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Babylon Village Sold Homes Prices For 2008 Thru May 2010

Published On: June 24, 2010


Babylon Village Sold Homes Prices For 2008 Thru May 2010

Babylon Village Sold Homes

2008 was a great year wasn't it?

Sold prices dropped 13.24% in 2009 compared to 2008.

The Average Sold Price from January Thru April 2010 was $461,459 so that is a 3.25% decrease compared to the end of May 2010. This doesn't mean that Babylon is in a downward spiral. This is a month by month reporting.

Here is the chart for period ending April 2010:

Babylon Village Sold Homes

I am seeing many Babylon listings expiring in the upper 500K and over range. Why? Due to job losses across Long Island, that buyer pool that normally could afford that price range 3-5 years ago, cannot at this point. That buyer pool has been reduced.

What do you do if you want to sell your home? You have choices:

  • You can reduce the price to market value in order for it to sell. In your eyes, that may be giving away your home and I understand that. But market value is determined by how much a buyer is willing to pay. Buyers are educated. They know what is market value and what is not.
  • Leave it off the market until you see signs that it's a seller's market.

Right now, it's truly a great time to sell your home. Why? Mortgage rates are below 5% as of this writing. Buyers are taking advantage of that and so can you. If you are comfortable with what you can sell your home for and when you sell, you will be buying low. You can't sell high and buy low at the same time. Food for thought :)

Below is a month to month chart for Average Sold Prices during 2009 for Babylon:

Babylon Village Sold Homes

If you would like to receive market reports for Babylon Village, contact me and every month I will send you market reports via email which will help to keep you informed about the real estate market for Babylon Village. Enjoy your day!