Many Buyers and Sellers are confused

Last night I was showing a home in the North Shore of Long Island as I was having a conversation with the buyer I have been working with and the conversation made me realize how Buyers and Sellers are confused with what is happening in the market. The reason I say this is because this particular buyer had made an offer on a property in February which was about 3% under the asking price.

That week the seller rejected the offer and wanted the full asking price and she got it. Two offers came in. One of them was for asking price and the other was slightly below but with 50% down. The house Im talking about is a beautiful Victorian home five bedrooms and three bathrooms in floral Park. According to Realty Connect USA in the floral park ZIP code 11001 the average sales price in February 2010 was $446,000 with a total of 140 homes sold. In February 2011 the average sales price was $500,250 the number of homes sold was 8 and the average days on the market with 59 which shows a 12.1% gain in price.

Is the first week of March 2011 in Nassau County 225 homes have sold but in March of 2010 a total of 558 homes sold in Nassau County. This reminds me of a home I sold in Port Washington last year the ZIP code was 11050 and in that particular market at prices have dropped 23.5% and the number of homes sold dropped 11.8% received last year. in 2010 accorded to really connect USA the average sales price was $989,647 and now the average sales price in February 2011 was $757,500

After having a conversation with my past client, he was saying how much of a tax advantage of home is and I told him about an article I had read which said that that most people think today's tax incentive for homeownership is primarily benefit wealthy individuals and that it's simply not true said Mr. Phillips from the daily news on March 15, 2011. In conclusion the Long Island market is active and there are plenty of buyers out there that are ready to make a purchase but many sellers have pulled their home of the market waiting until April or May.

Source: Brian Jeacoma, Brian jeacoma, Inc. (3/15/11)