Timing is everything... As with most opportunities in life, timing is everything!
This is especially true for buyers in Long Island's real estate market. Mortgage interest rates are at 5% and under, the lowest they have been in years.
The $7500 First time buyers tax credit is only available if you close by July 1, 2009. Prices are still low and negotiable. Home inventory levels are still high. Existing foreclosures are being sold! Home owners in danger of foreclosure are being offered amnesty for 90 days, refinancing, and finding solutions to stay in their homes. The truth is finally out, S & P numbers, as reported by channel 12 news on Tuesday
Jan 27 indicate that Nassau & Suffolk counties have fared far better than the nation
as a whole.Nationally, median price declines are at 18% while Nassau is at about 3%
and Suffolk at 6%, when comparing 2007 to 2008. The Long Island real estate market is perpetually changing and adapting in constant forward motion. Buyers who have been waiting in the sidelines for 2 years, are starting to do the math, obtaining mortgages, and taking action. Homeowners who do not have to move are staying put.
What do you think these events are doing to the seemingly, never-ending supply of homes?
What do you think the tax incentives and lower interest rates are doing for demand?
Economics 101: As supply decreases and demand increases, prices go up.
By the time CNN( Constant Negative News, lol!) reports on the new national statistics,
which have very little to do with Long Island, it will be too late to jump in the market
and get the best deals! It will already be happening.
Waiting until Spring, "to see what happens" is not advisable if you wish to buy a home
in 2009 under the best possible conditions.
If you would like further information and ideas please visit www.lihomechoices.com
or email me.
Barbara Klepper
Century 21 American Homes
13 locations on Long Island
info@lihomechoices.com
www.LIHOMECHOICES.com
mobile: 516 476-7671
Comments(3)