Report: Homes selling for less on the Island
The values of homes in Nassau and Suffolk counties have dropped thousands of dollars during the past year, according to the Multiple Listing Service of Long Island.
Nassau homes are selling for about $29,000 less than they were in 2007. The decline is nearly identical in Suffolk, with home values declining by $28,000.
Experts say less-expensive homes may be more affordable for new buyers, but getting loan approvals has become more difficult.
Those selling their homes are seeing the effects of the sagging economy first hand. Plainview homeowner Lucia Fabbo is trying to sell her three-bedroom ranch house. She says she?s already lowered her asking price from $559,000 to $549,000 and may go even lower.
Real estate agent Maureen Polye says that?s a common occurrence. ?Your house is only worth what someone is willing to pay for it,? she reminds sellers.
Realtors say while it may be a tough time for sellers, it is good news for buyers.