The question most people want to know is how long will it take for Suffolk County NY home values to be back to where they were before the bottom dropped out? The housing recovery began approximately 3 years ago, but many markets have still to regain values lost during the recession.
Presently, Suffolk County NY home values are around 11.3% below their peak values seen in 2007. Suffolk County NY home values are expected to increase by a further 4.2% through to the second quarter of next year. These figures are from the Zillow Home Value Forecast, and it's expected it will take 2.7 years for Suffolk County NY home values to reach their pre-recession levels, assuming that prices continue to appreciate at the levels predicted.
This would mean Suffolk County NY home values wouldn't return to their previous peak values until the first quarter of 2017, nearly a decade since the housing recession first began, and it's thought full recovery in the real estate market could take even longer. This is because the rate of home value appreciation is expected slowdown in the next few months and years.
While the news on Suffolk County NY home values don't appear to be all that great for sellers, the lower Suffolk County NY home values are making it somewhat easier for buyers to find bargains, and home affordability should remain good over the next couple of years.
Suffolk County NY Home Values Increasing, But Inventory Shortages Still Exist
While the number of Suffolk County NY homes for sale is showing signs of inching up, inventories still remain constrained. Could "pocket listings" — for-sale properties that aren't marketed widely or posted on the MLS — be the real culprit?
The sentiment in the marketplace is that we still have a shortage of inventory, and some believe it is due to the prevalence of pocket listings. Instead of marketing these for-sale properties on the MLS, brokers circulate the listings among their own buyer clients or within their own brokerage. No data exists on the number of pocket listings, but real estate professionals have been reporting a rise in this practice in recent months.
When there is limited inventory, agents convince sellers, because there is so much demand for housing, that maybe as many eyeballs don't need to see their home as in a traditional market. We believe this practice hurts the market, and actually slows down the return to normal Suffolk County NY home values.
Buying Suffolk County NY houses is not on the list of the 7 dumbest purchases you could make, but these things that we tend to "treat ourselves to" usually leave us wallowing in regret later on.
Buying Suffolk County NY Houses Not on This List
If you're considering buying any one of the many Suffolk County NY houses on the market, psychologists say that's a smart move. They also say there are some impractical things we should step away from before buying and then wishing we hadn't. Some of these items are downright absurd, yet we tend to convince ourselves that we deserve them, or they're important in our lives.
1 – 3D TVs
The majority of 3D television owners regret their purchase. It's not that the technology isn't cool. The leading complaint is that there just isn't enough 3D content to make ownership of one of these futuristic devices worthwhile.
When you're coughing up between $2,000 and $12,000 for the TV plus another couple hundred bucks a pop for the glasses, that's sort of a deal breaker. Most people find that it's a major annoyance to wear the glasses that make the third dimension pop. Sort of like wearing your sun glasses in the house.
2 – Whirlpool Tub
Jacuzzi-style whirlpool tubs can be a real mood killer. Not only are they noisy, they're time consuming to fill with water and prone to completely drain your hot water tank. Plus they're expensive to operate, not to mention expensive to buy and install.
Bottom line: Most people don't use them enough to outweigh the negatives.
3 – A Timeshare
The cost of owning a timeshare extends well beyond the mortgage. Annual maintenance fees, property taxes, and special assessments are piled on top — and they can be quite expensive.
Want to sell it after you realize you made a mistake buying it? Timeshares are difficult to unload. Few people are interested in purchasing a timeshare in the aftermarket, meaning you're very likely to lose money even if you do find a buyer.
4. A Car They Didn't Research
A consumer watchdog report found that nearly a third of all motorists regret their most recent car purchase. Among the top triggers of dissatisfaction: The car is faulty, it costs more to run than they anticipated, or they simply didn't do enough research.
A car is one of the most expensive purchases you'll make (2nd to buying any Suffolk County NY houses). So before pulling the trigger on a flashy sport convertible or a clunker with the little engine that could, experts say it's important to weigh all your options and do your homework.
5. High-End Designer Bags, Clothes, and Shoes
A Gucci handbag can cost more than the down payment on that vehicle you may wish you hadn't bought. Same goes for many designer scarves, furs, and dresses.
Many expensive clothes and accessories end up spending nearly their entire existence in storage. That's because the average person wears only about 20% of the clothes in their closet, according to retail specialists.
Among the top reasons our clothes go unworn? The items no longer seem as unique or important as when first purchased, or we realize it was an impulse buy rather than a smart, practical purchase.
6 – A $5,000 Watch
So you got a big promotion at work. Why not reward yourself with a Rolex? You earned it. Plus, what's more practical than a classic timepiece? "Don't do it!"
Experts and psychologists agree, an expensive watch is probably among the dumbest purchases a person can make (if not THE dumbest). These days, most people don't even wear a watch any more because their phone can tell them the time anyway.
7 – A College Education (No, Really….)
