MLSLI Inventory....

is over 29,000 houses!!! imagine what it will be when the spring starts!

It was 28,500 last week!

ETA: as of 3/23, almost at 30,000!!

that's awesome for us buyers!!!!!!!!!

did you see how many houses are for sale in Huntington alone? 270! and that does not include Hunt. Station or Hunt. Bay or S. Huntington! all those towns together have over 500 for sale

there are many towns with an inventory of over 200.

Yep and more will become available as the weather gets warmer.

good luck to house hunters!

smithtown is also over 200 homes.

Yes more inventory.. but I imagine more people are looking to move in the Spring/Summer months...

So there will be more competition for those houses as well.

What remains uncertain to me is if that will drive prices lower or higher.....??

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Posted by riniko

Yes more inventory.. but I imagine more people are looking to move in the Spring/Summer months...

So there will be more competition for those houses as well.

What remains uncertain to me is if that will drive prices lower or higher.....??

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Yes... there will be MANY more buyers once school season is over.

Plus... a good question to ask is how many of those sellers are only selling in hopes they will get their astronomical asking price?

I am sure there are a lot of people who own houses that put their house on the market to try to 'sell high'. It doesn't cost them anything to list so why not.

it shows it on the website - thats just the amount they have listed. I think some of the stuff on the website may be in contract already. But in comparative terms a few months ago it was at 25K, so it shot up 4k in the winter months.

And DJ is right, there will be more buyers out in the spring, but there will probably be more sellers too!

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Posted by Meaghan729

it shows it on the website - thats just the amount they have listed. I think some of the stuff on the website may be in contract already. But in comparative terms a few months ago it was at 25K, so it shot up 4k in the winter months.

And DJ is right, there will be more buyers out in the spring, but there will probably be more sellers too!

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Yes, this is what we found when we were house hunting last year. There were TONs to see by the end of April. Thankfully, it only took us two months of looking to find our dream house. But at the same time, we felt alot of pressure to bid on something right away because if you didn't and you really liked the house, by the time you made up your mind the house was gone.

Has anyone ever looked at the statistics MLSLI puts up?

I think its pretty cool.
MLSLI Statistics

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Posted by riniko

Has anyone ever looked at the statistics MLSLI puts up?

I think its pretty cool.
MLSLI Statistics

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very interesting!

I really would love to know where people are getting their $ from to afford these houses.........

we used the money we received as wedding presents (1/3), our savings (1/3) and a generous move package (1/3) for our downpayment. We were able to put down 22% of the purchase price of our home this way.

I think other people were really lucky and purchased apartments in the late 90s and have sold them for big profits and are able to have money for the down payment that way.

And there are other people whose parents help them with the downpayment.

Some people make 6 figure salaries so they can afford a downpayment after a few years.

And lastly, there are some people who put little if anything down and have huge mortgages.

FH and I both live at home. SInce we got engaged, we have been saving like crazy. I save about a paycheck a month, and so does he. but that means no goign out as much, or shopping, or any non-necessities. we probably wont even put down 20% even by saving all of this, but if I have 10% and closing costs I'll be happy!

and we arent looking for a beautiful, completely redone house - we want an old house we can fix up.

We put down 10% and had closing costs too. I think a lot of people do that in this market.

We also bought an old house, but it was in pretty good shape and we are doing things to it over time.

You can't fix everything up at once, it takes time. This summer we are doing the brick work and the gutters. We just did insulation.

oh, and finally a dining room set. We've been using a ktichen table I've had for 15 years!

We saved for a long time to come up with the 10% plus closing costs.

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Posted by denise2006

I really would love to know where people are getting their $ from to afford these houses.........

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Tell me about it!

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Posted by denise2006

I really would love to know where people are getting their $ from to afford these houses.........

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Tell me about it!! If you put 10% down, a $400K home on average (depending on taxes) will run you roughly $3K a month. It’s INSANE!

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Posted by dleeny

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Posted by denise2006

I really would love to know where people are getting their $ from to afford these houses.........

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Tell me about it!! If you put 10% down, a $400K home on average (depending on taxes) will run you roughly $3K a month. It’s INSANE!

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This is why I bought a house that was 'ok' while the interest rates were rock bottom... instead of waiting for my 'dream house' and end up with a rate an entire point higher.

The only saving grace of a 3k monthly payment... is that most of it (everything except for your principal - which essentially comes back to you anyways)... gets paid with gross income.

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Posted by dleeny

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Posted by denise2006

I really would love to know where people are getting their $ from to afford these houses.........

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Tell me about it!! If you put 10% down, a $400K home on average (depending on taxes) will run you roughly $3K a month. It’s INSANE!

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I only put 5% down & my house was 437k and my mortgage plus taxes & insurance is goign to be $3300. As to where people are getting the money from it just really depends on how much you make a month or how much you can save or how much debt you are in. We didn't have a big down payment but between my DH & I we make enough money to afford the monthly mortgage payments & then some.

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Posted by csorisi

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Posted by dleeny

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Posted by denise2006

I really would love to know where people are getting their $ from to afford these houses.........

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Tell me about it!! If you put 10% down, a $400K home on average (depending on taxes) will run you roughly $3K a month. It’s INSANE!

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I only put 5% down & my house was 437k and my mortgage plus taxes & insurance is goign to be $3300. As to where people are getting the money from it just really depends on how much you make a month or how much you can save or how much debt you are in. We didn't have a big down payment but between my DH & I we make enough money to afford the monthly mortgage payments & then some.

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Basically the same w/us. FH and I are in contract w/a house right now and we are only doing 5% down and can cover the payments with taxes, insurance, etc. every month. If you qualify for 5% down, why not!