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Is it the right time to buy in Westhampton Beach, NY?

Asked by , Fri Jul 13, 2007

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Kevin is right about how difficult it is to time the market and a long term buy and hold is the best strategy. While I am not a Hamptons broker or market expert, I have spent summers there and have clients who have bought and sold in The Hamptons. I've seen houses out there on the market all summer with no offers and then right around Labor Day multiple bids. It seems when the summer season comes to an end buyers want to make sure they have a house secured for next summer. So right now the middle of July you might be able to get a better deal than in September. You should contact local expert Michael Daly at Beach Properties of the Hamptons. His link is below:
Web Reference: http://www.remax-beach.com/
4 votes Thank Flag Link Sat Jul 14, 2007
Mitchell Hall, Real Estate Pro in New York, NY
In short, its a fine time to buy in Westhampton. I agree with Kevin when he says as long as you plan to hold the home for 5 to 7 years, there is virtually no real estate storm you can't weather. Lets take a quick look at the dynamics of property ownership in the Greater Westhampton Area to understand why although prices have adjusted, they will not "bottom out" as in other areas of the region and country.

The way I see it, there are three types of residential property owners in our area.

The first is the all year round resident- lets call them the ballast of the group, in that they keep prices balanced. Why, you ask? Because when they sell, its generally because they have to sell, and are more likely to adjust their price towards the down turn in the market.

The second type property owner is the second home owner, someone who uses the home for vacation enjoyment, usually during the summer months.

Finally, there is the investment owner. Investing for speculation has always been and will continue to be popular in the Hamptons. If your looking to diversify your portfolio, I strongly suggest it.

The point not to be missed here is that for the most part, owners two and three use discretionary income to purchase their properties. Very rarely are they put in a position where they have to sell a property. These owners are far less inclined to drastically lower their price. That coupled with buyers who are still willing to spend regardless of what the media reports is why we here in the Hamptons continue to sell homes at a faster pace then most other areas.

So, in closing, my advise to potential buyers is to find an agent they can trust and get to work. Good luck!
1 vote Thank Flag Link Tue Jul 17, 2007
Thanks, Mitchell!
Actually there is quite a healthy inventory in Westhampton and the surrounding area at the moment. Now would be a good time for a serious buyer to zero in on a property and make his/her best deal. As Mitchell said, as Labor Day approaches thing can heat up.
Web Reference: http://www.beachamptons.com
1 vote Thank Flag Link Mon Jul 16, 2007
The correct answer is: it depends. Not trying to be difficult. :)

What I mean is this: timing the real estate market is often as difficult and fruitless as trying to time the stock market. A long term buy and hold strategy is usually the best. If you're planning on staying put in that home for a while -- say, at least 5-7 years -- then it's probably a good idea. If you've got a shorter horizon, then you'll want to be more cautious. Hopefully a local Trulian can jump in and shed more light on your particular market.
1 vote Thank Flag Link Sat Jul 14, 2007
Average price per square foot for Westhampton Beach NY was $734, an increase of 63.8% compared to the same period last year. The median sales price for homes in Westhampton Beach NY for Feb 14 to May 14 was $1,201,750 based on 10 home sales. Compared to the same period one year ago, the median home sales price increased 93.8%, or $581,750, and the number of home sales decreased 58.3%. There are currently 295 resale and new homes in Westhampton Beach on Trulia, including 1 open house, as well as 1 home in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Westhampton Beach NY was $2,156,988 for the week ending May 21, which represents an increase of 4%, or $82,720, compared to the prior week.
0 votes Thank Flag Link Mon Jun 2, 2014
We are currently seeing more activity in the Hamptons but if a home is not priced and staged appropriately it will definitely cause the listing to become stale. In many cases I see homes that are just listed to high because someone told the homeowner what they wanted to hear to get the listing. It's important to price a house where it should be and be honest with all parties whether it's what someone wants to hear or not. Creating false expectations just sets everyone up for disappointment and wastes everyone's time. If priced and staged correctly then we have been seeing a lot of activity and ultimately an offer. Thanks
0 votes Thank Flag Link Wed Mar 12, 2014
I have had my property for sale for 1 year with hardly any activity. Since I reduced the price significantly I have had many interested parties but no offers. So it is a buyers market and sellers are very interested in making bargains. In my own situation, we have relocated and have another place. However, I have stayed behind until the property sells. Its not easy for sellers right now.
0 votes Thank Flag Link Mon Aug 20, 2012
Real estate is essentially an "investment" you can live in. So, do you ask about the right time to buy
bonds, equities, art, collectibles? The government has stated it intends to keep interest rates low
(presently 1%) until 2014. So buying any investment now with incredibly low interest is a no-
brainer. And purchasing an investment your entire family can enjoy is beyond euphoria! If your aspirations are to make that investment in the Hamptons, we can put 30 years experience to
work for you and yours.
0 votes Thank Flag Link Tue May 1, 2012
If you have found the right home and you are in a financial position to purchase, then it is the right time for you. The sales history for Westhampton Beach has been steady for 2010 and 2011. The total homes sold were the same for the past two years. That shows stability. The pricing has been similar for both years in that market also.
Speak to your agent and discuss the concerns you have and that should help you make the correct decision.
If you are uncomfortable then it is the wrong time for you to buy anywhere.
0 votes Thank Flag Link Sat Mar 17, 2012
Unlike most other investments, a home- single family or multi-family- provides physical enjoyment as well
as the appreciation normally associated with any investment. But as with any investment, get the best advise
from the professionals who have the most experience. Home buying, though cyclical, has always provided
big rewards.
0 votes Thank Flag Link Thu Dec 29, 2011
Being 35 miles away from Westhampton Beach, in a drastically different market, how are you intending to assist this buyer?
Fishing for referral fees on Thanksgiving Day?
0 votes Thank Flag Link Thu Nov 25, 2010
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