Dramatic Price Drops Herald Historic Opportunities

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Saturday, 04 June 2011

Dramatic Price Drops Herald Historic Opportunities

Dramatic Price Drops Herald Historic Opportunities

By Michael Ardolino, Broker-Owner,
Realty Connect USA
June 4, 2011

The latest Case-Shiller Home Price Index report brought the news that nationwide, home prices have fallen to the lowest levels since 2002. Prices declined 3.6% nationally since March 2010. This was the eighth time in a row that the month-over-month figures declined. It was the sixth time in a row that prices dropped year over year.

For some commentators, this confirms the double dip in home prices that many have feared. Others view the numbers as artificially skewed because the federal tax credit was still propping up the market in March of 2010. In any event, we can now proceed without the influence of the tax credit, which mandated a contract deadline of April 30, 2010.

In the New York metropolitan area, the price drop was 3.4%, which is much lower than the declines in the overwhelming majority of the 20 cities in the Index.

(To see the full Case-Shiller report visit www.Ardolino.com/blog1.)

The question for each of us going forward is, “What does this mean for me?” This is where the opportunity comes in.

If you are a first-time buyer without a home to sell, seize the moment!

If you are a long-term Long Island homeowner who bought your home years ago, before the bubble, you may be poised for your own double-dip: a sale at a tidy profit, plus the opportunity to trade up to a better home at a reduced price at a historically low mortgage rate.

If you bought your home more recently, it may still pay to sell, in order to lock in a low rate and buy at a reduced price. Even if you sell at a loss, the numbers may work in your favor.

If you need help figuring out where you stand, contact me: 631-941-6262 or Michael@Ardolino.com.

We have Ducks tickets! Free with our compliments… Some games still available! For your free tickets, visit www.Ardolino.com/ducks_tickets. We have 4 tickets for every home game behind home plate! If you haven’t gone to see a game, it is a great way to enjoy time right here on Long Island. Hurry and request your tickets. They go fast!

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As always, I am committed to keeping you abreast of market conditions. As a nationally recognized real estate expert with decades of professional experience, I’ll continue to provide updated information. For additional data, visit www.Ardolino.com, where you’ll also find my blog.

POSTED BY: Michael Ardolino AT 01:05 pm | Permalink | E-mail this

Michael Ardolino
Team Ardolino/Realty Connect USA
764 Route 25A
Setauket, NY 11733
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Email: Michael@Ardolino.com

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