East End, Long Island…WHAT’S GOING ON?

September 23rd, 2008 category: Real Estate News

PR.com reports here that

• Long Island foreclosures in August remain higher than last year: The number of new foreclosures in Long Island was 32% higher than in August 2007. Suffolk County was up 19%, while Nassau County recorded a 41% increase over the same time period.

Without INCLUDING todays news regarding the fed takeover (and “be quick about it” attitude) makes things very difficult for consumers to navigate at this juncture. Important to know is that, according to a rep from Freddie Mac at the Five Star REO conference in Dallas, Texas last week, we have only seen an estimated 25% of the anticipated foreclosures nationwide. TWENTY FIVE PERCENT…leaving 75% to arrive.

This knowledge drives home the all important reality that if you need to sell, you MUST price your home in accordance with what is certainly a declining market- most likely receiving less than you had anticipated. That your home will be priced usingcomparables that INCLUDE foreclosed properties leaves little choice- better to wrap up your sale before the competition from bank owned properties REALLY skews the numbers.

While an attitude of, “Not here, on the beautiful east end of Long Island” persists…it’s time to take a good look at what IS, and act accordingly.

If you’re seeking a realistic look at the market, don’t hesitate to call. You may not like what we offer in the way of pricing, but you’ll like LESS the pricing that you’re stuck with, should you choose to believe that we are “unaffected” by the coming decline in home values.

Buyers seeking property on the North Fork of Long Island are well aware of the market upheaval. While it may seem prudent to add a “buffer” for offers, the bottom line is the bottom line. While “games” in pricing may have worked in the past, that is no longer a wise course of action. If your house isn’t shown, it won’t sell. There will be no offers to “counter”.

While the real estate market will certainly look very different five years from now, if you have to move your property NOW, make it happen by insisting that your agent offer it at your bottom line. Holding firm is better than holding on. Buyers aren’t looking to play games- a well priced property holds much more allure than an overpriced property with “room to negotiate.”

Options Realty: providing opinions.

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This entry was posted on Tuesday, September 23rd, 2008 at 11:28 pm and is filed under Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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