If it's priced right, it will sell

There's a mood of cautious optimism among village real estate agents despite conflicting recent reports about the condition of the housing market.

The National Association of Realtors released figures last week showing that sales of existing homes dropped 7.2 percent in January, but according to the January report of the Multiple Listing Service of Long Island, the median closing price of homes on the Island was up by 4.3 percent from a year ago, to $365,000 —- the first time prices have risen in more than two years.

Three Rockville Centre agents who spoke to the Herald agreed that they have been busy lately, and that the amenities offered by the highly rated local schools and the incorporated village are keeping the number of home sales and prices in the village significantly higher than in surrounding communities — and the national average.

"Things are still moving in Rockville Centre because the town has a lot to offer," said Rich McQuillan, owner of Links Real Estate Group Ltd. "Other areas have been hit much harder than Rockville Centre.

"The schools are what's really selling the property," McQuillan continued. "The Rockville Centre school district can add as much as $150,000 to the value of a home. Also, being within the village — it's like having a car with all the amenities; it's fully loaded."

But McQuillan added that the inventory of houses on the market in Rockville Centre is still low. "People are sitting, still thinking that the market is going to change, that they'll get more money for their homes," he said. "But they can't look for those overinflated numbers anymore."

McQuillan said that banks are dictating the prices of homes through their appraisals. He said he has seen accepted offers on the last five houses Links sold reduced —- in one case by as much as $60,000 — after the appraisal.

Carol O'Leary of Coach Realtors said that although inventory is still low and people are waiting for spring, there are nonetheless buyers out looking, and her firm's open houses have seen steady traffic. According to the Multiple Listing Service, O'Leary said, 103 homes are available in the 11570 zip code. At peak times, as many as 160 homes have been on the market.

"In the first two months of 2010," she said, "sales were up 32 percent over last year at the same time period, [only with] an 18 percent drop in prices over last year."

Despite that, O'Leary said, she thinks that the market is returning to normal, explaining that the 85 percent appreciation of local property between 2000 and 2006 was an anomaly: In previous five-year periods, property appreciation averaged 25 percent. "Those figures were normal," she said. "Everything is being readjusted now, and we'll probably be getting back to that."

Despite high taxes throughout Nassau County, O'Leary agreed that in Rockville Centre, people feel they are getting good value mostly because of the schools but also because of the village.

Sheila Lawrence of Roxbury Realty agreed that the market has been picking up — "by a lot," she said — and added that her firm has been getting many new listings and a number of new buyers as well. She expects 2010 to be a successful year.

Lawrence said that prices have increased about 10 percent, and the schools are so exceptional and the village so valuable that people still want to move here. "It's a family community, and many of our new buyers are returning children of residents," she said, "which is excellent for the village that they want to bring up their families here."

Lawrence also pointed out that the market for very expensive homes — those selling for over $1 million — is very strong. She said she hopes this will be a very busy year, but cautioned that it's still early.

O'Leary said that one big problem is all the data the media reports, some of it is statewide, some national, some not specific and some covering different time frames. "On one given day you can have two reports out that say opposite things," she said, "and it depends on who's reading it. If you're looking for the positive, you'll find it, and if you're looking for negative news you can find that, too. It creates a problem for people being educated on how to price their homes."

Her advice? Hire experienced agents.

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