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Is It Time to Look For Homes for Sale on the North Fork of Long Island?

August 5th, 2008 category: Buyers, Real Estate News

LI Map 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.

http://www.youtube.com/watch?v=_l_DJetMuBI

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.