North Fork Market – 37% fewer contracts signed over $1 Million in 2008

It is true that the North Fork Market held up relatively well compared to other regions… Nevertheless, the wake-up call for sellers is now: 37% fewer contracts in 2008, 26% fewer contracts signed overall, and 27% down in volume is not that great either. And this trend seems to have worsened in December with only 4 contracts signed on the real North Fork according to MLS…
What better environment to make offers and get them accepted when sellers are presented with these statistics! When sales volume slows to a tiny trickle the imbalance will only allow for more transactions with an increase in demand or a decrease in supply. Sellers need to realize that for now there is demand, but this demand will intially be satisfied by sellers who HAVE to sell. So the market will be determined by these sales, and comps for future mortgages will use these distressed sales figures to allow new mortgages. Pricing your house retail now puts properties at a distinct disadvantage for year-end buyers. These buyers are seeing competing offerings in other areas where pricing has come down substantially more severely. And make no mistake, these areas in Nassau and the rest of Suffolk ARE competition.
So a seller who wants to sell needs to price a property aggessively. Buyers are now in the market at 25-30% below “retail” prices. Grab them while you can, sellers!


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Filed under The state of the market

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