Real Estate post 9/11

John Tillman

Supporting Actor
Joined
Feb 2, 1999
Messages
595
Just want to start a discussion about Real Estate in your area in the post 9/11 aftermath.
I've noticed that my area (Huntington, LI) for this time of year, has more residential for sale signs out for this time of year. Its not a flood of properties on the market, but about 10 to 20 percent more. Properties are selling, except for the ridiculously overpriced.
I'm trying to figure if the activity is just a NYC suburbia thing due to the 9/11 shock factor, or an economy thing as well, lower rates etc. I'm not a professional R/E person, just a homeowner wanting to know what the national trend is at this time.
 

Henry Carmona

Screenwriter
Joined
Feb 7, 2000
Messages
1,299
Location
San Antonio
Real Name
Henry Carmona
Interesting John,
This too concerns me slightly. I recently put a piece of property on the market.
It is located in a pretty well-to-do area of NW San Antonio. The recent events had no bearing on my decisin to sell, but i do wonder if it will affect my potential to sell it.
It doesnt seem to bad though, last month 3 properties in the same area sold for an average of about $42,000.00, 2 are pending and 1 other is on the market besides mine.
I hate selling it, but i will love the savings when i pay off some bills

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"Charlie don't surf."
[Edited last by Henry Carmona on November 12, 2001 at 01:26 AM]
 

Philip_G

Producer
Senior HTF Member
Joined
Nov 13, 2000
Messages
5,030
sounds like a good time to buy, the prime rate is rock bottom, should make for some financing bargains.
 

Bill Catherall

Screenwriter
Joined
Aug 1, 1997
Messages
1,560
I live in Antioch, CA (East Bay Area) and the market wasn't too good for selling even before the 9-11 attack. We bought our house October last year and at the time it was a seller's market (houses sold about as fast as they went on the market). But this past year things really slowed down. Probably because of the stock market losses late last year and early this year. Neighbors have had a hard time selling their houses, but they were getting a good price for them when they did sell.
We're currently in the process of refinancing so we can take advantage of the low interest rates. It also turns out that, based on a comparative market analysis, our house value has gone up about 30% over the past year! So we can also get rid of the PMI payment and save even more money each month. Woohoo! So the market is currently very ripe for refinancing, and prices are good for selling, if you can find a buyer. Many banks are also offering loans with rates lower than 7% and no fees or closing costs! It's just incredible!
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Bill

 

Ryan Wright

Screenwriter
Joined
Jul 30, 2000
Messages
1,875
Real estate prices in our area have continued to increase since 9/11.
They've done the same here. We've lived in our house a little over a year (built new in 2000) and it's gone up by $15k already. I'm also in the middle of refinancing (just got approval yesterday) ...
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-Ryan (http://www.ryanwright.com )
Before you criticize someone, walk a mile in their shoes.
That way, when you do criticize them, you'll be a mile away and you'll have their shoes.
 

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