Okay, so most people would say a college degree is a smart investment — but it can certainly be regrettable. A third of millennials say they would have been better off working than going to college, according to a Wells Fargo study. The reason? They're drowning in debt, and because of it, most cannot buy any Suffolk County NY houses that are for sale even if they wanted to.
More than half the 1,414 college grads surveyed by Wells Fargo said they afforded their education by taking out hefty student loans that have become the crux of their financial distress. Many said they think they'd have been better off with a less expensive, public education than a much more costly degree from a top-tier school.
If given $10,000, more than half of those surveyed said the first thing they would use the money for is to pay off student loans or credit card debt. In 1970, most would say, "put $10,000 down on a home."
So there you have it. Our list of the 7 dumbest purchases people make. And buying Suffolk County NY houses does not make the list.
Now more than ever, you need to have an agent or broker on your side when looking for Suffolk County NY houses.
The Suffolk County NY housing recovery is continuing to move in a positive direction, but more work needs to be done to help the economy fully recover. The Obama administration said in its June housing scorecard, which is a comprehensive report on the nation's housing market prepared by U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury, that June's housing scorecard echoes the sentiments of the last two housing scorecards.
Positive Trends in the Suffolk County NY Housing Market
In May, the administration cited overall positive trends in the Suffolk County NY housing market, but cautioned that the harsh winter slowed growth overall across the country while the economy continues to recover from the Great Recession. In April, the administration also noted the tough winter as a challenge to the year's Suffolk County NY housing performance.
Even in areas not directly affected by winter weather, the overall nationwide economy and housing markets were affected.
According to June's scorecard, purchases of new homes surged 18.6% in May, indicating an improving market. New home sales rebounded to a seasonally adjusted annual rate of 504,000 in May, following sales of 425,000 in April. That's up 16.9% from one year ago.
In May, purchases of new homes rose by the biggest monthly gain in 22 years (since January 1992) and to the highest level since May 2008.
The scorecard also cited the rise in existing homes as a positive. Existing homes, which include single-family homes, townhomes, condos, and co-ops, sold at a seasonally adjusted annual rate of 4.89 million in May, which is up 4.9% from April. But that figure is still 5% below the 5.15 million pace of May 2013.
Although the Suffolk County NY housing market continues to improve, Treasury remains committed to helping homeowners who are still struggling to make their mortgage payments. The administration said that despite the encouraging news in the June scorecard, “there is a need to continue with recovery efforts to sustain home sales, help homeowners that are underwater, and reduce mortgage delinquency rates that remain elevated.”
Stay abreast of all the news affecting Suffolk County NY housing right here at our website. More articles regarding Suffolk County NY housing can be found in the Suffolk County NY Real Estate section, or the Suffolk County NY Real Estate News section, both to your right under Suffolk County NY Real Estate Categories.
Everyone knows you need money to buy a house, and that usually comes in the form of Suffolk County NY mortgages to finance those homes. But not everyone is clear on how Suffolk County NY mortgages actually work.
Here's a quick look at the financial processes behind Suffolk County NY mortgages…
We’ll keep you updated right here on Suffolk County NY mortgages and the trends that either cause the market to make it easier, or more difficult, to get those mortgages in the future. In the meantime, check out our other articles and news affecting Suffolk County NY mortgages by clicking on the Suffolk County NY Mortgage Info link to your right under Suffolk County NY Real Estate Categories.
It's always amazing to look back and see how things used to be, but what about looking ahead 10 years from now and thinking about what the Suffolk County NY real estate market may be like?
There should be millions of new households nationwide which will help boost starter home and rental markets. Half of these new households will be minorities, and it all depends on their access to mortgage lending as to whether they rent or buy.
What About Suffolk County NY Real Estate in 10 Years?
Figuring out the Suffolk County NY real estate market in the future may be a challenge. Ten years from now it's expected the number of households in their 30s nationwide will increase by 2.7 million, and many of these younger households will be minorities. By the time we reach 2025 minorities are expected to account for 36% of all households in the US, and 46% of households aged between 25 and 34.This means they will account for nearly half of first-time buyers.
Baby boomers will boost the number of households age 65 and over by 10.7 million. It's expected a large number of these households will make modifications and improvements to their current homes to cope with the process of aging. However others will seek out new types of housing specially geared towards seniors.
Currently, minority households tend to have lower incomes than white households, and their demand for owner occupied housing will largely depend on the availability of mortgages designed to accommodate more limited resources.
It is believed that unless the mortgage market can accommodate this new generation of households it's possible that fewer people will be able to own their own home 10 years from now. This could mean the current mortgage industry would end up with a much smaller pool of potential borrowers unless it adapts.
Rentals are booming at the moment. Since homeownership reached a peak in 2005, there have been 1 million new renters annually which is double the average rate seen at any time since the 60s.
Although homeownership rates dropped again in 2013, which means they have fallen for nearly a decade, it anticipated the growing economy will eventually lead to increased household incomes. This is a key driver in housing demand, and even though interest rates and home prices have increased recently the numbers still favor those looking to buy in the Suffolk County NY real estate market.