Thursday, October 05, 2006

The Sky Is Falling -- Not!

I'm so tired of the media, playing catch-up in the real estate timeline, engendering fear in the heart's of a wary consumer about just what is happening in the Long Island real estate market. They were late to the party a year ago when they kept insisting prices were continuing to escalate, when even the greenest real estate agent recognized they were coming down and inventory was increasing. It was a long anticipated correction in a market that had taken prices to historic highs.

As I sat having lunch today, I heard a blurb on the news stating that prices in Nassau and Suffolk County were going to be the hardest hit in all of New York, and to expect the end of the free fall no sooner than January of 2008. Since my crystal ball is at the dry cleaner's I could neither confirm nor deny the prognostication. My experience tells me prices have indeed come down, an expected adjustment after years of an ultimately unhealthy climb to astronomical levels.

Sellers need to be realistic and they'd be wise to put their trust in a competent professional to get their homes sold in a timely fashion. They have to accede to the changing market by pricing their properties aggressively and then stepping aside to allow their representatives to market their homes in a way that sets them apart. With homes in no short supply, owners who want to make a move must, more than ever, listen to the voice of the market and make price adjustments if necessary.

Contrary to public perception and the lament of real estate agents who sit and wait for the phone to ring, there are buyers out there searching for and buying homes. Their numbers have dwindled somewhat but there are enough of them to keep our economy moving right along. Unlike the frenzy of the past several years, shoppers have a new found power and they're enjoying the view from the driver's seat. But this too comes with a warning. Enjoy it while it lasts, for the one sure thing about all of this is "this too shall pass."

Author: Geri Sonkin


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