Friday, June 29, 2007

So what are you waiting for?

Well, I don't know about you folks but I sure do like the direction home prices are heading in. On Long Island the average home in Suffolk County has drastically dropped in value. Nassau County is just lagging behind but still dropping and Queens County has just begun to drop in price. I just love a good deal and there are quite a few to be had right now. Homes with basement apartments in Central Islip are now selling for below $300,000 when they had sold a year ago for $350,000. High ranch homes in Lindenhurst which had sold for $450,000 a year ago are now selling for $390,000. An attached brick townhome in Queens Village which had sold for $435,000 a year ago are now selling for $400,000. A large split level in south Baldwin which sold for $585,000 in 2005 is now selling for $490,000.

Yet there are not a lot of active buyers in this marketplace. Many buyers seem to be waiting on the sidelines for something else to happen. My advice is that if you can afford to wait a litttle longer and save up more money so that you can get a better mortgage then keep saving. If waiting won't help you save up any more money and you are tired of renting or living in your in law's basement apartment, then just do it! Take the plunge and start to investigate the housing market. You will never know what you've missed out on unless you begin educating yourself.
So I ask you, what are you waiting for? Jump in, cool off, the water's just fine.

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