Experts: Sellers unrealistic about LI home prices

Experts say home prices on Long Island are likely to fall further because sellers are dreaming when it comes to asking prices. More than 20,000 houses are for sale in Nassau and Suffolk. The average

News 12 Staff

Apr 29, 2009, 5:39 PM

Updated 5,565 days ago

Share:

Experts say home prices on Long Island are likely to fall further because sellers are dreaming when it comes to asking prices.
More than 20,000 houses are for sale in Nassau and Suffolk. The average selling price for a home in April dropped $35,000 from March, or 8 percent. Home prices have plunged nearly 28 percent from one year ago.
Realtor Fern Karhu says while the average asking price for a Long Island home is $658,000, the average selling price is much lower ? $397,000.
Dowling College economist Irwin Kellner says asking prices need to come down even further.
?The fact remains that housing prices are still too high relative to household incomes and to get down to the point where buyers are willing to step off the sidelines, they need to go down at least another 10 percent," says Kellner.
Industry analysts say seeing the lowest mortgage rates since the 50s and improved consumer confidence could give the housing market a boost this summer.


More from News 12
Southwest breaks with 50-year tradition and will assign seats; profit falls at Southwest, American

Southwest breaks with 50-year tradition and will assign seats; profit falls at Southwest, American

2:29
Mostly cloudy, muggy conditions with a possible stray shower on Long Island

Mostly cloudy, muggy conditions with a possible stray shower on Long Island

0:42
Police: Hempstead woman arrested for DWI with 3-year-old daughter inside vehicle

Police: Hempstead woman arrested for DWI with 3-year-old daughter inside vehicle

1:49
Police: Fire erupts at Elmont home, spreads to neighbor’s garage

Police: Fire erupts at Elmont home, spreads to neighbor’s garage

0:19
Officials: Huntington Station man sentenced to prison for fatally stabbing friend, trying to kill friend’s wife

Officials: Huntington Station man sentenced to prison for fatally stabbing friend, trying to kill friend’s wife

1:51
Enjoy family fun at Empire Adventure Park in Nassau County

Enjoy family fun at Empire Adventure Park in Nassau County

2:06
Best Beaches: Venetian Shores in Lindenhurst

Best Beaches: Venetian Shores in Lindenhurst

3:25
The East End: Someday Came Fishing Charters

The East End: Someday Came Fishing Charters

0:22
Police: 2 suspects wanted for attempting to use stolen credit card in Islandia

Police: 2 suspects wanted for attempting to use stolen credit card in Islandia

0:28
Prosecutors: Former Nassau County Fire Service Academy employee accused of defrauding workers compensation

Prosecutors: Former Nassau County Fire Service Academy employee accused of defrauding workers compensation

2:15
Another man pleads not guilty  in a Nassau County burglary ring that started last summer

Another man pleads not guilty in a Nassau County burglary ring that started last summer

2:00
Wyandanch residents demand answers nearly one year after investigation began into grade fixing allegations

Wyandanch residents demand answers nearly one year after investigation began into grade fixing allegations

0:41
Biden delivers solemn call to defend democracy as he lays out his reasons for quitting race

Biden delivers solemn call to defend democracy as he lays out his reasons for quitting race

0:15
Officials: Car fire in Hicksville spreads to home, no injuries reported

Officials: Car fire in Hicksville spreads to home, no injuries reported

2:13
Police: Fake company 'Top Line Masonry' scammed homeowners in Floral Park

Police: Fake company 'Top Line Masonry' scammed homeowners in Floral Park

0:15
Police: Teen struck by car while riding bike in Rockville Centre

Police: Teen struck by car while riding bike in Rockville Centre

1:16
Two LI natives go for gold at Summer Olympics

Two LI natives go for gold at Summer Olympics

1:56
Nassau Democrats block vote on borrowing until grant money released

Nassau Democrats block vote on borrowing until grant money released

1:43
Bay Shore Assembly of God school's sudden closure leaves parents scrambling

Bay Shore Assembly of God school's sudden closure leaves parents scrambling

2:42
'Gonna save at least one.' Eastport father who lost daughter to cancer turns grief into helping others

'Gonna save at least one.' Eastport father who lost daughter to cancer turns grief into helping others