Times Real Estate Slowdown Article
"A real estate slowdown that began in a handful of cities this summer has spread to almost every hot housing market in the country, including New York.
More sellers are putting their homes on the market, houses are selling less quickly and prices are no longer increasing as rapidly as they were in the spring, according to local data and interviews with brokers.
In Manhattan, the average sales price fell almost 13 percent in the third quarter from the second quarter, according to a widely followed report to be released today by Miller Samuel, an appraisal firm, and Prudential Douglas Elliman, a real estate firm. The amount of time it took to sell a home was also up 30.4 percent over the same period."
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More sellers are putting their homes on the market, houses are selling less quickly and prices are no longer increasing as rapidly as they were in the spring, according to local data and interviews with brokers.
In Manhattan, the average sales price fell almost 13 percent in the third quarter from the second quarter, according to a widely followed report to be released today by Miller Samuel, an appraisal firm, and Prudential Douglas Elliman, a real estate firm. The amount of time it took to sell a home was also up 30.4 percent over the same period."
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posted by Little_Silvered at 6:32 AM
1 Comments:
And they said no more land in NYC being made. Well so much for that theory.
This is biggest drop in 17 years or at the peak in 1989.
In 1993 a friend bid on a house down in ocena county. The list price was $129k. So things were really slow then, like depressing down there, so he wanted to put in a bid at $95k.The realtor said she would not accept the bid. He told her to either put the bid in or he would find another broker. 2 weeks later a bid of $105k was accepted. So don't be afraid to put much lower bids in.It's your money and prices have gone far beyoned sane now so a bigger correction than normalis in the cards.
This bubbler market far exceeds the lat 1980's bubble by a long shot due mostly to the risky creative financing of today.
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