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.
Senior Loan Officer
Preferred Empire Mortgage
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.
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