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Long Island home prices have declined over the past four years now. It almost doesn’t seem real. Four years is a long time. And I think that it’s starting to finally impact every homeowner out there. We’re all feeling the effects of this unbelievable market. From Montauk into Manhattan, this “downstate”, Long Island real estate market has felt the burst of the bubble.

So when is this going to end?!

In December 09′s, The State of the Long Island Real Estate Market, I dove head first into a very accurate picture of where the market was headed. And overall, there were some promising numbers. Across Long Island, there was much less devastation to the market in terms of declining prices.

But as I look at the market for what it is, I see a few things.

First, there are so many homes that have been on the market for a long time. The same homes, not selling, month after month, year after year.

Secondly, I see a ridiculous amount of homes expire off the market (they don’t sell) and what these homeowners are simply doing are waiting for the exact moment (along with all the others like them) to put their home back on the market. This cycle will perpetuate one thing and that is waves of increased demand, which will not fair well for Long Island home prices.

The evidence will be in the numbers.

The following are statistics for February, 2010. I want to point out the numbers emphasis the disturbing reality of the Long Island Real Estate market. In Suffolk county there were 11,767 homes for sale and 555 sales. 8,351 homes were available in Nassau, with 538 sales. In Queens county, 9,057 were available in February and 451 sales.

The total available inventory for Long Island was 29,175 residential units available for sale. The total number sold was 1,544.

Let’s pause for a moment and look at circumstances. February, 2010 closings are an indication of December, 2009 inventory that went into contract (remember a home goes into contract, but it takes 1 to 2 months to close normally). Traditionally, home contracts decline in winter months. So the dip in homes sold doesn’t surprise me all that much.

However with mortgage rates so low, it is somewhat disappointing. With rates at historic lows and motivated sellers on the market in winter months, I would figure that a smart buyer would be out looking for a deal. That clearly wasn’t the case. I’ve given up trying to figure out home buyers in this market.

Moving forward, I’d like to take one zone randomly and demonstrate on a somewhat local level, how inventory (supply) far exceeds demand (buyers). In zone 21, which makes up a number of towns along the south shore of Long Island, there were 3,156 homes for sale. Only 134 of those homes sold. Less than 5% of the homes available are selling. That means less than 1 in 10 homes are selling in that zone, and that’s about the same for all the rest of Long Island.

When we look at the numbers from December, 2009 though, we see the phenomenon I mentioned earlier, the cycle of homeowners waiting to put their homes back on the market. It’s a cycle we’re going to see throughout 2010 and into 2011. The same homeowners not selling in one time period, wait to put their home back on the market later down the road.

To prove this point, in December of 2009, there were 28,479 homes for sale. And in February of 2010, you can see there were 29,175 for sale. The problem here is obvious, demand has declined and inventory has increased. When that happens to any product, from sneakers to cheeseburgers to cars and to houses, economics 101 teaches us that prices of that product must go down in order to sell.

Now the fluctuations in real estate can come extremely quickly. For instance, I’m going to say that by the end of April of this year, we’re going to see a great increase in buyer demand. Which would indicate a “stabilizing of prices”. Why do I put that in quotes? Because it’s a stabilizing of prices for homes that are priced right.

The same people who have their homes priced ridiculously out of the market are a nonentity. Buyers are not going to buy those homes. The “stabilizing” of prices will be in that 5% to 15% of homes that are priced correctly and the competition between buyers for these select homes will be incredible.

I will leave you with this bit of insight. I recently had a home hit the market for $580,000. I had an open house recently during the first week it was on the market. There were over 100 people at the open house. The home sold in less than 7 days. I received over 10 offers and the home sold for more than asking price.

There are buyers for every price range. They’re just waiting for you to list with the right agent who can consult you on accurate pricing and market the home effectively to sell.

Tommcgiveron.com features articles on foreclosures and other items effecting the Long Island real estate market as well as a ton of useful resources for first-time homebuyers, homeowners, and much more.

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http://EzineArticles.com/?expert=Thomas_McGiveron

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Ok so you might find the next few links interesting. These are from around the web, just random snippets that I’ve picked up in my reading, but I found some very cool information in them. You might too. Here goes…

Homes for Sale in Cedar, Nanaimo, British Columbia $554900

1600.00 sq. ft. Homes for sale in Cedar Nanaimo, British Columbia. For sale at $554900.0000 CAD. 2742 Cedar Heights Crescent, Cedar.

Homes for Sale in Fairfield Island, Chilliwack, British Columbia …

2175.00 sq. ft. Homes for sale in Fairfield Island Chilliwack, British Columbia. For sale at $339000.0000 CAD. 46521 Elliott Ave, Fairfield Island MLS H1001846.

New Vancouver Condos for Sale & Presale Lower Mainland Real Estate …

With completely brand new Delta homes for sale here at Sunstone Equinox Townhouse community starting from $389900 a great deal of interest has already been expressed in this special pre-sales release. I strongly encourage you to arrive …

Hope you enjoy the read as much as I did and please if you have something to say, use the comments form below to let everyone know your thoughts.

Have a great day!

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When we scan the listings of properties for sale, how much do we allow for, let’s say, more ‘creative’ descriptions? Are we being fed potentially misleading portrayals of houses for sale? Should we be worried about deciphering coded depictions of a home’s features? Are some secretive agents keeping the truth from us?

If a property is said to be in a ‘well-established area’, does that, in the language of the realtor, really mean that it’s in a run-down, dilapidated part of town? Is ‘convenient for public transport’ a veiled way of saying that the railway runs right along the edge of the yard? When does ‘compact’ actually mean minuscule, and only fit for housing a small pet?

At what point does subtle exaggeration, or flowery prose, become deliberate deception? And who stands to gain from it? Obviously, no agent will wish to show a potential buyer around a property that has been poorly described, as the clients will only feel misled, and, let’s face it, no-one wants to waste their time upsetting customers and causing irreparable damage to a hard-earned reputation.

Most people in the market for buying a property, will of course expect, and allow for, a little bit of smoke and mirrors. But clearly overblown & inaccurate descriptions will almost certainly result in the total loss of a deal. The problem is, that in an industry that has an unfortunate, and largely unjustified, reputation for greed and dishonesty, many home seekers will be expecting to have an agent try to pull the wool over their eyes.

On the other hand, some property descriptions may be a little too enthusiastic. One Wisconsin property was recently advertised, containing the line “spectacular room to grow marijuana”. And while this definitely drew a good deal of attention, it certainly upset other realtors, who were outraged by the inclusion of such wording on a multiple listings service.

At least with the relative safety net of online multiple listings services, descriptions are generally required to conform to a standard, which is overseen and monitored by the local MLS board. In the past, each real estate company had its own inventory of properties for sale, and not only did buyers have to trawl through the many listings, but it also gave the individual companies carte blanche, when it came to how they worded the marketing material of their properties. Not all were entirely transparent in their written accounts.

It would be advisable to use the information on any listing as a guide, as opposed to regarding it as a cast-iron description, and make sure that you allow for some generous interpretations. After all, few home seekers will want to view an otherwise perfect home that states “horrendous 1970s brick fireplace”, but they may be tempted by “interesting, original features”‘. And as long as ‘quiet neighborhood’ means, nice, tranquil community, and not that the remainder of the houses on the street have been condemned, you’ll be just fine.

For professional Calgary real estate services and listings, visit CalgaryRealEstate.pro – the site is clean and informative, with details about every corner of the city, including Calgary condos for sale.

Article Source:

http://EzineArticles.com/?expert=Carlos_Montes

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