About Massapequa's Massapequa's & Surrounding Areas

Long Island Real Estate Market - Nassau County Real Estate Market

Nassau County New Homes Listed In 2009
Over 500 Homes That Came Onto The Market In 2009
Average Listing Price: $697,834.00
Property Taxes: $12,647.00

High Listing Price: $12,950,000.00
Property Taxes: $97,422.00

Low Listing Price: $76,500.00
Property Taxes: $3,264.00

Nassau County Homes Under Contract In 2009
Over 500 Homes Under Contract In 2009
Average Listing Price: $472,237.00
Property Taxes: $9,368.00

High Listing Price: $1,899,00.00
Property Taxes: $26,937.00

Low Listing Price: $99,000.00
Property Taxes: $1,500.00

Nassau County Homes That Closed in 2009
Over 500 Homes Closed In 2009
Average Listing Price: $434,609.00
Sold Price: $408,288.00
Percentage Difference: 5.74% (up just a tad from 2008)
Property Taxes: $9,580.00

High Listing Price: $2,500,000.00
Sold Price: $2,300,000.00
Percentage Difference: 34.2% (down just over 1% from 2008)

Low Listing Price: $163,200.00
Sold Price: $166,000.00 When the listing price is lower than the sold price, this indicates bidding wars.
Percentage Difference: -19%
Property Taxes: $4,309.00

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I keep getting calls from buyers who want foreclosures, and my answer is always the same. NO YOU DONT! Don't get me wrong there are some deals to be had in the foreclosure market, but they are not for everybody. First off the prices aren't much lower than other homes, and usually they are in serious disrpepair. Lets take a recent foreclosure in Massapequa that was sold for a decent price in Nassau Shores. The home had extensive water damage, mold issues, no copper wire left in the house, broken cabinets, and a broken heating system. The sales price on its own was a good deal, but when you factor in all the work that was needed to move into the house the home sale price and the improvements needed puts its total price at over comparable market price. Now I have seen some decent deals as well, but the people getting these deals are paying cash, and they have money to do work on the house. For instance if the buyer comes in all cash the banks are willing to take 85-90% of ask price, however if they are paying with a conventional mortgage they will be forced to pay pretty much asking price. In addition the banks who are now mortgaging the property do not want to close on an as is sale, which makes it even tougher to sell these foreclosures! So the moral of the story is if you are a first time buyer- stay away from the foreclosures and look for houses being sold by traditional sellers!

I know this is a thought many of us have. How will our industry change after the change of our President? How do you think a Democratic regime will change our business, or are people like Steve Harney from Keeping Current Matters and Dean Hartman from Continental Home Loans right, when they say it is up to us the agents. That we must educate our sellers to price there homes to sell today and to educate the buyers past their wait and see attitudes and buy today!

I believe we are somewhere in the middle. We must, as professional in the Real Estate Industry do our part, by education and promotion on what the opportunities for our clients really are at this time. We must be stronger on pricing and placing only marketable homes on the market, or walk away. Also, we must make our voices heard in the political arena to what is really needed to be done with the money the government is willing to put into the "fix of the mortgage debacle".

AS we begin the new year it seems as if the year 2008 will be better than the last. It is a great time to buy a home, and to be honest with you becuase of this it is also a great time to sell a home. In teh first 4 weeks of teh new year I have noticed one key thing the buyers are out. Why is this all of sudden? Mortgage rates are very low. Just the other day I recieved a rate sheet for 30 year fixed rates in the 5.25 range. Sellers are getting more realistic with prices, and buyers realize that now is as good a time as any to buy a home. With rates where they are buyers can afford more, and don't have to wait for prices to come down any further! What does this all mean for the Massapequa market? Locally If you are looking to get into the neighborhood it is a great time to buy, and if you are looking to tradeup from Massapequa to one of the trade up neighborhoods, the buyers are there to buy your home. www.lirealtyassociates.com