Long Island NY Home Sales Continue Strong Uptick

More people closed on a Long Island NY home or condo last month, with sales of existing Long Island NY homes rising to the highest level since September 2013.

Long Island NY home sales continue to see stronger numbers

Long Island NY Home Sales Mirror National Numbers

The same trend that Long Island NY home sales are seeing holds true across most of the rest of the country as well. The National Association of Realtors says existing home sales rose 1.5 percent to an annual pace of 5.26 million. Sales were also higher than year-ago levels for the first time in a year.

NAR chief economist Lawrence Yun says, "Sales activity reached the highest annual pace of the year as buyers continue to be encouraged by interest rates at lows not seen since last summer, improving levels of inventory and stabilizing price growth."

The median price of an existing home that sold nationwide was up 5.5 percent from a year ago, the 32nd consecutive month of year-over-year price gains.

Foreclosure and short sales were down 9 percent from a year ago. Just 7 percent of all October sales were foreclosures and just 2 percent were short sales. Condo and co-op sales posted the biggest monthly gains, up 3.3 percent from September.

The median price for an existing home in October was $208,300, 5.5 percent higher than it was a year ago.

Get more timely information about Long Island NY home sales and news affecting mortgage rates and sales in our section on Long Island NY Real Estate News to the right under Long Island NY Real Estate Categories.

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Losing Long Island NY Homes Over Unpaid Utility Bills

Families are losing their Long Island NY homes because of unpaid utility bills. It's happening all over America, not just in the Long Island NY area…

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Losing Long Island NY homes over unpaid water or sewer bills seems unreal indeed, but it is happening. So keep this story in mind before you decide to dig your heels in and refuse to pay a utility bill.
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Follow news on Long Island NY homes and the Long Island NY housing industry right here by periodically checking back in the Long Island NY Real Estate News section of our website under Long Island NY Real Estate Categories.
 

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Could We See Another Long Island NY Housing Crisis?

This week's "Slap in the Face" Award goes to our devoted public servants in Washington, who've decided the Long Island NY housing market isn't moving fast enough. To correct this, they're lowering lending requirements, and some mortgages will not require a down payment… again.

Really? We mean, REALLY?

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The Long Island NY housing market, or any other housing market in the country for that matter, may not be moving fast enough to please everyone in Washington, but loosening mortgage standards is not the answer. .
 
We would encourage you to write to your Congressman or Congresswoman, as well as your state senators and your governor, and encourage them to help us ALL avoid another Long Island NY housing market crisis like we saw from 2007 to 2009. Tell them not to allow such non-sense to set this country back 20 years again. .
 
To get more news on Long Island NY housing, including more articles and news about Long Island NY housing in general, check out our other articles by clicking on the Long Island NY Real Estate News link to your right under Long Island NY Real Estate Categories.
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Baby Boomers Staying Put With Their Long Island NY Homes

A majority of Baby Boomers surveyed recently by the non-profit Demand Institute say they plan to stay put in their Long Island NY homes.

Many Baby Boomers plan to stay in their Long Island NY homes when they retire

Many of the decisions to stay in their Long Island NY homes has to do with the recession. The financial crisis put an end to years of rapid wealth accumulation, causing the typical Boomer household's net worth to fall to $143,000 in 2013 from just over $200,000 in 2007, according to Federal Reserve data.

The Boomer generation is also carrying a lot more mortgage debt. The survey found that the median outstanding mortgage balance for 50- to 69-year-olds was $118,000 in 2013, up from $48,743 in 1992. Financially, the Boomer generation is not necessarily ready for retirement, and half of their assets are tied up in their homes.

37% of the Boomers surveyed said they were planning to make a move, however. Nearly half of the movers said they wanted to get a bigger place — and that they intended to spend more money on it. But with a median net worth of just $40,000, this group was among some of the least wealthy surveyed. In fact, the report found that many of those who were looking to "up-size" were also looking to switch from renting to owning.

Many Baby Boomers Plan to Remodel Their Long Island NY Homes

Boomers seemed generally unconcerned about whether or not it would be "aging-friendly" — even though a whopping three-quarters of them reported having significant health issues, such as cardiovascular conditions, arthritis, obesity and high blood pressure. Only one-in-five of the movers said they intend to live in senior housing.

Instead, many of those surveyed said they plan to use their money to remodel things like kitchens and bathrooms in order to increase the value of their existing Long Island NY homes.

More than 17% of the 76 million Boomers are already retired and about 10,000 will reach the traditional retirement age of 65 every day for the next 15 years. And even though many Boomers plan to stay in their current Long Island NY homes, the Demand Institute estimates that nationwide, this generation will purchase about $1.9 trillion in homes over the next five years.

For more articles on Long Island NY area homes and the news that affects those homes and the prospects considering buying them, check out our Long Island NY Real Estate News section under Long Island NY Real Estate Categories to your right.

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Latest Trend in Long Island NY Housing: Roommates

With rents climbing faster than most American's paychecks, the latest trend in Long Island NY housing is finding a roommate to split the bills, and it isn't just for kids straight out of college anymore.

A growing Long Island NY housing trend to cut living expenses is finding a roommate.

The percentage of adults living with someone other than a spouse or partner hit 32% nationwide in 2012, up from 26% in 2000, according to Zillow's analysis of the latest Census Bureau data.

Judging by the ongoing decline in homeownership rates and tightened supply of rental vacancies, the trend appears to be gaining momentum.

People start pairing up when rents are climbing and incomes aren't keeping up — and in recent years, rents have really been on a tear. They rose 6.5% over the 12 months ended in September, according to Trulia. Meanwhile, wages have remained more or less flat.

Benefits of Sharing Costs With Long Island NY Housing

Working adults in doubled up households tend to earn less, according to Zillow. So sharing their Long Island NY housing enables them to afford and compete for more attractive housing.

Many roommates enjoy not only the savings of splitting costs 50/50, but they also enjoy the companionship that comes with sharing their Long Island NY housing.

Renters who are willing to live together and share costs are also able to afford nicer places as opposed to footing the cost of everything themselves. The same holds true for some who decide to invest in Long Island NY housing by purchasing a home rather than renting. But buying a home together requires careful consideration, as well as legal advice. Co-owning Long Island NY housing can get complicated, much more so than just renting.

We have more articles concerning Long Island NY housing in the Long Island NY Real Estate section of articles, as well as additional home buying tips in the Long Island NY Home Buying Tips section, both under our Long Island NY Real Estate Categories to your right.