Pretty happy about the Long Island Real Estate Market. Are you? August 15, 2008
Posted by toddphedge in Business & Economy, Long Island Podcast Network Shows.Tags: long island real estate, nassau county, real estate podcast, realtors, suffolk county
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My name is Todd and I have been looking for a house for years. It is interesting how the Long Island housing market has dropped and a lot of the “new homeowners” are foreclosing. Everyone cries when they hear how homeowners all over Long Island are foreclosing and their credit is going down the tubes. Shame! What a pity!!! I do not in the least feel sorry for them at all. Instead, I am pretty happy that foreclosures are rising in Long Island and it serves most homeowners right. I also do not feel sorry for the real estate agents who cannot sell homes because it is now a buyer’s market. Some of them are to blame as well. I won’t mention names, but you know who you are.
I am not talking about the people who lost their jobs. I understand them. I am talking about the people who purchased homes for over $500,000 two years ago and thought the value would go up, so they would have a nice “investment”. Those are the people who prevented me from being able to afford a house, you know, law of supply and demand. They purchased a home that they KNEW they could not afford and thought they could sell it two years later for a profit and look at them now! They are losing money instead of making it. So, now these people are trying desparately to sell their homes before their homes are worth nothing and they lose money resulting in a foreclosure or a short sale. It’s too late, folks. You should have thought of that when you decided to take on a loan that you knew you could not afford for a house that you knew you could not afford. It is a buyer’s market now and you will never recoup your loses. So, don’t even try. Let people like me buy a house for the price that I want, because you know it’s a buyer’s market and cut your losses while they are minimal.
Getting back to the issue at hand, homeowners selling their homes in Long Island must realize that it is a buyer’s market and if you sellers don’t come down in price, you will never sell your home or it will be or already is very hard for you! Period. I don’t feel sorry for the stubborn sellers out their who just won’t budge in price. I hear stories about homeowners who want to sell their homes but cannot because the offers are too low. Wake up, homeowners, and stop being stupid. There’s a reason why you cannot sell your home: Because your price is too high!!! Do you get that or are you just plain ignorant? I hear of sellers who have received a ridiculous number of offers like 20 offers and STILL cannot sell their homes. Face reality. It is not that you cannot sell your homes. It is that you WON’T sell your home because of how stubborn and inflexible you are with prices. If buyers are offering lower prices, than that is the perceived value of your home, not the price that YOU think it is. Does that make sense to you? If not, then you need to wake up or grow up or wise up.
Maybe now, I can finally afford a house. Only time will tell or maybe the stubborn homeowners selling their homes will tell…
Wow, I am glad someone from Long Island finally spoke up about the mess that buyers have to face. Great blog post!!!
I am renting an apartment right now and cannot find a house for what I can afford. So, I guess you speak the truth.
Todd, I can understand where you are coming from. I like how you put it all in perspective. I think a lot of sellers don’t realize that their house is not worth the price that they think it is. Good points. I look forward to more posts from you. I sold my house and had to come down in price, but I did make a sale. I lost some money there, but like you said, it is a buyer’s market. Bad timing for me.
Hmm, your blog seems a little tough there. I am looing for my first house now. Some homeowners who are selling in Long Island will always be stupid. I guess they will never sell their homes.
I agree. The homeowners currently selling their homes have to stop being babies and lower their prices. I am also happy that they are not selling their homes so easily. It’s a BUYER’S market and it will stay that way for the next year. I have no pity on the sellers because they are all idiots.
I am a homeowner and had to sell my house at a certain price or I would lose money.
I am a Local Realtor and I agree. I deal with Homeowners all day long and some of them actually do get it and their houses DO sell. But alot of them are living in a fantasy world and their houses are sitting for long periods of time. I do have homeowners who have received multiple offers but got greedy and did not accept any of them. So now, as a result of that behavior, there house is sitting and no more offers are coming in. This is what I call a TRANSITIONAL market. We are in transition from High priced homes to lower priced homes. Some people are stuck in the middle and are not sure which way to go. Its tough out there, BUT believe it or not, Houses are selling and buyers are buying ONLY if the price is right. I only hope and pray that we all GET IT before it is too late. Thank you and GOD BLESS
I agree it is good for the market to be correcting. Why would you be glad the family who bought at the top of the market be any different than the person who bought 4 years ago? They both bought houses they thought would be a good investment.
I know many people bought homes they couldnt afford. The system was set up so that they could literally lie about their income to obtain a home. What could you expect. Foreclosure is a serious national problem. Foreclosures cost everyone money in the long run.
It still will get worse before it gets better.
“They” didn’t prevent you from buying a house – it just wasn’t your time. Good for you because now is a great time. So be grateful.
PS- if you want something interesting talk about long island property taxes.
Long Island home prices will fall another 20 to 30 percent in relative terms Prices probably won’t begin to go up again in relative terms until 2018.
I was born and grew up on Long Island, the east end. I was forced to sell my house and move to another state to be able to live and work. I would love nothing more than to be able to move back home near my family.