Jul

8

Deer Park Real Estate: Market Update

Filed Under Buyers, Deer Park Real Estate, Sellers, Sellers & Buyers |

I am starting a monthly article about the Deer Park, New York area, featuring the real estate market. I will be posting it monthly and each month will feature an update on the housing market in Deer Park, New York.

According to the Multiple Listing Service of Long Island as of July 8, 2008:

1. 215 = The amount of homes available for sale in Deer Park (11729)

2. 14 = The amount of Closings for the month of June, 2008 in Deer Park.

3. 15.3 = The amount of months of inventory there is in Deer Park - this is also referred to the “absorption rate” which indicates the saturation of inventory in a given area. The absorption rate simply implies that if in the hamlet of Deer Park, if no other homes came on the market for sale, it would take 15 months to sell off the entire inventory of homes currently available.

This is significant analysis of the area. Keeping things simple always works for me, so with that, I only want to add one fact here - interest rates. This month and the coming months we will most like find an increase in mortgage interest rates. Sources such as Yahoo Finance and Goldman Sachs indicate that mortgage rates may rise to 7% by Labor Day, 2008. The trend is definitely up.

What this means to Sellers
Simple - get your house on the market if you need to sell. Now “need” is a relative term. If you’re trading your twilight years for a few thousand dollars of lost equity…okay - it’s not just a “few thousand dollars”, but even if it’s $40,000 - I’ll say this - you don’t take it with you when you leave this world! If you’re faced with a life-style situation whereby you could benefit spiritually, psychologically, emotionally and ultimately financially then the trade off of giving up lost equity may be a prudent choice.

I am simply saying, as objectively as I can to every seller in Deer Park, West Babylon, Babylon, Patchogue, Lynbrook, Remsenberg, Miller Place, Bellport, Massapequa, where ever - if you “need” to sell, get your home on the market, price it aggressively and please interview several agents and don’t just go with the lowest priced commission or the agent who says they can sell your house for whatever you want.

Why now?
Because the market is not going to just “pick back up” in a year. This is the real estate market, not the stock market. See the many articles on my site that speak to this end. And to simply put it, selling now, while not the best time, will net you more money than this time next year or the year after that, or the year after that (most likely). I tend to listen to the experts on this one. I don’t pretend to have a crystal ball, but I can tell you that all the data suggests that once we level off, it will be a slow and steady rise back to normal market conditions.

What this means for Buyers
Please click here and read. I’ve written enough on this subject that it’s easy to find a ton of information regarding the reason it’s a good time to buy now.

As always, I’m a phone call away - for a free market analysis that’s comprehensive and complete, call 1-877-SOLD-123, ext. 51.

(c) Copyright 2008, www.tommcgiveron.com

By Thomas McGiveron


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