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I have been trying to sell my house in Long Beach for the past 14 months. I know I am not alone. I just spoke to my realtor and she told me that after yesterday's news about ARM's and the increase in foreclosures there were 6 more homes put up for sale in Long Beach alone. These new listings and the ones that are sure to follow this week are adding to an already flooded market. I think there already 200 houses for sale in Long Beach and I know that this is just a minute sample of the northeast's housing market.
I've lowered the price 25% already and at this point would take even lower. With interest rates still low, I would say that this is a buyer's market but it still seems like no one is buying. Is there an end in sight?
Then lower the price to a more realistic level. Maybe no one wants to pay $500,000 for a starter house and if you bought the house hoping for 20% appreciation each year then too bad for you.
Many people who took out HELOCS to finance there retail spending sprees & new car purchases will be in for a rude awakening. I guess it is about time but remember there has not been any real economic or housing downturn in this region since 1991-1992. At that time things were different and people weren't obsessed with consumption and the 'can you top this' spending mentality that is now ever prevalent on Long Island.
I have been trying to sell my house in Long Beach for the past 14 months. I know I am not alone. I just spoke to my realtor and she told me that after yesterday's news about ARM's and the increase in foreclosures there were 6 more homes put up for sale in Long Beach alone. These new listings and the ones that are sure to follow this week are adding to an already flooded market. I think there already 200 houses for sale in Long Beach and I know that this is just a minute sample of the northeast's housing market.
I've lowered the price 25% already and at this point would take even lower. With interest rates still low, I would say that this is a buyer's market but it still seems like no one is buying. Is there an end in sight?
How big is your house and what is it listed at? What part of Long Beach?
If you do not have to sell then now is not the time, but if you must then you will have to accept the fact that this is not 2005. The whole landscape has changed, and there will simply be less people able to buy, and it is now better, and cheeper to be a renter (me) given the state the housing industry is in. You can rent at 2% per year, and leave when you want, pay no taxes, fix nothing, etc. Housing will have to come down dramatically (another 25%-40%) to levels that make home ownership affordable to salaries. You cannot have 30% house appreciation yearly that was simply a fraud. Owning a home is simply not the value it may have once been. If you take the difference you pay in rent from the amount of any given mortgage payment, and invest it conservatively, you will be in much greater financial shape in 10 years than if you bought today. The amount you would have to pay in interest alone for 30 years to finance the average home not including maintenance, insurance, is insane. It becomes a million dollar boondoggle. I wish you luck!
Thanks for the best wishes, it's become a frustrating situation. The house is a bayfront contemporary high ranch, about 2300sqft. 4 b/r's, 3 baths.. has a dock with spaces for two boats. Recently had the facade done with EFIS when I added a deck & french doors. The house was drafty & it really tightened it up.
It was appraised in the summer of 2005 at $1.9M it's listed now at $899 and I'm considering accepting a low $800 offer in light of the past week's ARM rebellion. Taxes are relatively low at $11k a year but homeowners insurance may be costly to get a new policy.
Willbo, it is on West Bay Drive near the rec center.
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Trying to sell in Long Beach
