Is It Time to Look For Homes for Sale on the North Fork of Long Island?
August 5th, 2008 category: Buyers, Real Estate News
The North Fork of Long Island, like many communities, has felt the impact of the real estate MESS, reported with such frequency that many of potential buyers find themselves wondering, “When IS the right time to buy?”
The Vest Pocket Consultant, Rosalind Resnick says yes in her post Time to Invest in Real Estate?
“With inflation on the rise, corporate America cutting jobs and a wave of foreclosures sweeping the country, is it time to dive in and start buying real estate?
At the risk of sounding like a 2 a.m. cable pitchman, I think the answer is “yes.”
Now, hear me out. While banks are still gun-shy about making loans and vast inventories of housing stock still sit on the market, new buyers are surging in–bargain-hunting investors looking to snap up distressed properties at fire-sale prices, and first-time homeowners who couldn’t afford to buy when the market was red hot.”
The article referenced above provides an interesting perspective on the overall cyclical nature of real estate, pointing out that timing is everything-just ask those that found themselves in the unenviable position of purchasing just a few short years ago.
As lis pendens make their presence known on the North Fork, and property owners await some kind of turn in the market, there is a holding pattern that, but for the significant decrease in price indicated by closed properties, might well be a signal that things in our vacation town are ripe for a purchase.
An abundance of properties, in all price points, await a discerning buyer looking for the “right” deal, with sellers interested in hearing offers.
While it is certainly possible that pricing will continue to drop, it is also possible to locate features that were unheard of a few short years ago- waterfront can be had for under (and sometimes, well under) a million dollars; “starter” homes are seeing pricing that is attainable, and interest rates remain stable.
Beyond that, however, is the fact that a homebuyer can (finally) afford to be discriminating, taking the time needed to locate just the right property at a price that is no longer over the top, as we backtrack to pricing that makes sense.
Good interest rates, an abundance of choices, and flexibility with sellers…all indications that the fence that’s been holding up so many potential buyers might find itself with a load off sooner than later on the North Fork.
If you are seeking a North Fork vacation, retirement or waterfront on the North fork of Long Island, call us for up-to-the-minute available properties. We offer buyer agency, with the assurance that your purchase will be overseen with the utmost care and integrity.
4 Responses to “Is It Time to Look For Homes for Sale on the North Fork of Long Island?”
Leave a Reply
|
|
Ask The Broker
Categories
- Buyers (46)
- Downtown Riverhead (6)
- East End LI Foreclosures (18)
- North Fork Neighborhoods (21)
- People and Places (34)
- Real Estate News (104)
- Real Estate Philosophy (39)
- Riverhead Real Estate (16)
- Sellers (29)
- Southold Real Estate (26)
Archives
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
- January 2008
- December 2007
- November 2007
- October 2007
- September 2007
- August 2007
- July 2007
- June 2007
- May 2007
- April 2007
Blogroll
- Real Estate Tomato
- Tomato Blogs
- Tomato Tutorials
- Blood Hound Realty
- Understanding Real Estate Fees
- MLSLI Tied to High Blood Pressure!
- Fifty Five and…BETTER! A Lifestyle Change
- Indy Real Estate Talk
- Real Estate Blogs




August 6th, 2008 at 2:15 am
It was so good info.
Thank you so much.
August 6th, 2008 at 5:49 pm
Thanks, NRE- good news is a rarity!
August 12th, 2008 at 10:22 pm
nice writing - I am going to add you to my rss reader.
Mike
http://realtorlinkback.com/
August 12th, 2008 at 11:29 pm
For which, Mike, I’m very grateful- thank you!
Laurie