HARBORFIELDS REALTY BLOG

A Glimmer of Hope (2/4/2009)

In the last two weeks I have been busier with buyers then I would have expected. Traditionally our"Spring Season” should start to open up now that the Super Bowl is over.

Last Thursday I was part of a panel in Nassau for the Women's Council of Realtors. The general tone of the realtors was that they were also experiencing more than expected activity.

A January report from Multiple Listing Service is also encouraging.

“Year-end figures released by the MLSLI show a significantly slower price decline year to date then some other areas of the country.—The December 2008 residential inventory levels reported -was virtually unchanged compared to December 2007” Sales and new listings are approaching a better balance.

Possible programs from Washington also point to some positive news. The current reality? It is still a buyers market. Prices appear to continue to go down in general but not at the rate of the previous years. Homes must be realistically priced and every attempt made to enhance their appearance. We still have a year"s supply of homes in some parts of the Island.

My recommendations: As interest rates do go below 5% this is a great time to buy. If you are planning to sell in the next two years-there is probably no point in waiting.  Even if the market rebounds it will probably not be significant in a two year period. It is unlikely that anyone can precisely determine the bottom of the market. Later this year we may realize that we are currently “bottoming out”.  If your family needs or your life style indicate you should buy- then go ahead and do it. Finally a house is a home not just a commodity. There are benefits in addition to financial.