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Risa’s Real Estate: A Good Spring Coming

The spring market has had a slow start; yet, a month into it and there are signs that it just might be a good one.  The stock market is up, interest rates remain low, the weather is improving and more homes are coming on the market.  Many homeowners recognize the shift that has taken place in the real estate market and have priced their homes realistically.  Predictions for 2011 indicate that home prices will NOT go up.  In fact, they might go down if and when large numbers of short sales and foreclosures hit the market.  This inventory is considered by appraisers when comparing sold and available homes in an area.  Still, many buyers have found value at the low and high end of the market; the low end is attracting cash buyers while the high end is attracting those who are able and willing to put down hefty down payments of 40% or more to purchase.  The middle sector continues to feel the strain.  Many buyers are proceeding with caution in light of tough lending practices, unfavorable employment numbers and uncertainty as to if and when the market will bottom.  Whether or not it has bottomed is arguable; the motivated are looking, bidding and buying.  Testament to this are some of

the CLOSED and PENDING sales,  year to date, throughout Huntington township from Commack to Laurel Hollow.**  Price ranges vary greatly.

http://links.mlslirealtor.com/PublicWeb/CL_CF.asp?link_no=9088068.PRU05&t=l

** Laurel Hollow properties (in SD#2) are outside of Hunt. Township

For those who have an interest in local real estate, the Prudential Douglas Elliman 2011 1st Quarter Market Report for Long Island offers a comprehensive look at how the Long Island market has fared so far this year in comparison to this time last year and last quarter.  Whether you are interested in 1-2-3 family homes, condos, luxury homes, etc., this report tells you how these markets are faring to date.

http://assets.elliman.com/NYCPhotos/retail_reports/LI_Q1_2011.pdf

Risa Ziegler

Risa Ziegler, LBA

Prudential Douglas Elliman

156 E. Main Street

Huntington, NY  11743

631-549-1330 ext. 319

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