Forty-eight percent of New York real estate professionals across the state expect home prices to decline in the next six months, according to a fourth-quarter 2011 nationwide home-values survey by HomeGain, a real estate information and marketing website.
“On Long Island, I don’t anticipate that,” says Frank Dell’Accio, broker of Century 21 AA Realty in Lindenhurst, who was named Realtor of the Year by the Long Island Board of Realtors. “There’s not a large amount of inventory on the market — there’s not an oversupply.
He says interest rates remain low, and that there isn’t the anticipation of a large increase of foreclosure activity — at least for the early part of 2012.
And though Dell’Accio says prices might dip slightly, he says he feels over time they will increase, though he doesn’t see any notable appreciation in the first half of 2012. Much depends on consumer confidence, the unemployment rate and inventory, he says.