Anyone with any info on the real estate market? Are we continueing in a slump?

Question

Northport, LI property values seem to be plummeting and I am worried, I have already reduced my house 50,000. It is a beautiful house, so it's not that. Any sugestions? Am not happy with the real estae co either.

Answer 1

We live in Dutchess county, NY. The prices have come down considerably here also .We are trying to sell our home and it has been a terrible experience! Sellers are getting railroaded by the Realtors. They are being told it's a Buyer's market and need to lower the prices. It really isn't! What we think has happened is there just aren't any Buyer's out there qualifying for mortgages and also they have to sell their homes . We have dropped our price by $50,000 also! The house right next door to us put his house on the market a week before we did and sold it after 3 weeks for $50,000 dollars more than what we are asking for our home! The house was a tiny bit bigger but without hardwood and many other amenities. Also it was in disrepair! The new owners closed at the end of September and are still renovating. Our home is move in ready! The first agent we had showed our home to only 5 buyers in 6 months and did little advertising. We dropped them and went with a lower commission Realtor who is also allowing us to sell BY OWNER. She has brought over a dozen buyers in 2 months and we have a possible offer by owner( They need to sell their home but gave us a written offer. We are holding on to it and will accept once their home has sold!.) We have begun paying a second mortgage already on our new home. It's not too bad.
Our neighborhood is a beautiful family friendly one with really beautiful homes. If we drop the price any lower the neighborhood's home values will take a beating. This could continue to happen around the country and I truly believe Realtors are the cause! There comes a point where you have to hold to a certain value on a home for the sake of the location.