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Old 06-12-2011, 09:43 AM
 
3,686 posts, read 4,521,737 times
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Ok..simple answer, no one is buying. Im just curious as to why you see hundreds of homes for sale in communities across LI? Maybe some of the Real Estate pros can answer the question.

Are people selling because they can't afford the home anymore, are they selling because they want to retire and move to warmer climes, or are they just looking to sell because they want a different home? I would think that if you didnt need to sell your home you wouldnt give it a try at this time.

So RE pros...what are the main reasons people are selling now. I cant believe that anyone would put their home up for sale now because they simply want to move
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Old 06-12-2011, 11:30 AM
 
639 posts, read 578,745 times
Reputation: 506
I'm not a RE pro, but I think people ARE buying homes - if the home is priced to sell.
I sold my home a year ago and I'm currently looking to buy a new home - and not out of desperation - just because I wanted to make changes in my lifestyle and quality of life. If you sell and buy in the SAME market (sell low/buy low or sell high/buy high), you're really not losing out.

Granted, I see many people asking ridiculous amounts for their homes, but if they really want to sell, eventually their asking prices will go down to current market levels. Sellers who don't, are just wasting their own time; hoping that an uninformed buyer will overpay for their house.
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Old 06-12-2011, 01:15 PM
 
Location: under the beautiful Carolina blue
9,124 posts, read 10,680,302 times
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I'm curious about people who are selling now too - especially homes where it's clear the owners are old...why didn't they sell 5 years ago? And like you said, where are people going...moving up, downsizing, out of state, etc.

I think there are a lot of stalemates going on. I sold my house last summer but a lot of houses that were for sale with us are still on the market....some have been on and off the market for 2-3 years.
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Old 06-12-2011, 01:50 PM
 
Location: Mastic Beach
752 posts, read 813,710 times
Reputation: 290
There are a large amount of foreclosures right now, a lot of people who lost they're jobs and cant pay for they're houses anymore. A lot of people want to upgrade because houses are getting cheaper, A lot of people are leaving NY because the cost of living is ridiculous compared to other parts of the country.
retirement is almost impossible here, why not move somewhere where your pension or social security will stretch further? when your house is paid off and in NY you still have to pay a thousand bucks a month for your property taxes plus utilities, food, gas...etc if you could move to Florida or NC where your taxes might be three or four thousand then your money goes a lot further...
for someone working it makes sense to live here
if your not working then I would flee too.
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Old 06-12-2011, 02:28 PM
 
1,006 posts, read 1,273,400 times
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People who bought homes 3-5 years ago for 450K, are now worth 350K
Some of those people have NO jobs now.

Back in the day, they were giving mortgages for 400K to people who make 30K per year! Hence, the mess we are in today.

I read last week, 1 in 16 homes are empty.
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Old 06-12-2011, 05:32 PM
 
Location: Islip Township
383 posts, read 465,383 times
Reputation: 245
One word
TAXES
Our school tax just went up $500 a year.
For friggen what????????????????????????
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Old 06-12-2011, 05:39 PM
 
Location: Inis Fada
13,909 posts, read 16,529,671 times
Reputation: 4707
Quote:
Originally Posted by twingles View Post
I'm curious about people who are selling now too - especially homes where it's clear the owners are old...why didn't they sell 5 years ago? And like you said, where are people going...moving up, downsizing, out of state, etc.

I think there are a lot of stalemates going on. I sold my house last summer but a lot of houses that were for sale with us are still on the market....some have been on and off the market for 2-3 years.
We are about to put an elderly family member's home on the market. Five years ago the circumstances were different; no death of a spouse, no financial problems, no onset of Alzheimers. The next move will be to assisted living.

The house will be priced aggressively. There are many houses sitting on the market which need updates, as this one will, and most of the family would rather sell fast at a fair price than cool our heels on an unrealistic price.
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Old 06-12-2011, 05:58 PM
 
573 posts, read 575,627 times
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Are all the houses on the market on MLS? Or are there properties not listed on MLS? Are foreclosures always listed on MLS? How do you know which house on MLS are short sales?
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Old 06-12-2011, 08:33 PM
 
Location: Massapequa Park
3,173 posts, read 3,479,583 times
Reputation: 1320
Quote:
Originally Posted by Spanky25 View Post
People who bought homes 3-5 years ago for 450K, are now worth 350K
Some of those people have NO jobs now.

Back in the day, they were giving mortgages for 400K to people who make 30K per year! Hence, the mess we are in today.
Hogwash. I don't know anyone that bought a house on 30k income, do you? Maybe a boat house or a trailer...Banks never went above 52% DTI even in the peak of the boom, around here anyway.

Quote:
I read last week, 1 in 16 homes are empty.
Don't believe everything you read. It was 1 in 39 in 2005 for LI, it's about 1 in 40 in 2011.

Housing Vacancies and Homeownership - Quarterly Rates by State and MSA (http://www.census.gov/hhes/www/housing/hvs/rates/index.html - broken link)
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Old 06-12-2011, 09:10 PM
 
213 posts, read 307,305 times
Reputation: 164
I am shocked that no RE people have expressed an opinion yet
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