Robin Silverberg
Senior Loan Officer
Preferred Empire Mortgage
0 votes Thank Flag Link Thu Jun 4, 2009
Hi, Steve, thank you very much for your advice.
0 votes Thank Flag Link Tue Jun 2, 2009
If you need to buy, buy now, interest rates are still good and don't forget about the first time buyer tax credit. When the market hits bottom, no one will know, you will only see the prices go higher, and again interest rates are good and who knows how long they will stay that way. If you need assistance feel free to call or e-mail.

0 votes Thank Flag Link Tue Jun 2, 2009
There is no time like the present to purchase. You won't know prices have hit bottom until they begin to rise, but FAR MORE IMPORTANT is the cost of the $.

Financing is at an all time low and there are rumors it is going to start rising again soon.

The cost of purchasing your home is reflected in the mortgage cost, not the purchase price.

BUY NOW! You will never find purchasing a home to cost less than now.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Sun May 31, 2009
Good AM

Great question. It may seem that way at times. Yet there are other well priced homes that have come on the market in the last 2 months and sell in one weekend with multiple offers and old fashioned price wars. These may even sell for more than if they were priced higher. It is an interesting and exciting market. The buyers have many homes to choose from at the best rates in years! The buyers today are highly educated and motivated. If they are on the Listing Book service or other search engines, the information if readily available and they know a value property when it comes up and their agents call them.

Call if you want a complimentary consultation.

Patricia Erker, CRS, GRI, CBR & Elinore West
PRudential Douglas Elliman
11 Bond Street
Great Neck, NY 11021
0 votes Thank Flag Link Sun May 31, 2009
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