Why so many homes for sale?

[markas214]

Originally Posted by MamaBee

Hmmm, I'm seriously looking into moving outside of Nazareth in a year or two. Part of me is laughing inside when I hear that it's "expensive" to live there. We would save thousands of dollars a year in property taxes and income taxes alone by moving. Couple that with extremely low home values (i.e. lower mortage) seems like a good idea to me. Plus, near the mountains for hiking...less people...I'm planning on home schooling my daughter so the district doesn't matter.

There are, however, a lot of homes for sale. I'm hoping that it is just because people overextended themselves financially and not because the area is getting bad.

Coastal; I know what you mean. I dated someone outside of Bethlehem and he told me all about how the area has gotten depressed and not too great for higher paying jobs since Steel left. Look on the brightside...NJ jobs are a hop-skip-and jump away!

Just a warning. Nazareth is way off the beaten path. Nothing there but Martin Guitar, Walmart and cement mills. The central area is always filled with cement dust.

[markas214]

Originally Posted by SWB

Here's an interesting article from the Morning Call a few days ago:
Existing home sales bump up, but big picture is bleak -- themorningcall.com

"Expensive" is all relative. According to this article the median home sales price in the Lehigh Valley of $221,000 was higher than the national average of $210,200. A decade ago housing was much more affordable in the Lehigh Valley than it is today, and you can blame this on short-term speculators. .

Speculators in the Lehigh Valley? I'd like to see one article to back up that claim. No, prices were driven up by people fleeing the out of control New Jersey and New York Markets. Affordability is relative also and while prices have doubled there are still many homes available and affordable to median income Lehigh Valley workers. Wages are not as New York and Philly but property and income taxes are much lower.

[SirenSong71]

Originally Posted by markas214

Speculators in the Lehigh Valley? I'd like to see one article to back up that claim. No, prices were driven up by people fleeing the out of control New Jersey and New York Markets. Affordability is relative also and while prices have doubled there are still many homes available and affordable to median income Lehigh Valley workers. Wages are not as New York and Philly but property and income taxes are much lower.

NJ refugee here. I could never in a million years afford the prices for housing in NJ. When the hubby and I started to see new developments popping up in central NJ with a starting price of $725,000 for a four bedroom home we knew we had to leave. We kept asking...what in God's name do the people that buy those houses do for living? Good God!!

[KristyLiz]

Originally Posted by SirenSong71

NJ refugee here. I could never in a million years afford the prices for housing in NJ. When the hubby and I started to see new developments popping up in central NJ with a starting price of $725,000 for a four bedroom home we knew we had to leave. We kept asking...what in God's name do the people that buy those houses do for living? Good God!!

Right now, our exact model house in Washington Township, NJ is starting at $719,400! Here, in Lower Macungie, it starts at $403,990.

It's totally insane - for NEW JERSEY!!!

I have neighbors who actuallyt commute in NYC every day - that too is insane, there is somthing to be said for quality of life.

[FlliJ]

Originally Posted by SWB

Getting back to the topic at hand, I believe the reason for the massive amount of resales in the Lehigh Valley (and much of the nation for that matter) is due to over speculation from home builders and developers who thought they could ride the coattails of a booming economy forever.

This is exactly what I've seen and believe why there are so many homes available right now in the area. I've lived here for 39 years.

PS - Don't listen to Coastal, obviously he's a little sour on the area. This is a wonderful place to live!!!