How is the housing market in Smithtown New York?
With 22 months of inventory on the housing market in Suffolk County it is easy for sellers and agents to be discouraged. Homes that are priced in line with the competition are sitting still. Agents are reporting that open houses are unattended and buyer interest has dropped off. Despite interest rates that are below 5% many buyers are choosing to remain on the fence rather than get an average priced listing.
However I can attest that homes that are priced really well are moving. We have listings that are priced aggressively and we have received multiple offers on these properties. We have agents writing offers on short sales and foreclosures as well. So buyers apparently are shifted off the fence with really great pricing. And of course investors are also back in the game.
All the real estate experts have their own opinions as to the future of housing prices and the return of the housing industry. MacroMarkets is a company founded by Professor Robert Shiller of Case-Shiller. The company has assembled a distinguished panel of over 100 economists, investment strategists, and housing market analysts who they survey every month regarding the experts' 5-year expectations for future home prices.
Here is the information graphed on a timeline provided by Steve Harney. You can see how the ‘experts' believe the market will perform. Below is a graph of the mean, cumulative home prices that the experts expect over the next five years.
The experts are calling for prices to decline for the next year and then take another year to regain that loss and have values equal to today's prices. They then see prices steadily appreciating over the following several years.
What does this mean to you?
If you are selling, the price you can expect to receive for your house will be lower over the next two years than it is today. If you buy today, you could see a cumulative appreciation of almost 10% in five years.
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956 West Jericho Turnpike, Smithtown, NY 11787
631-543-2009
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